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 Vietnam Animal Feed Market: https://www.grandviewresearch.com/industry-analysis/vietnam-animal-feed-market
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
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/vietnam-animal-feed-market/request/rs1
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 info visit @ https://www.grandviewresearch.com
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