San Francisco, 7 December 2018: 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.
Access
Research Report of Vietnam Animal Feed
Market@ 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 more reports of this category by Grand View
Research at: 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
Access Press Release of
Vietnam Animal Feed Market@ www.grandviewresearch.com/press-release/global-vietnam-animal-feed-market
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.
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