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Vietnam’s Seafood Market Expands due to Rising Demand for Seafood from Various Countries

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Published on : Apr 28, 2016

ALBANY, New York, April 28, 2016: According to the report, the Vietnam seafood exports sector earned US$6.7 bn in 2015. The GDP contribution of Vietnam’s seafood market in the third quarter of 2015 expanded year on year by 6.81%. The fishery market is one of the most important markets contributing to Vietnam’s economy. The country exports seafood to 164 markets including the EU, the U.S., Japan, Russia, South Korea, and China. 

The main items in seafood that are exported by Vietnam are striped catfish, shrimps, and hard clams. The production of vannamei is around 90% of the total production of shrimp, while the remaining 10% is constituted by black tiger shrimps. Vietnam’s seafood market is driven by the high demand for seafood from various countries. The rising demand for seafood from people across the world is due to the acceptance of seafood as an alternative and healthy source of protein. Increase in the health-consciousness among the global population also boosts the market for seafood in Vietnam. 

The abundant availability of a variety of seafood is one of the major drivers of the Vietnam seafood market. The growth in the overall population also boosts the demand for seafood. However, the market for seafood may be challenged by the risk of overexploitation or depletion of the sea. 

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The next section of the report throws light on the value chain and regional analysis of the leisure boat market. The regional segmentation covers the Americas leisure boat market. The U.S leisure boat market, the U.S recreational boat market, and the U.S boat retail sales have been discussed. As stated in the study, Europe and North America emerged as the largest consumers and producers in the boating market. However, in the coming years, the Europe recreational boating market is predicted to grow exponentially as compared to that in North America. Within North America, the U.S. recreational boat market holds the largest share. Within Europe, nations such as Croatia, Belgium, Germany, and the Czech Republic are the top recreational boating markets. The sales of recreational boats by both volume and value within Canada, another major market, have also been highlighted under this section of the study.

In the fourth chapter of the report, the market dynamics affecting the market have been discussed. The increasing economic development, the rising population of high net worth individuals (HNIs), and the advancement in the tourism industry are amongst the prime factors fuelling the growth of the market for leisure boats. In addition, the rising penetration of boats and the reduction in the prices of fuel will also augment the market’s growth. On the other hand, the increasing environmental problems, the dearth of boat moorings, and the increasing competition from other leisure activities are amongst the chief factors that may inhibit the market’s growth.

The competitive landscape section of the report highlights the industry share of the global recreational boating industry and the brand positioning of the U.S and the European yacht market. This section also entails the company profiles of the prime players. Some of these prime players are Malibu Boats, Inc., Brunswick Corporation, and Marine Products Corporation, among others.

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