According to the latest report by IMARC Group, titled “Pangasius Market in Vietnam: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the pangasius market in Vietnam reached a volume of 1.22 Million Tons in 2019. Pangasius, also known as basa fish, is a genus of medium-large to very large shark catfish that is commonly found in the freshwater of South and Southeast Asia. It is rich in proteins, vitamins and minerals, and contains sufficient amounts of essential amino acids and omega 3 fatty acids, which are required by the body for growth and the maintenance of lean muscle tissues. Besides this, Pangasius is low in saturated fats and cholesterol and offers zero carbohydrates. As a result, its demand is escalating across Vietnam, which, owing to the abundance of fresh water in the country, is one of the largest producers and exporters of Pangasius in the world.
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The thriving seafood industry, along with significant growth in the fishing sector, is one of the primary factors driving the market for Pangasius in Vietnam. With a coastline of over 3,000 Kilometers, Vietnam represents an ideal country for seafood production. The Mekong river delta in the country serves as the prime hub for aquaculture of Pangasius, along with open ocean fishing. Favorable government initiatives and increasing investment for the development of fishing ports and the modernization of the existing logistics network are acting as another major growth-inducing factor. For instance, the Government of Vietnam aims to build fishing centers in five provinces, including Hai Phong, Kien Giang, Da Nang, Khanh Hoa and Ba Ria - Vung Tau, as a part of its five-year plan, which completes in 2020. Furthermore, the expansion in fish feed production in the country is anticipated to catalyze the demand for Pangasius catfish in international markets. Looking forward, IMARC Group expects the Vietnam Pangasius market to exhibit stable growth over the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being:
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