Rising disposable income is driving the growth of the Vietnam Meat Market, in the forecast period, 2023-2027F.
According to TechSci report on, “Vietnam Meat Market – By Region, Competition Forecast & Opportunities, 2027”,Vietnam meat market is anticipated to grow with an impressive CAGR in the forecast period, 2023-2027 on the account of growing food & beverage industry in the country. Surging demand for the meat products, and fast food is driving the growth of the Vietnam meat market in the upcoming five years.
Increasing import and export of meat products is also anticipated to support the growth of the Vietnam meat market in the next five years. Rising animal husbandry practices, growing poultry farming, and pork production in the country also substantiate the growth of the Vietnam meat market in the future five years.
Increasing livestock production, expanding slaughter industry, and growing number of industrial sized farms for the animal meat is further substantiating the growth of the Vietnam meat market in the forecast years. Rising disposable income among the younger population, their inclination toward fast food, and online food delivery purposes is also some of the major driving factors of the Vietnam meat market.
Increased government involvement and initiatives thus taken to enhance the industry growth involves favorable schemes for the import and export of the meat product along with increasing financial support and investments from the FDI thus drive the growth of the Vietnam meat market in the next five years.
Growing number of health conscious consumers, that are inclined toward body building, and consuming high protein content food and also increasing the consumption of meat products thus aiding the growth of the Vietnam meat market in the forecast years through 2027.
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The Vietnam meat market is segmented by product, type, distribution channel, competitional landscape, and regional distribution. Based on product, the market is further segmented into chicken, pork, frog, duck, and mutton. Pork products are anticipated to hold the largest revenue shares if the market and dominate the market segment in the upcoming five years on the account of increasing consumption of the products.
Moreover, increasing import of the pork meat from the neighboring countries like Australia, Thailand, India, etc. Also, the livestock production of pork in the country is increasing and aiding to the growth of the Vietnam meat market in the next five years. Chicken sub-segment is also anticipated to hold the significant growth in the future five years on the grounds of increasing poultry farming in the country. Surge in the demands for chicken-based dishes, and increased consumption of eggs are driving the growth of the Vietnam meat market in the forecast years.
Type segment of the market is differentiated between raw and processed meat type. Processed meat type is anticipated to hold the largest revenue shares of the market and dominate the market segment due to increasing demand for the frozen and processed meat products. Moreover, increasing imports of the frozen pork further substantiates the growth of the Vietnam meat market.
Distribution channel market segmentation is defined among departmental stores, specialty stores, hypermarket/ supermarket, online sales channel and others like direct sellers, general merchandised retailers, etc. Departmental stores are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of convenience of the consumers and availability of the multiple brands & their products at one place for the consumers to chose from.
Moreover, online sales channel is anticipated to register fastest growth in the next five years on the grounds of developing e-commerce sector in the country. The market growth is majorly influenced of evolving consumer’s shopping behavior. Advantages of home delivery, multiple schemes, and offers for the regular customers, and subscribers of the services, are some of the influential methods of the e-commerce channels that promotes the market growth.
A partial list of major market players of the Vietnam meat market includes:
- Classic Fine Foods Hanoi
- Fishmarket Vietnam Co.,Ltd
- Tienlong Company Limited
- Hoa Phat Group
- Vissan Joint Stock Company
- Duc Viet Food Joint Stock Company
- Masan MEATLife
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“Food & beverage industry in the country is expanding exponentially due to rapidly increasing demands for the fast food & other meat products from working populations of the country. Surge in the demand for healthy & disease free meat products and thus increasing research and development to satisfy the consumer demands meanwhile following the animal welfare regulations of the authorities, is driving the growth of the market. Government’s stringent regulations, and schemes related to the products, their production & maintenance of authenticity all provide confirmations of customer satisfaction. New market players may invest in research and innovative product development along with the innovative packaging for future brand establishments,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Meat Market By Product (Chicken, Pork, Frog, Duck, Mutton), By Type (Raw and Processed), By Distribution Channel (Departmental Stores, Specialty Stores, Hypermarket/ Supermarket, Online Sales Channel and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region, By States, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam meat 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 meat market.
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