Vietnam Animal Feed Market Size Set to Touch USD 2.3 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam animal feed market size at USD 1.65 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam animal feed market size to grow at a CAGR of 4.6% reaching a value of USD 2.3 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam animal feed market size at USD 1.65 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam animal feed market size to grow at a CAGR of 4.6% reaching a value of USD 2.3 billion by 2029. The expanding consumption of meat and other animal products as a result of Vietnamese consumers' rising purchasing power and per capita income is a significant growth factor for the Vietnam animal feed market. The booming tourism and hospitality industries are also emerging as significant driving forces for the Vietnam animal feed market.
Vietnam Animal Feed Market – Overview
The term "animal feed" refers to foods produced and cultivated for ruminants, poultry, swine, and aquatic animals. Forage and fodder are the two primary categories of animal feed. Animal feeds are created by carefully choosing and combining ingredients in order to provide highly nutritious meals that both maintain the health of the animals and enhance the quality of such end products as milk, meat, or eggs. Cereal grains, hay and silage crops, grasses, pastures, and other food crop byproducts, such as sugar beet pulp, are some of the most preferred feeds.
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Vietnam Animal Feed Market
Segmental Information
Vietnam Animal Feed Market – By Livestock
Based on livestock, the Vietnam animal feed market is segmented into pork, aquatic animals, cattle, poultry, and others. Pork dominates the Vietnam animal feed market. According to the Organization for Economic Co-operation and Development (OECD), Vietnam emerged as Asia's second-largest consumer of pork in 2022, consuming over 3.4 million metric tons. In the years 2022 through 2030, this would represent a 3.1% yearly growth rate. The expansion of the food and hospitality sectors is emerging as a major driver of the rising demand for swine animal feeds.
Impact of COVID-19 on Vietnam Animal Feed Market
The COVID-19 pandemic affected the growth of the Vietnam animal feed market. The Vietnamese animal feed market is heavily dependent on imports, particularly from Argentina and the United States, to meet its demand. However, restrictions on cross-border trade to prevent the virus spread resulted in a huge shortage of animal feedstock in the market. Furthermore, the rise in awareness regarding the zoonotic disease limited animal meat consumption and directly influenced the demand for meat from the hospitality industry, which further affected the Vietnam animal feed market.
Competitive Landscape
Major players operating in the Vietnam animal feed market include C.P. Group, Vinamilk, Cargill Vietnam, New Hope Group, GreenFeed Vietnam Corporation, De Heus Vietnam, Emivest Feedmill Vietnam Co. Ltd, Proconco, Uni-President Vietnam Co. Ltd, and Dabaco Group.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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