The demand for pelagic fish in Vietnam has risen substantially from 2014 to 2023, showing an increase from 155.06 thousand metric tons to 733.0 thousand metric tons. In 2023, the year-on-year growth was 4.23%, indicating continued growth, although at a slower pace compared to previous years. Over the last two years (2022-2023), the demand increased by 13.63%, while the Compound Annual Growth Rate (CAGR) over the last five years stood at 5.23%.
From 2014 to 2023, the most remarkable growth was observed in 2015 with a 201.98% increase, while the market faced declines in 2017 and 2020. The projected CAGR from 2024 to 2028 is expected to be 3.04%, indicating a more moderate but steady rise, with an overall five-year forecasted growth rate of 16.13%.
Future trends to watch for include:
- The impact of sustainable fishing practices on supply and market dynamics.
- Shifts in consumer preference towards healthier protein sources, potentially driving demand.
- The effects of global trade policies and economic conditions on Vietnam's export capabilities.