Vietnam Animal Feed Market to Grow at 6.15% CAGR over 2024 to 2029
According
to TechSci Research report, “Vietnam Animal Feed Market –Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2018-2028F”,
the Vietnam Animal Feed Market stood at USD 54.21 Million in 2022 and is
anticipated to project steady growth in the forecast period with a CAGR of 6.15%
through 2028. The Vietnam animal feed market is influenced by multiple factors.
The increasing demand for protein-rich food items, predominantly driven by a
growing middle-class population with higher disposable incomes, is a key
driver. In addition, the advancement in farming practices and technology has
led to a surge in demand for high-quality feed.
The
government's supportive policies for the agricultural sector, such as subsidies
and incentives, also stimulate this industry. Foreign direct investment in
Vietnam's livestock and aquaculture sectors plays a pivotal role in shaping the
animal feed market.
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"Vietnam Animal Feed Market”
The
Vietnam animal feed market is experiencing substantial growth, driven by the
rising demand for livestock products amongst the growing middle-class
population. The sector is also gaining impetus from the country's thriving
export market, particularly in terms of poultry and pork. The Vietnamese government’s
efforts to improve the quality of livestock products for both domestic
consumption and export have prompted a shift towards high-quality animal feed,
which is reflected in their stringent regulatory policies. This transition is
encouraging foreign investment, with many global companies entering the market
and contributing to its expansion.
However,
the industry also faces challenges. Vietnam imports a significant portion of
raw materials for feed production, making it susceptible to global price
fluctuations. Additionally, inadequate infrastructure and logistics networks
can impede the supply chain, leading to increased costs. Despite these hurdles,
the prospects for Vietnam's animal feed market look promising. The growth of
large-scale livestock farming and the increasing adoption of industrially
prepared feed are likely to be key driving factors in the coming years.
Likewise, the government's push for improved food safety standards and the
development of sustainably sourced feed are expected to further boost market
growth.
The
emerging trend towards contract farming, where companies establish partnerships
with farmers by providing them with high-quality feed in exchange for their
produce, is anticipated to have a substantial impact on shaping the market
dynamics. This innovative approach not only ensures a steady supply of
high-quality agricultural products but also promotes sustainable farming
practices. Furthermore, as more international players recognize the potential
of this market, we can expect heightened competition and consolidation, paving
the way for further advancements and collaborations in this evolving landscape.
The
Vietnam animal feed market is a dynamic and evolving sector with significant
potential. The market's future will undoubtedly be shaped by how it navigates
its challenges and capitalizes on its growth opportunities. As it stands, the
industry is well-positioned to ride on the wave of Vietnam's agricultural
development and growing demand for quality livestock products.
The Vietnam
Animal Feed Market is segmented into type, product, regional distribution, and
company
Based
on product, in the Vietnam Animal Feed Market, the forage segment holds a
dominant position due to several factors. Firstly, forage, including silage,
hay, and pasture, is a vital component of animal diets, particularly for
ruminants like cattle and buffalo, which constitute a significant portion of
the Vietnamese livestock sector. These animals rely on high-quality forage to
meet their nutritional needs and support optimal growth and health. Beyond its nutritional benefits, forage offers
several advantages that contribute to its widespread use among farmers. Its
ready availability ensures a consistent and reliable food source for livestock,
regardless of seasonal variations. Moreover, forage is cost-effective compared
to other feed options, making it an attractive choice for farmers looking to
optimize their operational expenses while maintaining the health and
productivity of their animals.
The
government's agricultural policies and initiatives further endorse the use of
forage in the Vietnamese livestock sector. Recognizing its importance in
ensuring food security and sustainable farming practices, the government
actively promotes the cultivation and utilization of forage crops. This support
includes providing subsidies and incentives to farmers who prioritize forage
production and incorporating forage-related programs into agricultural
development plans. These efforts not only reinforce the dominance of forage in
the marketplace but also contribute to the overall growth and stability of the
Vietnamese livestock industry. The forage segment's dominant position in the
Vietnam Animal Feed Market can be attributed to its vital role in meeting the nutritional
needs of ruminant animals, its ready availability and cost-effectiveness, and
the government's support and encouragement of forage utilization.
Based
on region, the Southern region of Vietnam, with its favorable climate and
diverse topography, holds a commanding lead in the country's animal feed
market. The region's fertile lands and abundant rainfall create ideal
conditions for various agricultural activities, resulting in a plentiful local
supply of high-quality feed ingredients. Moreover, the Southern region boasts a
robust transportation infrastructure, including well-connected roadways and
efficient logistics networks, enabling seamless and cost-effective distribution
of animal feed both within the country and internationally. This strategic
advantage contributes to the region's dominance in meeting the growing demand
for animal feed. Furthermore, the Southern region's significant concentration
of livestock farms further strengthens the demand for animal feed, creating a
consistent market that drives the region's success in the industry.
Major
companies operating in the Vietnam Animal Feed Market are:
- Thanh Nhon Corporation
- Cargill Vietnam
- Royal De Heus
- GreenFeed (Vietnam) Co.,
Ltd.
- The Charoen Pokphand (CP)
Group
- Japfa Comfeed
- Proconco (Masan
Nutri-Science)
- East Hope Group Company
- Lai Thieu Feed Mill Co.Ltd.
(Vietnam)
- American Feeds Vietnam
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“The
future of the Vietnam Animal Feed Market holds great promise, as it is fueled
by a surge in livestock numbers and an ever-increasing demand for high-quality
animal products. With the ongoing trend towards industrialized farming and a
growing awareness regarding the importance of optimal animal nutrition, the
market is poised for significant growth. Furthermore, the government's
dedicated efforts to enhance the country's agricultural sector, coupled with
strategic collaborations with foreign companies, are anticipated to pave the
way for remarkable advancements in feed production technologies. As these
developments unfold, the Vietnam Animal Feed Market is expected to witness an
exciting era of innovation and progress.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vietnam Animal
Feed Market By Type (Swine Animal Feed, Poultry Animal Feed,
Ruminant Feed, Aquatic Feed, Others), By Product (Fodder, Forage, Others), By Region, Competition, Forecast and& Opportunities, 2018-2028F”,
has evaluated the future growth potential of Vietnam Animal Feed Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Animal Feed Market.
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