Meat - Vietnam

Vietnam

Revenue in the Meat market amounts to €10.33bn in 2024. The market is expected to grow annually by 9.73% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€253bn in 2024).
In relation to total population figures, per person revenues of €103.90 are generated in 2024.
In the Meat market, volume is expected to amount to 2,112.00m kg by 2029. The Meat market is expected to show a volume growth of 6.6% in 2025.
The average volume per person in the Meat market is expected to amount to 16.0kg in 2024.

Key regions: Russia, China, Spain, Canada, United Kingdom

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Analyst Opinion

The Meat Market in Vietnam is experiencing subdued growth due to a variety of factors, including increasing demand for fresh, processed, and meat substitute products, as well as a growing health consciousness among consumers. The convenience offered by online shopping and delivery services is also contributing to the market's growth. However, challenges such as supply chain disruptions and rising costs are impacting the market's overall growth rate.

Customer preferences: Consumers in Vietnam are increasingly becoming health-conscious and looking for meat products that are free from hormones and antibiotics. This trend is also driven by the rising awareness about the negative impact of antibiotics on human health and the environment. As a result, there has been a growing demand for organic and locally sourced meat, with a preference for smaller, independent producers. This shift towards natural and sustainable meat options reflects a larger trend towards clean and ethical food choices among Vietnamese consumers.

Trends in the market: In Vietnam, the Meat Market within The Food market is experiencing a shift towards more sustainable and ethical practices. This trend is driven by consumer demand for transparency and traceability in the sourcing of meat products. It has led to an increase in the availability of organic and free-range meats, as well as a push for better animal welfare standards. These changes are significant as they highlight a growing concern for the environment and animal welfare among consumers. Industry stakeholders must adapt to these trends by implementing sustainable practices and promoting ethical sourcing to remain competitive in the market.

Local special circumstances: In Vietnam, the Meat Market is heavily influenced by the country's traditional food culture, where meat is a staple in most meals. Additionally, the government's strict regulations on food safety have led to a strong demand for locally sourced and organic meat products. This has created opportunities for small-scale farmers and butchers to thrive in the market. Furthermore, Vietnam's growing economy and middle class have also contributed to the rising demand for high-quality meat products, leading to the emergence of premium meat markets catering to this segment.

Underlying macroeconomic factors: The Meat Market within The Food market in Vietnam is influenced by macroeconomic factors such as trade policies, consumer spending power, and government regulations. Vietnam's growing economy and rising middle class population have led to an increase in meat consumption, creating a demand for high-quality and affordable meat products. However, trade tensions and fluctuations in foreign exchange rates can impact the cost of imported meat, affecting the overall market performance. Additionally, government initiatives promoting food safety and animal welfare can also influence consumer behavior and purchasing decisions in the Meat Market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.