Meat - Vietnam | Statista Market Forecast

Revenue in the Meat market amounts to US$11.14bn in 2024. The market is expected to grow annually by 9.48% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$273bn in 2024).
In relation to total population figures, per person revenues of US$112.00 are generated in 2024.
In the Meat market, volume is expected to amount to 2.11bn kg by 2029. The Meat market is expected to show a volume growth of 6.6% in 2025.0.
The average volume per person in the Meat market is expected to amount to 16.0kg in 2024.

Definition:

The Meat market covers animal (both domestic and wild) and non-animal meat that are bought and consumed for nutrient-based purposes.

Structure:

The market consists of 3 different submarkets:

The Fresh Meat market covers meat from both domestic and wild animals that are fresh, chilled, or frozen. This market is divided into five submarkets: beef & veal, pork, mutton & goat, poultry, and other fresh meat.
The Processed Meat market covers all types of meat that has been dried, salted, brined, or smoked. This segment is divided into three subsegments: cold & roast meat products, ham & bacon, sausages.
The Meat Substitutes market covers meat-replacement food items created from vegetarian or vegan components.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

Fresh Meat
Processed Meat
Meat Substitutes

Meat-based ready-to-eat meals
Out-of-home consumption

The Meat Market in Vietnam is experiencing subdued growth due to a variety of factors, including increasing demand for fresh, processed, and meat substitute products, as well as a growing health consciousness among consumers. The convenience offered by online shopping and delivery services is also contributing to the market's growth. However, challenges such as supply chain disruptions and rising costs are impacting the market's overall growth rate.

Customer preferences: Consumers in Vietnam are increasingly becoming health-conscious and looking for meat products that are free from hormones and antibiotics. This trend is also driven by the rising awareness about the negative impact of antibiotics on human health and the environment. As a result, there has been a growing demand for organic and locally sourced meat, with a preference for smaller, independent producers. This shift towards natural and sustainable meat options reflects a larger trend towards clean and ethical food choices among Vietnamese consumers.

Trends in the market: In Vietnam, the Meat Market within The Food market is experiencing a shift towards more sustainable and ethical practices. This trend is driven by consumer demand for transparency and traceability in the sourcing of meat products. It has led to an increase in the availability of organic and free-range meats, as well as a push for better animal welfare standards. These changes are significant as they highlight a growing concern for the environment and animal welfare among consumers. Industry stakeholders must adapt to these trends by implementing sustainable practices and promoting ethical sourcing to remain competitive in the market.

Local special circumstances: In Vietnam, the Meat Market is heavily influenced by the country's traditional food culture, where meat is a staple in most meals. Additionally, the government's strict regulations on food safety have led to a strong demand for locally sourced and organic meat products. This has created opportunities for small-scale farmers and butchers to thrive in the market. Furthermore, Vietnam's growing economy and middle class have also contributed to the rising demand for high-quality meat products, leading to the emergence of premium meat markets catering to this segment.

Underlying macroeconomic factors: The Meat Market within The Food market in Vietnam is influenced by macroeconomic factors such as trade policies, consumer spending power, and government regulations. Vietnam's growing economy and rising middle class population have led to an increase in meat consumption, creating a demand for high-quality and affordable meat products. However, trade tensions and fluctuations in foreign exchange rates can impact the cost of imported meat, affecting the overall market performance. Additionally, government initiatives promoting food safety and animal welfare can also influence consumer behavior and purchasing decisions in the Meat Market.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

In the past, many cultures considered meat a luxury that could only be enjoyed on special occasions or certain days of the week, while today it is a staple that can be found in nearly all restaurants and many kitchens all over the world. The market value of the meat industry is expected to rise from 897.5 billion U.S. dollars in 2021 to over 1.3 trillion dollars by 2027. In 2022, the United States saw the highest revenue from meat products and sausages, over five billion U.S. dollars more than the second largest meat market in the world, Germany with a revenue of over 33.6 billion U.S. dollars. France, Russia, and Mexico are finishing the top five countries with the biggest revenue from processed meats.