Explore the factors driving the remarkable expansion of Vietnam's animal feed market, from increased meat and dairy product demand to population growth and rising consumer incomes.
The Vietnam Animal Feed Market boasted a size of USD 10.1 billion, and it is anticipated to surge to USD 18.6 billion by 2032, demonstrating a revenue compound annual growth rate (CAGR) of 5.4% throughout the forecast period. The market's expansion is primarily propelled by several key factors, including the growing appetite for meat and dairy products, the country's population growth, and the increase in consumer incomes.
As dietary preferences shift towards high-protein foods, there is a heightened demand for meat and dairy products in Vietnam. Consequently, this surge in demand has led to a notable increase in the need for animal feed within the nation. Moreover, Vietnam's population is expected to reach 107 million individuals by 2030, which will further amplify the demand for animal protein.
Furthermore, the rise in consumer incomes correlates with an increased requirement for high-quality animal protein, necessitating the production of top-notch animal feed. To meet the burgeoning demands of consumers, manufacturers are innovating and introducing premium animal feed products. Additionally, there is a strong emphasis on the development of advanced, eco-friendly animal feed products.
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Major Companies:
- CP Group
- Cargill
- New Hope Group
- Japfa Comfeed Vietnam Co. Ltd.
- GreenFeed Vietnam Corporation
- De Heus Vietnam
- Purina Animal Nutrition LLC
- Emivest Feedmill Vietnam Co., Ltd.
- Masan Group Corporation
- Hong Ha Feedmill Joint Stock Company
Strategic Development:
In 2021, CP Group announced plans to invest $500 million in a new animal feed factory in Vietnam. The new factory is expected to have a production capacity of 1.2 million tonnes per year and will help to meet the growing demand for animal feed in the country.
In 2020, Cargill opened a new animal nutrition plant in Vietnam, which will produce premixes, concentrates, and specialty blends for the animal feed industry. The new plant is part of Cargill's strategy to expand its presence in the Asia-Pacific region.
In 2019, New Hope Group announced plans to invest $200 million in a new animal feed factory in Vietnam. The new factory is expected to have a production capacity of 600,000 tonnes per year and will help to meet the growing demand for animal feed in the country.
In 2018, Japfa Comfeed Vietnam Co. Ltd. launched its new Japfa Best brand of animal feed, which is specifically designed for the Vietnamese market. The new brand includes a range of products for different types of animals, including poultry, swine, and aquaculture.
Key questions addressed in the report:
- What is the expected market size of the global Vietnam Animal Feed market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Vietnam Animal Feed market?
Vietnam Animal Feed Market Segmentation:
By Product Type Outlook:
- Poultry Feed
- Swine Feed
- Ruminant Feed
- Aqua Feed
- Others
By Livestock Outlook:
- Poultry
- Swine
- Ruminants
- Aqua
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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