Key regions: South Korea, Russia, Canada, Philippines, China
The fresh meat market in Vietnam is facing subdued growth due to factors such as lower consumer purchasing power, increasing competition from alternative protein sources, and stricter food safety regulations. However, the market is still expected to experience moderate growth driven by rising demand for protein-rich diets and the convenience of online meat sales. Other key factors include increasing urbanization and the growing popularity of Western-style cuisine among younger generations.
Customer preferences: Amidst the growing demand for sustainable and ethically-sourced food, there has been a noticeable increase in consumer preference for locally-produced fresh meat in Vietnam. This trend is driven by a desire for transparency and traceability in the food supply chain, as well as a growing interest in supporting local farmers and reducing carbon footprint. Additionally, there has been a rise in demand for organic and grass-fed meat options, as health-conscious consumers prioritize natural and healthier options in their diets.
Trends in the market: In Vietnam, the Fresh Meat Market of the Meat Market within The Food market is experiencing a rise in demand for organic and locally sourced meats. This trend is driven by the increasing awareness and preference for healthier and more sustainable food options among consumers. Additionally, there is a growing trend of online meat purchases, as consumers seek convenience and safety amid the COVID-19 pandemic. These trends are significant as they reflect changing consumer preferences and present opportunities for industry stakeholders to tap into the growing demand for premium and online meat products. However, this could also pose challenges for traditional meat retailers who may struggle to adapt to these changing trends.
Local special circumstances: In Vietnam, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the country's rich agricultural heritage and strong cultural traditions of meat consumption. Additionally, government regulations on food safety and hygiene play a significant role in shaping the market landscape. The unique combination of these factors has resulted in a diverse range of fresh meat offerings, including popular choices like pork, beef, and poultry, as well as more unique options like snake and frog meat. This variety caters to the diverse tastes and preferences of the Vietnamese population and contributes to the dynamic nature of the Fresh Meat Market.
Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market in Vietnam is influenced by various macroeconomic factors. The country's strong economic growth and rising disposable income have led to an increase in consumer spending on premium quality meat products. Additionally, the increasing urbanization and changing dietary patterns have also contributed to the growth of the fresh meat market in Vietnam. Moreover, government initiatives to boost the agriculture sector and investments in modernizing the meat industry have further stimulated market growth. However, challenges such as food safety concerns and supply chain disruptions due to the COVID-19 pandemic have impacted market performance.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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