HANOI: Vietnam animal feed market size is expected to reach USD$10.55 billion by 2022, according to a new report released. Shift in trend towards consumption of poultry and cattle meat is expected to remain a key driving factor for Vietnam animal feed market.
Historically, domestic consumers were depended largely on pork meat to meet nutritional requirement. Advent of increasing per capita disposable income level has transformed this shift in trend which has propelled animal feed demand in the nation.
Increasing investments particularly in R&D are expected to drive production sustainability over the forecast period. Even though domestic production is expected to rise, the market faces challenges in the form of imports. Most of the animal feed consumed in Vietnam is sourced through imports from neighbouring ASEAN nations.
