Vietnam Meat Market, By Region, Competition, Forecast & Opportunities, 2020-2030F

The Vietnam Meat Market was valued at USD 7.75 Billion in 2024, and is expected to reach USD 10.45 Billion by 2030, rising at a CAGR of 5.17%. On account of increasing consumption of various types of meat & meat products. Increasing demand from the fast food joints is further driving the growth of the Vietnam meat market in the upcoming five years. Rapidly increasing consumption of poultry meat, pork meat, along with frog & duck meat is anticipated to drive the growth of the Vietnam meat market in the upcoming five years.

Increasing demands among the population to self-cook their meals along with increasing inclination of the younger population toward online food delivery services for their regular meals is also supporting the growth of the Vietnam meat market in the next five years. The meat market in Vietnam is a dynamic and rapidly evolving sector, reflecting the country's growing economy, urbanization, and changing consumer preferences. Traditionally, meat consumption in Vietnam has been dominated by pork, but recent trends indicate a diversification towards other meat types such as poultry, beef, and seafood. This diversification is influenced by several factors, including rising incomes, health awareness, and globalization.

Key Market Drivers

Economic Growth and Rising Incomes

Vietnam has been experiencing a significant economic expansion, which in turn has resulted in a rise in disposable income among its citizens. Vietnam’s GDP reached USD 430 billion in 2023, with a GDP growth rate of 5.05 percent (GSO).This financial upturn has allowed for a greater expenditure on a variety of meat products that are of superior quality. As individuals ascend the economic hierarchy, there's a discernible transition in dietary habits, moving away from basic staples and gravitating towards diets that are richer in protein content, encompassing a range of meat options.

This shift not only reflects the country's economic prosperity but also indicates a change in consumer preferences and lifestyle. With more resources at their disposal, Vietnamese consumers are opting for diets that were once considered a luxury, signifying not just a change in eating habits but also a cultural shift towards valuing diversity and quality in food consumption. This trend is indicative of the broader economic transformations taking place within the country, showcasing how economic health can influence and reshape traditional dietary patterns.

Key Market Challenges

Supply Chain and Infrastructure Constraints

Vietnam's meat supply chain is often fragmented and inefficient. The lack of a cohesive and well-integrated supply chain leads to issues in maintaining the quality and safety of meat products from farm to table. Inconsistent supply chain practices can result in higher levels of meat spoilage and wastage, affecting overall market efficiency. The lack of adequate cold storage and transportation infrastructure is another major challenge. This insufficiency limits the ability to maintain the freshness and safety of meat products, particularly in remote and rural areas. Without proper refrigeration, the risk of contamination and spoilage increases, compromising food safety standards.

Key Market Trends

Shift to Value-Added Products

The Vietnam meat market is witnessing a significant shift towards value-added meat products such as marinated meats, sausages, and processed meats. This trend is driven primarily by the busy lifestyles of urban consumers who prioritize convenience without wanting to sacrifice taste and quality. Value-added meat products offer a practical solution for these consumers, providing ready-to-cook or ready-to-eat options that save time and effort in meal preparation. Marinated meats, for example, come pre-seasoned and often require minimal cooking time, making them ideal for quick and easy meals. Sausages and other processed meats are popular for their versatility and can be used in a variety of dishes, from breakfast to dinner.

These products also benefit from improved packaging and preservation technologies, ensuring longer shelf life and maintaining freshness. The rise of modern retail formats like supermarkets and hypermarkets has facilitated the availability and visibility of these value-added products, further boosting their popularity. The convenience offered by these products aligns well with the increasing demand for high-quality, flavorful, and quick meal solutions among urban dwellers. As consumer preferences continue to evolve, the market for value-added meat products in Vietnam is expected to grow, driven by innovations in product offerings and the expansion of distribution channels.

Key Market Players

• SAN HA Co., Ltd.
• C.P. Pokphand Co. Ltd.
• Masan MEATLife Corporation
• Daesang Vietnam Co., Ltd.
• DABACO Group Joint Stock Company
• CJ Vietnam Co. Ltd.
• Ha Long Canned Food Joint Stock Company
• Special Aquatic Products Joint Stock Company
• Kien Giang Trading Joint Stock Company
• San Miguel Brewery Vietnam Co. Ltd

Report Scope:

In this report, Vietnam meat market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Vietnam Meat Market, By Product:

• Chicken
• Pork
• Frog
• Duck
• Mutton

Vietnam Meat Market, By Type:

• Raw
• Processed

Vietnam Meat Market, By Distribution Channel:

• Departmental Stores
• Specialty Stores
• Hypermarket/ Supermarket
• Online
• Others

Vietnam Meat Market, By Region:

• Northern Region
• Central Region
• Southern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam meat market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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