Market Introduction:
According to the National Fisheries Institute, Pangasius is the 10th most popular fish consumed. Pangasius is primarily found in Vietnam, Cambodia and neighboring nation. The aquaculture was in Vietnam to enhance the production of fishes to cope up with the global demand. The largest exporter of pangasius is Vietnam, exports more than 50% of its production. New market entrants Russia, Middle East and some Asian countries have demonstrated a growing demand for pangasius, imports from the Vietnam. Pangasius fish has low to medium fat content with high levels of protein. Pangasius is rich in omega-3 fatty acid which has many health benefits. Pangasius has wide range of application like in pharmaceutical industry, dietary supplements and other.
Global Pangasius market is expected to increase with significant value CAGR over the forecast period, owing to increasing application of Pangasius in various industries among which, food industry holds the majority of the share.
Pangasius Market: Segmentation
Pangasius market can be segmented on the basis of product type, species, application and sales channel.
On the basis of product type, Pangasius market can be segmented into fresh whole fish, frozen whole fish, fresh fillet and frozen fillet. Vietnam exports the frozen product in different part of the globe.
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On the basis of species, there are basically three types of species which are commercially available Ictalurus Punctatus(catfish), Pangasius bocourti(Basa),Pangasius hypopthalmus, out of which Pangasius bocourti(Basa) and Pangasius hypopthalmus are found in Vietnam, china and neighboring countries. All the three species are produced by aquaculture technique.
On the basis of application, Pangasius market is segmented into dietary supplements, pharmaceutical industry and food industry. Pangasius fish is rich in omega-3 fatty acid which is taken as dietary supplements. As pengasius provides healthy functioning of heart, kidney and liver, it is highly applicable in pharmaceutical industries.
Pangasius products market is further segmented on the basis of distribution channel into direct and indirect channel. Indirect channel is further sub-segmented into modern grocery stores and traditional grocery stores. Modern grocery includes hypermarket or supermarket, convenience store and discount stores whereas traditional grocery includes independent small vendors. Indirect segment also includes online platform.
Pangasius market: Drivers, Restraints, and Trends
Innovative farming technique has been applied in china, Cambodia and Thailand to complete the demand of Pangasius in global market. Pangasius bocourti variety is driving the market due to its mild to a sweet flavor, whiter meat color and somewhat flaky cooked texture. In Vietnam, to upgrade the cold storage capacity to accelerate the market, aquaculture companies have invested in improving their material storage place. Approximately all the running dines in European nation and America now feature Pangasius food on their menus. Different types of packaged food in retail store or hypermarket giving multiple option to the consumers consolidating the market growth.
Despite this phenomenal growth, Pangasius market in Vietnam is facing enormous loss because of short storage area. On the other side, climatic conditions could possibly affect the yield of Pangasius, hence could be considered as a restraint, impeding the market’s trajectory over the forecast period and affecting the growth of Pangasius market.
Pangasius Market: Regional Outlook
On the basis of the regional segment, the market of pangasius product can be segmented by five different regions. Regional segment includes North America, Latin America, Europe, APAC, and MEA. On analyzing the production of pangasius in the global market, primary demand for pangasius in the global market is from China, Russian, European and American countries due to its wide application in food and pharmaceutical industry.
Pangasius Market: Key Players
Some of the key players in Pangasius market are High Liner Foods, Iglo Group, Leroy Seafood Group, Marine Harvest, Thai Union Frozen Products Beijing Princess Seafood International Trading, Dong Won Fisheries, Empresas AquaChile, Faroe Seafood, Findus Group, Hansung Enterprise, Kverva, Labeyrie Fine Foods, Marine Harvest, Mogster Group, Princes Group, Sajo Industries, Stolt Sea Farm, Surapon Foods, Tassal Group and other.
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