Vietnam Meat Products Market Outlook to 2028

Vietnam Meat Products Market Overview

The Vietnam Meat Products Market was valued at USD 7.12 billion in 2023. This growth is primarily driven by rising disposable incomes, increasing urbanization, and a growing population with a higher demand for protein-rich diets. The expansion of retail chains and e-commerce platforms has also facilitated easier access to meat products, further driving market growth.

Key players in the Vietnam meat products market include Vissan, CP Vietnam Corporation, Dabaco Group, Masan MEATLife, and Anco Family Food. These companies dominate the market due to their extensive distribution networks, strong brand recognition, and continuous investment in production technology to ensure high-quality meat products. Their strategic initiatives and collaborations with international partners have further strengthened their market positions.

In 2022, Vissan reported a post-tax profit of approximately VND 137.55 billion (around $5.87 million), which marked an 8% decline compared to the previous year. The company's revenue also fell by 10.7% to VND 3.83 trillion ($163.47 million) during the same period. However, there was a notable recovery in the fourth quarter of 2022, where Vissan's profit rose by 36.9% year-on-year, attributed to post-pandemic recovery efforts.

The Ho Chi Minh City, dominates the market due to its attributed to the region's higher population density, greater purchasing power, and the presence of major retail and distribution networks. The city's well-developed infrastructure and strong economic growth have also played a crucial role in its leading market position.

Vietnam Meat Products Market Segmentation

The Vietnam Meat Products Market is segmented into different factors like by product, by distribution channel and by region.

By Product Type: The market is segmented by product type into fresh meat, processed meat, and frozen meat. In 2023, fresh meat held a dominant market under the product type segmentation. This dominance is due to Vietnamese consumers' preference for fresh and locally sourced meat, which is perceived as healthier and of higher quality. The widespread availability of fresh meat in traditional wet markets and supermarkets has also contributed to its leading position.

By Distribution Channel: The market is segmented by distribution channel into supermarkets and hypermarkets, convenience stores, and online retail. In 2023, Supermarkets and hypermarkets held a dominant market. These outlets offer a wide variety of meat products, including fresh, processed, and frozen meat, attracting a large number of consumers. Their extensive distribution networks and promotional activities also contribute to their leading market position.

By Region: The market is segmented by region into north, south, east, and west. In 2023, the southern region was dominating the market, driven by several factors, including its high population density, which directly correlates with higher meat consumption. The South's economic vitality as the economic hub, translates into greater purchasing power among consumers. This allows for higher expenditure on meat products, including premium and organic options. Moreover, the region's well-developed retail infrastructure, featuring a large number of supermarkets, hypermarkets, and convenience stores, ensures widespread availability and accessibility of meat products.

Vietnam Meat Products Market Competitive Landscape

Major Players

Establishment Year

Headquarters

Vissan

1970

Ho Chi Minh City

CP Vietnam Corp

1993

Ho Chi Minh City

Dabaco Group

1996

Bac Ninh

Masan MEATLife

2019

Ho Chi Minh City

Anco Family Food

2006

Ho Chi Minh City

Masan MEATLife: In July 2022, Masan MEATLife's MEATDeli brand was awarded the Vietnamese Agricultural Gold Brand 2022, recognizing its commitment to quality and innovation in the meat sector. This award was part of a national program aimed at promoting outstanding agricultural products in Vietnam.

Anco Family Food: In early 2024, Masan Meat Life JSC announced a substantial investment of approximately $22 million (VND 500 billion) into Anco Family Food. This investment is intended to increase the company's chartered capital, reflecting Masan's commitment to expanding its operations and capabilities in the meat sector.

Vietnam Meat Products Market Analysis

Vietnam Meat Products Market Growth Drivers

Rising Meat Consumption: The increasing consumption of meat in Vietnam is driven by a growing population and an evolving dietary landscape that emphasizes protein-rich foods. This trend is particularly noticeable among the younger generation, who are increasingly health-conscious and seeking balanced diets that include more meat. The shift towards healthier eating habits, combined with rising disposable incomes, is leading to higher meat consumption across various demographics. This trend is further supported by the influence of Western diets and the proliferation of meat-centric dishes in urban areas.

Expansion of Retail and Distribution Channels: The number are over800 supermarketsand150 shopping centersin the country, with significant expansions planned by major players and making it easier for consumers to access a wide variety of meat products. According to the Vietnam Retailers Association, these modern retail outlets accounted for a significant portion of meat sales, as they offer better quality control and product variety compared to traditional markets. This expansion has facilitated the distribution and availability of meat products across urban and rural areas.

Increasing Exports of Meat Products: Vietnam's meat export market has been expanding, with growing demand from international markets such as Japan, South Korea, and other Southeast Asian countries. The competitive pricing and high quality of Vietnamese meat products have made them attractive to foreign buyers. Additionally, the government's efforts to negotiate favorable trade agreements and comply with international quality standards have bolstered the country's meat exports. The establishment of robust export-oriented supply chains and investments in meat processing facilities geared towards export markets have also contributed to this growth.

Vietnam Meat Products Market Challenges

Animal Disease Outbreaks: Animal disease outbreaks, such as African swine fever (ASF), pose a significant risk to the stability of the meat products market in Vietnam. These outbreaks lead to the culling of large numbers of livestock, resulting in supply chain disruptions and financial losses for farmers and meat processors. Controlling and preventing such diseases require stringent biosecurity measures and effective disease management strategies, which can be costly and challenging to implement consistently.

High Production Costs: The cost of animal feed, which constitutes a significant portion of the overall production costs for meat products, can be highly volatile. Fluctuations in the prices of raw materials such as corn and soybean, driven by global supply and demand dynamics, directly impact the profitability of meat producers. Additionally, rising labor costs and the expenses associated with maintaining high standards of animal welfare and food safety further contribute to the high production costs.

Vietnam Meat Products Market Government Initiatives

Sustainable Livestock Development Strategy 2023-2030: The Vietnamese government launched the Sustainable Livestock Development Strategy 2023-2030, with a budget of VND 10 trillion (approximately USD 430 million). This initiative aims to enhance the productivity and sustainability of the livestock sector by promoting modern farming techniques and investments in meat processing infrastructure. The strategy includes financial incentives for farmers adopting sustainable practices and aims to increase domestic meat production.

Support for Export Promotion: The Ministry of Industry and Trade introduced a support package of VND 2 trillion (USD 86 million) in 2023 to promote meat exports. This package includes subsidies for meeting international quality standards, participation in international trade fairs, and marketing campaigns in key export markets. The initiative aims to boost Vietnam's meat exports and enhance the global competitiveness of its meat products.

Vietnam Meat Products Market Future Outlook

The Vietnam Meat Products Market is expected to grow substantially by 2028. This growth will be supported by ongoing urbanization, rising consumer incomes, and an increasing preference for protein-rich diets. Additionally, advancements in meat processing technologies and the expansion of distribution networks are expected to further boost market growth.

Market Trends

Increasing Demand for Plant-Based Meat: By 2028, the demand for plant-based meat products in Vietnam is expected to rise significantly. Consumers are becoming more health-conscious and environmentally aware, leading to a shift towards sustainable and healthy food options. The plant-based meat market is projected to grow, driven by innovations in food technology and increasing availability in retail outlets.

Advancements in Meat Processing Technologies: Technological advancements in meat processing are expected to continue, leading to improved product quality and efficiency. By 2028, more companies are likely to adopt automated production lines, advanced packaging techniques, and new processing methods to meet the growing consumer demand for high-quality meat products.
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