The demand for crustaceans in Vietnam has shown significant fluctuations from 2014 to 2023. The market saw an exceptionally high growth rate in 2015 with a year-on-year increase of 78.08%, followed by a steady increase in the subsequent years except 2018, which witnessed no growth. A noteworthy decline of 13.77% was observed in 2020 due to external market conditions. However, the market rebounded effectively in 2021 with an 18.66% increase and continued to grow moderately by 3.29% in 2023, standing at 655.53 thousand metric tons that year. The compound annual growth rate (CAGR) over the past five years up to 2023 was 3.85%.
Forecasts indicate continued growth in demand, with the market expected to reach 762.61 thousand metric tons by 2028. The projected five-year CAGR is 2.43%, showing a consistent but slower pace compared to the historical growth, suggesting moderate but sustained demand for crustaceans in the near future.
Future trends to watch include the impact of sustainable fishing practices on supply, evolving consumer preferences towards seafood consumption, and potential disruptions in global trade dynamics. Monitoring these factors will be crucial for anticipating demand fluctuations and market opportunities.
