Vietnam Meat Market By Product (Chicken, Pork, Frog, Duck, Mutton), By Type (Raw and Processed), By Distribution Channel (Departmental Stores, Specialty Stores, Hypermarket/ Supermarket, Online and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region, Competition Forecast & Opportunities 2019-2029F
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationVietnam Meat Market By Product (Chicken, Pork, Frog, Duck, Mutton), By Type (Raw and Processed), By Distribution Channel (Departmental Stores, Specialty Stores, Hypermarket/ Supermarket, Online and Others (Direct Sellers, General Merchandised Retailers, etc.)), By Region, Competition Forecast & Opportunities 2019-2029F
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 7.56 Billion |
| CAGR (2024-2029) | 5.12% |
| Fastest Growing Segment | Online |
| Largest Market | Northern Region |
| Market Size (2029) | USD 10.20 Billion |
Market Overview
Vietnam Meat market was valued at USD 7.56 Billion in 2023 and is expected to reach USD 10.20 Billion by 2029 with a CAGR of 5.12% during the forecast period, 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.
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.
Urbanization leads to shift in
Rapid urbanization in Vietnam has significantly transformed lifestyle and dietary patterns. As more people migrate to urban areas, they gain access to a wider variety of meat products through modern retail formats such as supermarkets and hypermarkets. These outlets offer a diverse selection of meats, which are often unavailable in traditional wet markets. Consequently, urban consumers are increasingly exposed to different types of meat, including poultry, beef, and processed meats, expanding their dietary choices.
Health and Nutrition Awareness
In Vietnam, growing health consciousness is significantly influencing consumer behavior, particularly in the meat market. As more Vietnamese become aware of the health implications of their diets, there is a marked shift towards leaner and more nutritious meat options. Poultry and seafood, which are generally perceived to be healthier alternatives to red meats, are increasingly favored by health-conscious consumers. This preference is driven by the lower fat content and higher protein levels found in these meats, making them appealing to those looking to maintain a balanced and healthy diet.
Cultural Shifts and Globalization
The influence of Western culture and cuisine on the food preferences of Vietnamese consumers is becoming increasingly significant. This trend is particularly noticeable among the younger generation, who are more inclined to explore and embrace new culinary experiences. Globalization and increased exposure to international media have played a crucial role in this shift, introducing young Vietnamese consumers to a variety of Western dishes and cooking styles.
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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.
Regulatory and Quality Control
The meat market in Vietnam suffers from a lack of standardized quality control measures. This inconsistency in quality standards makes it difficult for consumers to trust the safety and quality of meat products. The absence of stringent regulations and enforcement mechanisms further exacerbates this issue.
Market Competition
The meat market in Vietnam is becoming increasingly competitive, with both domestic and international players vying for market share. This competition can put pressure on local producers to improve their practices and innovate, but it also presents challenges in terms of pricing and market positioning.
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.
Expansion of Modern Retail Channels
The expansion of supermarkets, hypermarkets, and convenience retailers is significantly reshaping the meat retail landscape in Vietnam. These modern retail outlets are rapidly gaining popularity due to their ability to provide better quality control, enhanced hygiene standards, and a more extensive selection of meat products compared to traditional wet markets. Consumers are increasingly favoring these modern formats because they offer a cleaner shopping environment and assure better food safety measures, which is a critical factor in meat purchasing decisions. Additionally, the diverse product range found at in supermarkets and hypermarkets caters to the evolving dietary preferences and lifestyle needs of urban consumers, who seek both variety and convenience. These retailers often stock value-added meat products like marinated meats and processed items, which are not typically found in traditional markets. As a result, the shift towards modern retail channels is driving higher standards in the meat industry and encouraging the adoption of improved practices across the supply chain, from farm to table. This transformation is expected to continue, further enhancing the quality and accessibility of meat products for Vietnamese consumers.
Technological Advancements in Production
Technological innovations in livestock farming and meat processing are significantly boosting productivity and enhancing product quality. Automation plays a critical role in streamlining operations, reducing labor costs, and improving efficiency throughout the production process. Advanced machinery and robotics are being utilized for tasks such as feeding, milking, and cleaning, ensuring consistency and hygiene.
Segmental Insights
Product Insights
In the Vietnam Meat Market, pork stands out as a leading segment due to several key factors that underscore its significance in both consumption and production. Vietnam has a rich culinary tradition heavily influenced by pork-based dishes, making it a staple in the daily diet of many Vietnamese households. This cultural preference drives consistent demand across urban and rural areas alike.
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Regional Insights
The Northern Region of Vietnam holds significant importance in the country's meat market . Geographically, it encompasses provinces like Hanoi, Hai Phong, and the agricultural heartlands of the Red River Delta. This region benefits from fertile land and favorable climate conditions, ideal for livestock farming and cultivation of feed crops. Northern
The Northern Region's strategic location and infrastructure connectivity facilitate distribution channels, ensuring efficient supply chains from farms to markets. This logistical advantage further enhances its role in the overall Vietnam meat market.
Recent Developments
- In 2024, the Vietnam Certification Centre (QUACERT) established the Vietnam Halal Certification Authority (HALCERT) a significant milestone in Vietnam's systematic development of its Halal industry. HALCERT will oversee certification activities, facilitate discussions, training, and international cooperation in the Halal sector, aligning with the government's efforts to enhance global collaboration for Vietnam's Halal industry by 2030. The move is expected to boost Vietnam's Halal exports and penetration into the lucrative global market.
- In 2023, first Chickita restaurant in Vietnam was established, a new fast-food chain under the management of Dzine Food Solutions and Thailand's CPFoods. The restaurant features flame-grilled chicken with unique Asian sauces and special recipes, emphasizing the use of fresh, high-quality chicken from C.P. Chickita aims to offer an attractive dining experience with its from-farm-to-table philosophy and plans to expand to other countries, including Singapore.
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
- 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
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