Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vietnam Animal Feed Additives market.
Trusted Business Insights presents an updated and Latest Study on Vietnam Animal Feed Additives Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Vietnam Animal Feed Additives market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Vietnam Animal Feed Additives Market
The Vietnam animal feed additives market size was estimated at USD 652.3 million in 2018 and is expected to grow at a CAGR of 3.7% over the forecast period. Additives consumption in poultry feed are expected to provide significant opportunities to market participants. Unlike other Southeast Asian nations where poultry consumption is dominant, Vietnam meat consumption has been dependent on pork, with high poultry consumption.
However, changing lifestyle and growing processed food industry are expected to drive meat consumption shift towards white meat products such as poultry and fish. Changing meat consumption patterns could provide market participants with significant opportunities regarding application development over the forecast period.
Amino acids in themselves are a wide range of proteins products necessary for proper animal raising. Some of the significant amino acids include lysine, methionine, threonine, and tryptophan. Lysine is predominantly used in pork industry while methionine is extensively utilized by the poultry industry.
Amino acids emerged as the second largest feed additive type in 2018 and accounted for 28.01% of the overall market. Rising awareness concerning to benefits of feed additives in tandem with some significant outbreak of diseases has encouraged increased utilization of additives in animal feed. Amino acids act as protein building blocks for the health of application.
Meat consumption in Vietnam witnessed growth at 9.4% in 2009, which can be attributed to changing lifestyle and shift from traditional farming to industrial farming. Increasing meat consumption is expected to drive the demand for animal feed. According to MARD, animal feed demand was 19.7 million tons in 2010, wherein domestic manufacturing accounted for 11 million tons.
Product Insights of Vietnam Animal Feed Additives Market
The ability of antibiotics to promote growth in livestock is one of the prominent factors that helped in developing its market in Vietnam. Increasing pork and poultry consumption coupled with concerns regarding influenza viruses affecting them have been driving animal feed antibiotics demand in Vietnam.
Due to strict quality inspection, the market is anticipated to grow moderately. Furthermore, according to the Ministry of Agriculture and Rural Development, Vietnam will impose a ban on all types of antibiotics from 2020 in the livestock farming, thereby affecting the antibiotic market in animal feed in the country.
The primary reasons for the slow growth rate in the vitamin market for feed additives is that they are only used in cases where the Application are deficient, and the natural vitamins present in the feed prove insufficient. Vitamins are also additionally given to animals for improving reproductively and for increasing resistance to diseases.
Application Insights of Vietnam Animal Feed Additives Market
In 2018, pork feed segment accounted for a major market share in animal feed additives market. Some of the major pork-consuming regions across the globe include Asia Pacific, North America, and Europe. China, Canada, Brazil, and the U.S. are the major consumers and producers of swine animal feed. Vietnam is one of the prominent pork-consuming countries in Asia followed by China.
Vietnams pig herd is one of the largest in Southeast Asia. Owing to their role in agricultural production systems, their economic function, and their contribution to human nutrition, they are of great importance. Developing pork industry in Vietnam is expected to trigger the countrys demand for animal feed additives in the future.
Vietnam has witnessed a huge amount of investment in their livestock industry in past couple of years as most of the firms have their base in foreign countries but have formed joint ventures in Vietnam. In addition, many of these firms are exporting poultry products that contributes to earning the required foreign currency for Vietnam. Thus, growing poultry sector is anticipated to fuel the animal feed additives market in Vietnam.
Cattle feed is anticipated to rapidly gain market share in the country due to the high demand for exclusive beef products. It is categorized by a large number of beef imports to satisfy the demand for superior quality products. The Vietnamese animal feed sector is considered to be one of the fastest growing sectors. However, the industry is still trying to fulfill the demand for animal feed whereas, the remaining is covered by imported feed.
Market Share Insights of Vietnam Animal Feed Additives Market
Vietnam animal feed additives market is highly dominated by overseas organizations that are releasing for than 70% of the market share. Advanced technologies, tax incentives, greater capital resources, and overseas backhand support have been the competitive advantages for multinational companies to dominate the market, consequently affecting the profits of domestic producers.
Moreover, cheaper imports from China in line with the ASEAN-China Free Trade Agreement along with low taxation in the ASEAN Free Trade Area have impeded domestic production as animal farmers have shown an inclination toward the above-mentioned importing trends. Though production volumes have slightly increased, decline, in terms of value, can be largely attributed to cheaper production costs that are beneficial to multinational corporations.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Vietnam Animal Feed Additives Market Research Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the Vietnam Animal Feed Additives market report on the basis of product and application:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
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