Vietnam Compound Feed Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)

The Vietnam compound feed market is projected to register a CAGR of 4.6% during the forecast period (2021-2026).
The effects of the COVID- 19 Pandemic is a combination of both supply and demand. This led to the disruption of compound feed production in the country and the supply of raw materials from other countries. The farmers need to cut down their spending due to the declining income and fear of uncertain future.

Growing livestock share in agricultural output and accelerating disposable income of the consumers are the significant factors that are driving the compound feed market in the country. Among all the types of animals, swine is forecast to be the fastest-growing segment, over the forecast period. Vietnam’s compound feed industry is dominated by international players such as the United States’ Cargill, Holland’s De Heus, Thailand’s Charoen Pokphand Group, and others.

And, according to the Ministry of Agriculture and Rural Development (MARD), the country has around 239.0 feed plants, out of which 61.0 belong to foreign-invested firms. The foreign investors hold more than 50.0% of the market share and they are planning to accelerate the production of feed further to meet the rising consumer demand in the country. Hence, all these factors are driving the compound feed market in the country.

Key Market Trends

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Increasing Demand for Meat and Meat-based Products

The demand for higher quality meat at lower prices has been witnessing an upward trend over the years, and the economic growth has boosted the consumers’ purchasing power, most of which is directed to the consumption of livestock meat. The Vietnamese government, agencies, and ministries have introduced several schemes in the past, such as livestock development strategy, to augment the livestock sector, which resulted in the increment of production as well as meat consumption. 
According to Law on Animal Husbandary , there is need to apply science and technology in livestock production to improve the productivity, quality, efficiency, and competitiveness of the animal husbandry sector, to ensure food safety, epidemic safety, environmental protection, and scoping with climate changes. Thus, favorable government policies for animal husbandry coupled with demand for meat, strengthen the compound feed market in the country.

Poultry Segment Dominates the Market

Poultry feed is the highest consumed feed across the country due to growing consumer preferences for chicken, quail, and duck meat. In rural areas, cockfights are held annually in Vietnamese festivals. Hence, farmers in the country raise more cocks because of this main function which creates more demand for poultry in the country.
 According to the Food and Agriculture Organization (FAO), the production of chicken meat increased from 873,522 metric ton in 2017 to 1,089,111 metric ton in 2019, registering an increase of 12.2% . Thus, the inflating production of meat indicates that the production of chicken and duck is also expanding, which further contributes to the demand and production of feed.

Competitive Landscape

The Vietnamese compound feed market is highly fragmented, with several international and domestic players accounted for the majority of the market share. 
New product launches, partnerships, expansions, and mergers and acquisitions are the major strategies adopted by the leading companies in the compound feed market.

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