Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "Vietnam Meat Market By Product (Chicken, Pork, Frog, Duck, Mutton), By Type (Raw and Processed), By Distribution Channel, By Region, By States, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Vietnam meat market is anticipated to register impressive growth in the forecast period, 2023-2027, on account of increasing consumption of various types of meat & meat products. Increasing demand from the fast food restaurants is further driving the growth of the Vietnam meat market in the upcoming five years.
Increasing Consumption Drives Market Growth
Rapidly increasing consumption of poultry meat, pork meat, along with frog & duck meat is anticipated to drive the growth of the Vietnam meat market in the upcoming five years. Increasing demands among the population to self-cook their meals along with increasing inclination of the younger population toward online food delivery services for their regular meals is also supporting the growth of the Vietnam meat market in the next five years.
Vietnam is the 14th most populated country in the world. With the growing population of 98.3 million in 2021, the demand for meat as a regular consumable food is increasing.
Also, the consumers in the country are highly inclined toward western restaurants for their meat consumptions since these places provide, innovative food items, event based celebration food, and growing trends of social parties and get-together. Although, local restaurants in the country also account for major 66% of shares when it comes to meat consumptions.
Increasing Imports Drive Market Growth
Vietnam is one of the largest importer of meat from neighboring countries. Australia is one of the largest supplier of meat to the country. In the year 2020, Vietnam imported over 90,400 tons of carcass, chilled or frozen pork equal to 215 Mill. USSD, up by 357% in volume and 460% in value from 2019, says the reports from Customs General Department, Vietnam.
Frozen pork products are mainly imported from five major markets: Russia, Brazil, Canada, the US and Poland. Frozen pork products are anticipated to hold largest import shares of the market, expecting increase from 5.5% to 6% CAGR growth in the next five years. Increased focus on livestock production, maintenance of quality products from the local market are some other factors responsible for the future growth of the Vietnam meat market in the future five years.
E-Commerce Supports Market Growth
Recent pandemic situation shut down offline and physical stores due to increasing patient counts being infected of COVID-19 virus. This led to expanding e-commerce websites, and smartphone based services that provided the advantages of home shopping. Through online platforms and mobile applications, consumers can avail the services.
Added advantages like home delivery, convenient shopping, lower prices, offers & schemes further aided to the growth of the Vietnam meat market. Being added in the regular grocery lists, the meat products available on the grocery delivery apps also driving the growth in the online shopping of the product and thus the growth of the market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Vietnam meat market.
- Classic Fine Foods Hanoi
- Fishmarket Vietnam Co.,Ltd
- Tienlong Company Limited
- Hoa Phat Group
- Vissan Joint Stock Company
- Duc Viet Food Joint Stock Company
- Masan MEATLife
Report Scope:
Vietnam Meat Market, By Product:
- Chicken
- Por
- Frog
- Duck
- Mutton
Vietnam Meat Market, By Type:
- Raw
- Processed
Vietnam Meat Market, By Distribution Channel:
- Departmental Stores
- Specialty Stores
- Hypermarket/ Supermarket
- Online Sales Channel
- Others
Vietnam Meat Market, By Region:
- Northern Region
- Central Region
- Southern Region
For more information about this report visit https://www.researchandmarkets.com/r/9jefd3-meat?w=12
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