Pet Food - Vietnam

Vietnam

Revenue in the Pet Food market amounts to €73.44m in 2024. The market is expected to grow annually by 8.34% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€54,820m in 2024).
In relation to total population figures, per person revenues of €0.73 are generated in 2024.
In the Pet Food market, volume is expected to amount to 54.88m kg by 2029. The Pet Food market is expected to show a volume growth of 5.4% in 2025.
The average volume per person in the Pet Food market is expected to amount to 0.4kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

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Región

Comparación de regiones

Moneda

Analyst Opinion

The Pet Food Market in Vietnam is witnessing minimal growth due to various factors like slow adoption of digital technologies, limited health awareness among consumers, and lack of convenient online services. This has resulted in a sluggish growth rate for the market.

Customer preferences: With the growing trend of pet ownership in Vietnam, there has been an increase in demand for higher quality and specialized pet food products. This is driven by a shift towards pet health and wellness, as owners become more conscious of their pets' diets and overall well-being. Additionally, the rise of e-commerce and social media has made it easier for pet owners to access information and reviews on different pet food brands, leading to a more informed consumer base. The pet food market in Vietnam is also seeing a preference for natural and organic ingredients, reflecting a growing concern for sustainability and ethical sourcing.

Trends in the market: In Vietnam, the Pet Food Market is experiencing a shift towards natural and organic products, driven by the increasing awareness of pet owners about the health benefits of these products. This trend is expected to continue, with more pet food companies introducing new lines of natural and organic options. Additionally, there is a growing demand for premium, human-grade pet food, as pet owners are treating their pets as family members. This trend presents opportunities for industry players to expand their offerings and cater to this evolving market segment.

Local special circumstances: In Vietnam, the Pet Food Market is heavily influenced by the country's rapidly growing middle class and increasing pet ownership rates. This has led to a rise in demand for premium and specialized pet food products. Additionally, Vietnam's geographical location and cultural preferences for fresh and natural ingredients have shaped the market, with locally sourced and organic pet food options gaining popularity. Furthermore, strict regulations on imported pet food have made it challenging for foreign brands to enter the market, giving local players a competitive advantage.

Underlying macroeconomic factors: The growth of the Pet Food Market within The Food market market in Vietnam is also influenced by macroeconomic factors such as consumer spending power, government policies, and international trade. With a growing middle class and increasing disposable income, consumers are willing to spend more on their pets, driving demand for premium pet food products. Moreover, the Vietnamese government has implemented policies to attract foreign investment and promote the development of the pet food industry. Additionally, Vietnam's participation in international trade agreements has opened up opportunities for the import and export of pet food products, contributing to the overall growth of the 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.