Vietnam animal feed market size is expected to reach USD 10.55
billion by 2022, according to a new report by Grand View Research, Inc. Shift
in trend towards consumption of poultry and cattle meat is expected to remain a
key driving factor for Vietnam animal feed market. Historically, domestic
consumers were depended largely on pork meat to meet nutritional requirement.
Advent of increasing per capita disposable income level has transformed this
shift in trend which has propelled animal feed demand in the nation.
Increasing investments
particularly in R&D are expected to drive production sustainability over
the forecast period. Even though domestic production is expected to rise, the
market faces challenges in the form of imports. Most of the animal feed
consumed in Vietnam is sourced through imports from neighboring ASEAN
nations.
Fodder was the leading product
segment and accounted for over 85% of the total volume in 2014.
Industrialization of livestock breeding has led to significant change in animal
feed patterns, which were predominantly based on grazing and plant feed in
pastoral regions. This factor is expected to drive fodder growth over the forecast
period. Fodder is also expected to witness the highest gain in its market size
over the forecast period.
Browse full research report on Global Vietnam Animal Feed
Further key findings from
the report suggest:
- Vietnam animal feed market demand was 15,829.3 kilo tons in 2014 and is expected to grow at a CAGR of 6.4% from 2015 to 2022.
- Poultry was the leading livestock and accounted for over 39% of total volume in 2014. Incidences of disease outbreaks such as bird flu, fowl pox and avian influenza have driven demand for improved quality in poultry feed products. Incorporation of various immune boosting feed additives is also expected to drive its growth.
- Circular 50/2014/TTBNNPTNT published by Ministry of Agriculture and Rural Development (MARD) in December 2014, has established revised standards and regulations for animal husbandry and animal feed industry.
- The Vietnam animal feed market share is largely dominated by large multinational corporations with immense investments in the poultry, cattle and pork meat sectors. The industry is gradually moving towards consolidation with domestic manufacturers gaining strong foothold. Charoen Pokphand was the leading company with just below 20% of the market share in 2014.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/animal-feed-and-feed-additives
Grand View Research has segmented the Vietnam animal feed
market on the basis of product and livestock:
Vietnam Animal Feed Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2012 - 2022)
- Fodder
- Forage
Vietnam Animal Feed Livestock Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2012 - 2022)
- Poultry
- Cattle
- Pork
- Aquaculture
- Others
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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