Dublin, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The "Assessment of Vietnam's Seafood Sector 2021" report has been added to ResearchAndMarkets.com's offering.
'Assessment of Vietnam's Seafood Sector 2021' highlights key dynamics of the global and Vietnam's seafood sector. The current market scenario, growing opportunity in the sector and the impact of the Covid-19 global outbreak has been studied. The report contains the latest views and opinions of industry leaders.
Even though the Covid-19 Pandemic caused supply chain disruptions, fall in consumption at public places and closure of large processing units during the worldwide lockdowns, the global seafood sector been largely resilient. In 2020, the global fish and seafood market grew by approximately 14% year-on-year
The fishery sector is a crucial sector in the Vietnamese economy. Currently, though domestic demand for seafood is rising due to the rising disposable incomes, most of the fishery products are being exported. China, Thailand and Vietnam together produce more than 70% of the world's total farmed shrimp output. Vietnam exports seafood to 164 markets and the sector supports more than 4.5 million jobs.
Key export markets for Vietnamese seafood include the United States, the European Union, Russia, Japan, China and South Korea. Key items forming Vietnam's seafood export include shrimps, striped catfish, pangasius and hard clams. Vannamei production is around 90% while black tiger constitutes the remaining 10% of shrimp production in the country. Even post the many hindrances posed by the Covid-19 Pandemic, in 2020, Vietnam exported shrimps worth USD 3.85 billion, a rise of 15% year-on-year compared to 2019.
The COVID-19 outbreak had caused export orders of seafood from Vietnam to be reduced by 30 - 50%. The orders had either been cancelled or put off and in the early part of the outbreak. The producers had difficulty fulfilling the orders that did exist, due to a shortage of material and labour. Exports are now recovering following the global rollout of the vaccine, even though Vietnam is currently facing a 2nd wave of a more contagious variant of the Novel Coronavirus.
Our analysts believe that the seafood sector in Vietnam is set for rapid growth and development, despite the effects of the global Covid-19 outbreak. The sector needs to avoid scattered investment and focus on the key export markets. Efforts also need to be directed towards looking for new export markets in through coordination with chambers of commerce of Vietnam in foreign countries. Also, the players need to develop reliable raw material sources.
Key Topics Covered:
1. Analyst Opinion
2. Global Seafood Market
2.2 Market Performance& Statistics
2.3 Covid-19 Impact
2.4 Market Outlook
2.5 Industry Speak
3. Vietnam Seafood Market
3.2 Market Performance & Statistics
3.3 Market Drivers
3.4 Market Challenges
3.5 Covid-19 impact
3.6 Market Outlook
3.7 Industry Speak
For more information about this report visit https://www.researchandmarkets.com/r/94lk8f
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