PUBLISHER: Grand View Research | PRODUCT CODE: 1433725
PUBLISHER: Grand View Research | PRODUCT CODE: 1433725
The Vietnam animal feed additives market size is anticipated to reach USD 917.3 million by 2030 and is anticipated to expand at a CAGR of 3.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing consumption of meat in the country and simultaneous increase in production of animal based products to meet the demand.
The demand for protein to meet the nutritional needs of the population has driven the increased consumption of meat in Vietnam. The rising median income and living standards have led to a growing emphasis on protein-rich diets, with meat serving as a primary source of protein. This trend favors increased proteins from animal sources, especially Swine, which forms a part of the staple diet in the country. Thus, the demand for protein, coupled with the cultural importance of meat in Vietnamese cuisine, has contributed to the steady rise in meat consumption in the country.
The poultry sector in Vietnam holds significant importance in the country's agricultural landscape, with a focus on chicken and duck production. Vietnam is a key producer of poultry, particularly ducks, with a substantial contribution to the global market. Vietnam is listed as one of the notable duck-producing countries in the South East Asia, alongside China, Thailand, Malaysia, Myanmar, Indonesia, and South Korea. The country's poultry sector has experienced growth and development, contributing to the overall consumption of animal feed products for the sector.
Antibiotics are commonly used in concentrated animal feed for purposes such as growth promotion, improved feed conversion efficiency, and disease prevention. The use of antibiotics in feed has raised concerns about the development of antibiotic resistance and its potential impact on human health. This has led to the government of Vietnam bringing legislations and enforcing regulations Circular No. 54/2002/Q-BNN, which regulates animal feeds and prohibits the use of antimicrobials at concentrations not permitted under the law.