Vietnam Compound Feed Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.21 Billion |
| Market Size (2029) | USD 16.19 Billion |
| CAGR (2024 - 2029) | 5.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vietnam Compound Feed Market Analysis
The Vietnam Compound Feed Market size is estimated at USD 12.21 billion in 2024, and is expected to reach USD 16.19 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
- Growing livestock share in agricultural output and accelerating disposable income of consumers are the significant factors driving the compound feed market in the country. The presence of several extensive facilities such as Dabaco, Masan, Greenfeed, Vina, and Lai Thieu will drive the domestic production segment in the coming years.
- Also, the increasing demand for meat and meat-based products is among the prime factors driving the demand for compound feed in the country. Growing regulatory pressure on companies has led to adopting hygienic animal husbandry practices, which results in increased consumer satisfaction when procuring meat and meat-based products. Feed manufacturing that incorporates all the guidelines laid out by the government is gaining importance in the region.
- There has been an increased focus on research and development and, in turn, a more significant inflow of investments towards the same. Emerging technologies and demand for higher-quality meat products at lower prices have led to the development of efficient breeding processes utilizing statistical methods to determine genetic changes and characteristics. All these put the onus on the compound feed market to sustain a growing animal population.
Vietnam Compound Feed Market Trends
This section covers the major market trends shaping the Vietnam Compound Feed Market according to our research experts:
Increasing Demand for Meat and Meat-based Products
The demand for higher-quality meat at lower prices has been witnessing an upward trend in Vietnam. Economic growth has boosted the consumers' purchasing power, most of which is directed to the consumption of livestock meat. For instance, according to the OECD, per capita, meat consumption has increased from 49.9 kg in 2020 to 51.3 kg in 2021. The increase in meat consumption increases the demand for compound feed, contributing to market growth.
Along with this, the Vietnamese government, agencies, and ministries have introduced several schemes in the past, such as the livestock development strategy, to augment the livestock sector, which resulted in an increment in production and meat consumption. According to Law on Animal Husbandry, there is a 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 to cope with climate changes.
Moreover, Vietnam's import demand for corn and grain by-products for animal feed has been growing. Corn account for the majority, while the rest will be wheat and barley, reflecting the trends of the meat industry. Therefore, the favorable government policies for animal husbandry and the demand for meat strengthen the compound feed market in the country during the forecast period.
The 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. The meat of poultry and eggs are referred to as the most important protein sources by the people in Vietnam thereby increasing consumption. For instance, per capita poultry meat consumption has raised from 11.8 kg in 2017 to 16.8 kg in 2021 which showcases the high demand for poultry and poultry-based products. It is also considered the second-largest meat source in the country. So, the poultry population is increasing for several years and reached 512.7 million in 2020 registering an annual growth rate of 5.1%, according to the National Institute of Animal Science, Vietnam. This increase in the population of poultry and its meat demand is raising the demand for compound feed in the country.
Along with this, poultry production is an important source of income for many rural households in the country. Many small and medium-level farmers are involved in poultry production. Additionally, in rural areas, cockfights are held annually in Vietnamese festivals. Hence, farmers in the country raise more cocks for this main function, which creates more demand for poultry in the country. Thus, this increase in demand makes poultry feed the largest segment.
Poultry feed was the most consumed commodity due to the public predilection for white chicken and duck flesh. This is raising the poultry meat production especially chicken. For instance, according to the Food and Agriculture Organization (FAO), the production of chicken meat increased from 786,354 metric ton in 2017 to 1,146,318 metric ton in 2020, registering an increase of 45.7%. Thus, the inflating production of meat indicates that the production of chicken and duck is also expanding, which further contributes to the demand for and production of feed.
Vietnam Compound Feed Industry Overview
The Vietnamese compound feed market is highly fragmented, with several international and domestic players accounting for most of the market share. ADM Vietnam Co. Ltd, Cargill Incorporated, Alltech, Charoen Pokphand (CP) Vietnam, and De Heus Company Ltd are some of the major players in the country. Major international compound feed manufacturers are entering Vietnam through mergers and acquisitions of aquaculture and poultry feed producers. These companies bring technical expertise, thereby improving growth prospects.
Vietnam Compound Feed Market Leaders
-
Charoen Pokphand (CP) Vietnam
-
Cargill, Incorporated
-
DE HEUS COMPANY LIMITED
-
Alltech Inc.
-
ADM VIETNAM CO., LTD.
*Disclaimer: Major Players sorted in no particular order
Vietnam Compound Feed Market News
- November 2022: De Heus Inaugurated its first premix factory in Asia at May Industrial Park, Trang Bom district, Vietnam. It has a capacity of 60,000 tons. This will enable the company to ensure product quality and supply, reduce costs for the farmers and increase their production efficiency in Vietnam and the whole of Asia.
- June 2022: Innovafeed and Cargill partnered to bring about healthy new ingredients to different types of animal feed, including compound feed. The agreement combines Innovafeed's expertise in formulating precision insect ingredients and Cargill's global animal nutrition capabilities to scale up the use of insect ingredients in multiple types of animal feed.
Vietnam Compound Feed Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Ingredient Type
- 5.1.1 Grains and Cereals
- 5.1.2 Oilseeds and Derivatives
- 5.1.3 Fish Meal and Fish Oil
- 5.1.4 Supplements
- 5.1.5 Other Ingredient Types
-
5.2 Animal Type
- 5.2.1 Ruminants
- 5.2.2 Swine
- 5.2.3 Poultry
- 5.2.4 Aquaculture
- 5.2.5 Other Animal Types
6. COMPETITIVE LANDSCAPE
- 6.1 Market Share Analysis
- 6.2 Most Adopted Strategies
-
6.3 Company Profiles
- 6.3.1 Charoen Pokphand (CP) Vietnam
- 6.3.2 Cargill Incorporated
- 6.3.3 ADM Vietnam Co. Ltd
- 6.3.4 De Heus Company Limited
- 6.3.5 Alltech Vietnam
- 6.3.6 Land O'Lakes Purina
- 6.3.7 Archer Daniels Midland
- 6.3.8 GreenFeed (Vietnam) Co. Ltd
- 6.3.9 New Hope Group
- 6.3.10 DeKalb Feeds
- 6.3.11 Kent Feeds
- 6.3.12 Proconco
- 6.3.13 Lai Thieu Feed Mill Co. Ltd
- 6.3.14 Nutreco NV
- 6.3.15 Austfeed
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vietnam Compound Feed Industry Segmentation
Compound feed is a nutritionally adequate feed for animals other than humans, made by a specific formula, compounded to be fed as the sole ration, and capable of maintaining life and promoting production without any additional substance being consumed except water. It is a combination of different concentrate feed ingredients in suitable proportions. The Vietnamese compound feed market is segmented by ingredients (cereals, oilseeds and derivatives, fish meal and fish oil, supplements, and other components) and animal types (ruminants, swine, poultry, aquaculture, and different animal types). The report offers market size and forecast value (USD million) for all the above segments.
| Ingredient Type | Grains and Cereals |
| Oilseeds and Derivatives | |
| Fish Meal and Fish Oil | |
| Supplements | |
| Other Ingredient Types | |
| Animal Type | Ruminants |
| Swine | |
| Poultry | |
| Aquaculture | |
| Other Animal Types |
Vietnam Compound Feed Market Research FAQs
How big is the Vietnam Compound Feed Market?
The Vietnam Compound Feed Market size is expected to reach USD 12.21 billion in 2024 and grow at a CAGR of 5.80% to reach USD 16.19 billion by 2029.
What is the current Vietnam Compound Feed Market size?
In 2024, the Vietnam Compound Feed Market size is expected to reach USD 12.21 billion.
Who are the key players in Vietnam Compound Feed Market?
Charoen Pokphand (CP) Vietnam, Cargill, Incorporated, DE HEUS COMPANY LIMITED, Alltech Inc. and ADM VIETNAM CO., LTD. are the major companies operating in the Vietnam Compound Feed Market.
What years does this Vietnam Compound Feed Market cover, and what was the market size in 2023?
In 2023, the Vietnam Compound Feed Market size was estimated at USD 11.54 billion. The report covers the Vietnam Compound Feed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Compound Feed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Compound Feed in Vietnam Industry Report
Statistics for the 2024 Compound Feed in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Compound Feed in Vietnam analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
