Vietnam Feed Concentrate and Basemix Market Size (2024 - 2029)

Vietnam Feed Concentrate and Basemix Market Size Summary

The Vietnamese feed concentrate and base mix market is experiencing growth driven by increased consumption of animals and animal by-products, alongside government initiatives to enhance the agricultural sector and boost meat exports. However, the market faces challenges such as fluctuating grain prices, regulatory constraints, and a demand-supply gap in protein sources for animal feed. The reliance on imported protein materials, such as soymeal, fishmeal, and synthetic amino acids, is significant due to Vietnam's lack of self-sufficiency in meeting domestic protein demand. This dependency on imports is expected to raise the prices of base mix and feed concentrates, as the demand for animal feed continues to rise with the expansion of livestock production, particularly in large-scale commercial farms.

The development of the livestock sector in Vietnam is closely linked to the consumption of animal feed, with homemade feed being popular due to lower ingredient costs compared to commercially-made feed. However, the shift from backyard to industrial farming is increasing the demand for commercially-prepared feed. Poultry and swine feed dominate the market, accounting for the majority of feed consumption, while the cattle segment remains small. The market is characterized by significant investments from major companies like Cargill Inc., Nutreco, and Mixscience, which are focusing on product development and strategic collaborations to enhance their market presence. Despite the rapid growth of Vietnam's animal feed industry, foreign firms dominate the market, leaving local producers, such as CP Vietnam, to struggle for competitive advantage in the feed concentrate and base mix segment.