Processed Fish & Seafood - Vietnam

Revenue in the Processed Fish & Seafood market amounts to US$2.63bn in 2024. The market is expected to grow annually by 7.22% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$32bn in 2024).
In relation to total population figures, per person revenues of US$26.40 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 316.60m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 2.7kg in 2024.

Definition:

The Processed Fish & Seafood market covers all types of fish and seafood that have either been smoked, dried, canned, salted or given chemical preservatives.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Canned, dried and smoked fish
Processed seafood
Surimi-based products
Fish sticks, Fish nuggets

Fresh and frozen fish
Fresh and frozen seafood
Ready-to-eat meals
Caviar and prepared and preserved shark fins
Out-of-home consumption

The Processed Fish & Seafood market in Vietnam has shown slow growth due to factors such as limited consumer awareness, challenges in supply chain management, and stricter regulations on seafood imports. However, increased health consciousness and the convenience of processed seafood products have the potential to drive growth in sub-markets like Canned, Dried & Smoked Fish and Fish Fingers & Portions.

Customer preferences: With the rise of health consciousness and concerns about food safety, consumers in Vietnam are increasingly gravitating towards processed fish and seafood products. This trend is driven by a growing preference for convenient and ready-to-eat options, as well as the desire for high-quality and sustainably sourced products. As a result, companies in the market are now focusing on promoting transparency and traceability in their supply chain, as well as offering a wider variety of healthy and innovative options to cater to changing consumer demands.

Trends in the market: In Vietnam, the Processed Fish & Seafood Market within The Food market is experiencing a surge in demand for high-quality, traceable seafood products. This trend is driven by an increasing awareness of food safety and sustainability among consumers, as well as a growing demand for convenience and healthy options. This has led to the adoption of advanced processing technologies and the use of eco-friendly packaging materials. Additionally, there is a rising demand for ready-to-eat and ready-to-cook seafood products. These trends are expected to continue, providing opportunities for industry players to expand their market share and cater to the evolving needs of consumers.

Local special circumstances: In Vietnam, the Processed Fish & Seafood Market within The Food market is heavily influenced by the country's long coastline and rich fishing culture. This has resulted in a diverse range of locally sourced seafood products, catering to the preferences of the Vietnamese palate. Additionally, the government's efforts to improve food safety and quality standards have led to the development of advanced processing technologies, making Vietnam a major exporter of processed seafood to international markets. This unique combination of geographical and regulatory factors has contributed to the growth and competitiveness of the Processed Fish & Seafood Market in Vietnam, setting it apart from other markets.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly affected by macroeconomic factors in Vietnam. The country's economic health, fiscal policies, and global economic trends all play a significant role in the performance of the market. Vietnam's strong economic growth and stable political environment have attracted foreign investments, leading to increased demand for processed fish and seafood products. Additionally, the rising disposable income and changing dietary preferences of the Vietnamese population have also contributed to the growth of the market. However, challenges such as fluctuating exchange rates, trade restrictions, and supply chain disruptions can impact market performance. The government's efforts to improve infrastructure and promote trade agreements can create opportunities for the market to expand further in Vietnam.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.