The number of pets is increasing rapidly, but only 5% of dogs and cats in Vietnam are fed with pet food. There is still a lot of room for the pet food market for businesses to develop in Vietnam.
Deputy Minister of Agriculture and Environment Phung Duc Tien shared this at the 30th Anniversary Ceremony of Olmix Group (France) in Ho Chi Minh City recently.
Pet food market potential
Deputy Minister Phung Duc Tien said that the domestic livestock industry has made remarkable progress over the past decade, gradually shifting from small-scale models to large-scale, concentrated production; production linkages between households or between households and enterprises are increasingly receiving attention.
Referring to economic trends in the livestock sector, in addition to strong industries, the Deputy Minister also noted economic trends in the pet sector.
Deputy Minister Phung Duc Tien shared about economic trends in the livestock sector at the Olmix Group's anniversary celebration, taking place from March 5-7. Photo: NV
According to statistics, the global pet market will reach a value of 261 billion USD in 2022, and is forecast to grow by 6.1% per year until 2030, with the US and EU being the leading markets.
Pet food production in 2023 is estimated at 34.96 million tons (accounting for 2.7% of total global animal feed production), an increase of 0.26 million tons compared to 2022.
The global pet food market size will reach 176.2 billion USD in 2023, 192.5 billion USD in 2024 and is expected to increase to 290 billion USD in 2029, with an average growth rate of 8.5%/year in the period 2024-2029.
Reports show that the demand for pet food is increasing rapidly in Southeast Asian countries.
The pet food market in the region is expected to grow at a CAGR of 7.5% between 2020 and 2025.
In Vietnam, the number of pets increased from 21 million to 27 million in the period 2016-2021.
The pet food market still has a lot of potential due to the increasing number of pets. Photo: TL
In the structure of pets in Vietnam, dogs are the top pets (accounting for 45.1%), followed by cats (accounting for 38%), and other pets (16.9%).
The proportion of households in Vietnam owning dogs and cats increased slightly in the period 2018-2023, (dogs from 16.6% to 18.7%; cats from 11.8% to 13.8%).
The trend of keeping pets is increasing in big cities such as Hanoi, Ho Chi Minh City, Da Nang, Hai Phong, Can Tho.
The pet food market in Vietnam has great growth potential and will have a higher growth rate than the world.
Accordingly, the size of Vietnam's pet food market in 2023 is estimated at 128.3 million USD; in 2024 it is estimated at 141.9 million USD; and is forecast to increase to 222.4 million USD in 2029, with an average growth rate of 9.4%/year (higher than the world's average growth rate).
Vietnam’s total pet food imports have increased by 69% over the past five years. However, only 5% of dogs and cats in Vietnam are fed pet food.
By 2030, this market will have important trends: Increasing number of pets and accompanying services, development of pet medicine and veterinary insurance, trend of humanization and animal protection.
Research department at Olmix's animal feed additive factory in Binh Duong. Photo: NV
According to the leader of the Ministry of Agriculture and Environment, this shows that the potential of the pet food market in Vietnam is huge, there is still a lot of room for businesses to invest, including Olmix.
Olmix is a French-based group specializing in animal and plant care; present in 100 countries with factories in Europe, America and Asia (Vietnam). Vietnam is currently Olmix's second largest market globally.
Source: https://danviet.vn/thi-truong-thuc-an-thu-cung-lon-vi-chi-co-5-cho-meo-duoc-an-thuc-an-danh-rieng-20250306163310176.htm
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