Report Overview

Vietnam Meat Market- Industry Trends & Forecast Report 2027

The Vietnam meat market is estimated to grow at a CAGR of 6.1% in the forecast period (2021-2027). Among the many meat types available in Vietnam are pork, beef, chicken, etc., as well as exotic meat types such as dog, cat, snake, bear, monkey, wild boar and bat. The availability of a wide variety of meat types plays a crucial role in driving the meat market in Vietnam. Furthermore, the availability of low-priced meat, combined with changing consumption patterns, growing health consciousness, and increasing disposable income of the consumers also favor the growth of the market.

Vietnam Meat Market- Overview

‘Meat’, in general, refers to animal flesh that is meant for human consumption as food. Meat is a valuable source of nutrients, including proteins, zinc, iron, selenium, phosphorus, vitamin A, and B-complex vitamins. Vietnamese cuisine includes many varieties of meat, including red meat such as beef, goat, lamb; poultry meat including chicken and turkey; dog, cats (snake and bear), monkeys, rabbits, wild boar, fox meat, bats and grilled porcupines. Pork is the most popular of these meats in Vietnam.

Vietnam Meat Market Forecast and Trends

Growth Drivers

Increasing Young Population and Workforce

According to the reports by the United Nations Population Fund, the young population of Vietnam (aged around 16 and 30) is more than 23 million people, or around 25% of the country's population. The majority of this population is employed, which explains their increasing disposable income. The increasing disposable income is directly influencing the consumption pattern of this demographic. Furthermore, increasing health consciousness among this demographic and high awareness of the benefits of meat consumption is also propelling the growth of the Vietnam meat market.

Flourishing Tourism Sector in Vietnam

Tourism in Vietnam is among the fastest-growing sectors in the world. Tourists are attracted to Vietnam due to its wide coastline, pristine beaches, historic sites, etc. Meat consumption in Vietnam is anticipated to increase during the forecast period as a result of a flourishing tourism sector. As tourists crave traditional Vietnamese dishes such as Pho (noodles with beef), Bo Ne (steak with eggs), Thit dong (pork), and others, meat is in high demand in on-trade channels such as hotels, restaurants, and food bars.

Restraints

Presence of Unorganized Meat Industry

The presence of large-scale unorganized meat industry in Vietnam acts as a major restraining factor for the growth of Vietnam meat market. As part of the unorganized industry, there are unregistered slaughterhouses and butcher shops that sell meat in open spaces. Even though these shops do not strictly follow food safety regulations, consumers tend to prefer them due to their lower prices and higher penetration. Unregistered slaughterhouses lack cleanliness and safety; thus, there is a higher risk of cross-contamination and foodborne illnesses, which could hamper the growth of the meat market in Vietnam.

Vietnam Meat Market - By Type

Based on types, the Vietnam meat market is segmented into red meat, poultry, and seafood. The red meat segment is further classified into beef, goat, lamb, pork, dog, and others. Vietnam's meat market is dominated by pork, which represents around 65% of the country's total meat consumption. Growing income levels and the growing consumption of pork by Vietnamese families are driving the growth of the Vietnamese pork market. It has been estimated that Vietnamese pork consumption may soon overtake the Chinese market.

Vietnam Meat Market - By Product Type

Based on product types, the Vietnam meat market is segmented into fresh, chilled, and frozen meat. The fresh meat segment holds the largest market share owing to the existence of an established local food market and a high number of butcher shops and slaughterhouses across the country. The nutritional value of fresh meat is also higher than other product types, which contributes to its market demand. Additionally, the frozen meat segment accounts for a considerable share of the market due to its longer shelf life and retained nutrients.

Vietnam Meat Market - By Distribution Channel

Based on the distribution channel, the Vietnam meat market is segmented into on-trade and off-trade segments. The off-trade segment is further classified into supermarkets/hypermarkets, specialty stores, online stores, and others. The supermarket/hypermarkets segment accounts for the largest market because of the consumer’s inclination towards these products. In addition, the availability of a wide range of meat products under one roof and product-wise shelf differentiation also favors segment growth. Because of the large number of hotels, restaurants, and local food joints, the on-trade segment also accounts for a substantial share of the market.

Vietnam Meat Market - Competitive Landscape

The leading players in the Vietnam meat market are Simba Trade and Development Company, Tienlong Company Limited, Daithanh Seafoods Co Ltd., CADE JS Company, THINH AN CO., LTD, Fortunefoods Trading Co., Ltd., Duy Dai Company Limited, A Global Fish VN, Cua Viet Corporation, ChauHaiTu Joint-Stock, Quang Anh Trad Imp Expt & Production, and other prominent players.

The market is highly fragmented due to the presence of several industry players offering a wide range of products. The companies significantly focus on improving their supply chain to increase their product penetration and market revenue. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

• In November 2021, De Heus, a Dutch animal nutrition firm, announced to have acquired Vietnam’s Masan Group, an animal feed business. This transaction is estimated to bring approximately USD 600 - 700 million to Vietnam's animal protein supply chain.

Scope of the Report

By Type

• Red Meat

1. Beef

2. Goat

3. Lamb

4. Pork

5. Dog

6. Others

• Poultry

1. Chicken

2. Turkey

3. Others

• Seafood

1. Fish

2. Crab

3. Lobster

4. Others

By Product Type

• Fresh

• Chilled

• Frozen

By Distribution Channel

• On-Trade

• Off-Trade

1. Supermarkets/Hypermarkets

2. Specialty Stores

3. Online Stores

4. Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Increasing Young Population and Workforce
         2. Flourishing Tourism Sector in Vietnam
      2. Market Restraints
         1. Presence of Unorganized Meat Industry
      3. Market Challenges
         1. Negative Impact of the COVID-19 Pandemic
      4. Market Opportunity
         1. Expanding Import Activities of Meat
         2. Increasing Health Consciousness Among Consumers
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Vietnam Meat Market Overview
   1. Market Size & Forecast by Value, 2017-2027
   2. Market Size and Forecast, By Segment
      1. By Type
         1. Red Meat
            1. Beef
            2. Goat
            3. Lamb
            4. Pork
            5. Dog
            6. Others
         2. Poultry
            1. Chicken
            2. Turkey
            3. Others
         3. Seafood
            1. Fish
            2. Crab
            3. Lobster
            4. Others
      2. By Product Type
         1. Fresh
         2. Chilled
         3. Frozen
      3. By Distribution Channel
         1. On-Trade
         2. Off-Trade
            1. Supermarkets/Hypermarkets
            2. Specialty Stores
            3. Online Stores
            4. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis (2020)
   3. Competitive Benchmarking by Operating Parameters
7. Impact of COVID-19 on Vietnam Meat Market
8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Simba Trade and Development Company
   2. Tienlong Company Limited
   3. Daithanh Seafoods Co Ltd.
   4. CADE JS Company
   5. THINH AN CO., LTD
   6. Fortunefoods Trading Co., Ltd
   7. Duy Dai Company Limited
   8. A Global Fish VN
   9. Cua Viet Corporation
   10. ChauHaiTu Joint-Stock
   11. Quang Anh Trad Imp Expt & Prodution
   12. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1: Vietnam Meat Market Segmentation

Figure 2: Vietnam Meat Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Vietnam Meat Market Size, By Value (USD Billion), 2017-2027

Figure 5: Vietnam Meat Market Share (%), By Type, By Value, 2017-2027

Figure 6: Vietnam Meat Market Share (%), By Product Type, By Value, 2017-2027

Figure 7: Vietnam Meat Market Share (%), By Distribution Channel, By Value, 2017-2027

List of Tables

Table 1: Vietnam Meat Market Size, By Type, By Value, 2017-2027

Table 2: Vietnam Meat Market Size, By Product Type, By Value (USD Billion), 2017-2027

Table 3: Vietnam Meat Market Size, By Distribution Channel, By Value (USD Billion), 2017-2027

Table 4: Simba Trade and Development Company Financial Analysis

Table 5: Simba Trade and Development Company Business Overview

Table 6: Tienlong Company Limited Financial Analysis

Table 7: Tienlong Company Limited Business Overview

Table 8: Daithanh Seafoods Co Ltd. Financial Analysis

Table 9: Daithanh Seafoods Co Ltd. Business Overview

Table 10: CADE JS Company Financial Analysis

Table 11: CADE JS Company Business Overview

Table 12: Thinh An Co., Ltd. Financial Analysis

Table 13: Thinh An Co., Ltd. Business Overview

Table 14: Fortunefoods Trading Co., Ltd Financial Analysis

Table 15: Fortunefoods Trading Co., Ltd Business Overview

Table 16: Duy Dai Company Limited Financial Analysis

Table 17: Duy Dai Company Limited Business Overview

Table 18: A Global Fish VN Financial Analysis

Table 19: A Global Fish VN Business Overview

Table 20: Cua Viet Corporation Financial Analysis

Table 21: Cua Viet Corporation Business Overview

Table 22: ChauHaiTu Joint-Stock Financial Analysis

Table 23: ChauHaiTu Joint-Stock Business Overview

Table 24: Quang Anh Trad Imp Expt & Production Financial Analysis

Table 25: Quang Anh Trad Imp Expt & Production Business Overview