Vietnam Animal Feed Additives Market Is growing at a CAGR of
4.7% from 2015 to 2022: Radiant Insights, Inc
Vietnam animal feed additives market is expected to reach USD 160.5 million by 2022. Increasing per
capita meat consumption is expected to be major factor driving Vietnam animal feed additives market
over the next seven years. With increasing meat consumption, domestic market for animal feed has been
experiencing significant growth since the last few years. Increasing requirements for high quality feed
from animal farmers is expected to drive demand for feed additives such as feed enzymes, feed acidifiers,
amino acids and antioxidants.
Antibiotics emerged as the leading product segment and accounted for over 36% of the total market
revenue in 2014. Nascent domestic probiotics production coupled with animal farmer's inclination
towards antibiotics as growth promoters has been instrumental in its growth. Increasing incidences of
microbial diseases among farm animals is expected to drive antibiotics demand over the forecast period.
Funding initiatives to develop probiotics domestically is expected to challenge antibiotics consumption
since most animal farmers prefer the latter owing to their easy availability and cheaper costs compared to
antibiotics.
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Further key findings from the study suggest:
Vietnam animal feed additives market was USD 112.4 million in 2014 is expected to reach USD 160.5
million by 2022, growing at a CAGR of 4.7% from 2015 to 2022.
Feed acidifiers are expected to be the fastest growing product segment over the next seven years on
account of their increasing consumption in poultry feed. Shift in meat consumption from pork to poultry
is expected to further drive poultry feed demand, thus further complementing feed acidifiers growth.
Poultry was the largest application market and accounted for over 38% of the total market revenue in
2014. Increasing per capita poultry consumption is expected to be a major factor driving its growth over
the forecast period. Apart from being the largest application segment, poultry is also projected to be the
fastest growing application segment in the nation.
Vietnam animal feed additives market is highly dependent on imports. Animal feed additives imports
accounted for more than 77% of the overall consumption in 2012. Antibiotics were the leading product
imported followed by amino acids.
Vietnam animal feed additive exports grew by 12% from 2012 to 2014, primarily driven by growing
domestic production that can be attributable to government initiatives to promote investment in domestic
animal feed & feed additives market.