Vietnam Animal Feed Additives Market Is Expected To Reach $ 917.3 Million By 2030


 San Francisco, 5 April 2024: The Report Vietnam Animal Feed Additives Market Size, Share & Trends Analysis Report By Product (Antibiotics, Vitamins, Antioxidants, Amino Acids), By Livestock (Pork/Swine, Poultry, Cattle), And Segment Forecasts, 2024 - 2030

The Vietnam animal feed additives market size is anticipated to reach USD 917.3 million by 2030 and is anticipated to expand at a CAGR of 3.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing consumption of meat in the country and simultaneous increase in production of animal based products to meet the demand.

The demand for protein to meet the nutritional needs of the population has driven the increased consumption of meat in Vietnam. The rising median income and living standards have led to a growing emphasis on protein-rich diets, with meat serving as a primary source of protein. This trend favors increased proteins from animal sources, especially Swine, which forms a part of the staple diet in the country. Thus, the demand for protein, coupled with the cultural importance of meat in Vietnamese cuisine, has contributed to the steady rise in meat consumption in the country.

The poultry sector in Vietnam holds significant importance in the country's agricultural landscape, with a focus on chicken and duck production. Vietnam is a key producer of poultry, particularly ducks, with a substantial contribution to the global market. Vietnam is listed as one of the notable duck-producing countries in the South East Asia, alongside China, Thailand, Malaysia, Myanmar, Indonesia, and South Korea. The country's poultry sector has experienced growth and development, contributing to the overall consumption of animal feed products for the sector.

Antibiotics are commonly used in concentrated animal feed for purposes such as growth promotion, improved feed conversion efficiency, and disease prevention. The use of antibiotics in feed has raised concerns about the development of antibiotic resistance and its potential impact on human health. This has led to the government of Vietnam bringing legislations and enforcing regulations Circular No. 54/2002/Q-BNN, which regulates animal feeds and prohibits the use of antimicrobials at concentrations not permitted under the law.

Access Research Report of Vietnam Animal Feed Additives Market @ https://www.grandviewresearch.com/industry-analysis/vietnam-animal-feed-additives-market

Vietnam Animal Feed Additives Market Report Highlights

  • Pork/Swine dominated the livestock segment with more than 58.0% share in 2023 owing to its significance as a part of staple diet in the Vietnam, aiding to the demand for pork meat.
  • The amino acids product segment is expected to grow at the fastest CAGR over the forecast period due to them playing a crucial role in maintaining the animal gut health as well as other nutritional properties, contributing to widespread usage
  • The Ministry of Agriculture and Rural Development (MARD) in Vietnam has issued Circular 21/2019/TT-BNNPTNT, which provides guidance on various aspects of the Animal Husbandry Law related to animal feed
  • In November 2023, Archer Daniels Midland Co. (ADM) opened a new livestock feed manufacturing facility in Hoa Mac, situated in Ha Nam province of Vietnam. The facility, built on 4.6 hectares area will produce feed for swine as well as rabbits and poultry animals. It is planned to have a production area combined with three warehouses to store the raw materials along with finished goods to be transported through port area

Vietnam Animal Feed Additives Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 750.6 million

Revenue forecast in 2030

USD 917.3 million

Growth Rate

CAGR of 3.4% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Vietnam Animal Feed Additives Market

  • BASF SE
  • Charoen Pokphand Foods PCL
  • Cargill, Incorporated.
  • dsm-firmenich
  • Protexin
  • Nutreco
  • Novus International
  • Vedan Vietnam Enterprise Corp.,Ltd
  • EZ
  • HONG HA NUTRITION JSC

Access Press Release of Vietnam Animal Feed Additives Market @ https://www.grandviewresearch.com/press-release/vietnam-animal-feed-additives

 

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