On the basis of the ingredients used for the manufacture of feed, the Vietnamese feed market is led by animal-based ingredients, followed by plant-based.
According to the new market research report “Vietnamese Feed Market, by Ingredient Type (Plant-based, Animal-based, and Additives), Livestock Type (Swine, Poultry, Ruminants, and Aquatic Animals) — Vietnamese Trends and Forecast to 2021”,is projected to reach a value of USD 9.52 billion by 2021, at a CAGR of 5.6% from 2016 to 2021.The market is driven by factors such as gradual shift from unorganized livestock farming to organized sector and the growing awareness regarding the importance of health and hygiene of livestock. The support provided by the government to foreign companies has also led to the development and growth of this market.
Feed production in Vietnam is largely carried out by using animal by-products such as fishmeal, bone, and blood meal among others. Among these, fishmeal is most widely used and its market is expected to grow at the fastest rate in the next few years.
Plant-based ingredients are the second most important source for the production of feed. Fruits & vegetables and grains & oil seeds are predominantly used for the manufacture of feed amongst the plant-based ingredients.
The market for swine was valued the highest in 2015. In the period of 2006-2016, there has been a continuous upward trend in the production and consumption of swine meat in Vietnam.
Pork has the highest consumption share amongst the animal meat consumed by the Vietnamese population. The market for ruminants is projected to grow at the highest CAGR during forecast period.
In Vietnam, buffaloes and cattle are the two most important species of ruminants. In terms of production and consumption, poultry is the second-largest segment.
The aquaculture feed market is also projected to grow because of the increased focus on aquaculture quality.
Source: https://www.whatech.com
Key words: Vietnamese feed market, is estimated, to reach USD 9.52 billion, by 2021, according to, new research report.
