Sector Trend Analysis – Meat in Vietnam

Meat and livestock production in Vietnam

Chickens were Vietnam's largest produced livestock at volumes of 400.5 million live animals in 2022, representing the largest growth at a CAGR of 6.0% from 316.9 million in 2018. Over the year, ducks were Vietnam's second largest livestock animals (83.7 million), followed by swine/pigs that has been declining the most by a CAGR of -3.2% from volumes of 28.2 million in 2018 to 24.7 million in 2022. Remaining 2022 livestock production in Vietnam consisted of cattle (6.3 million), goats (2.9 million), buffalo (2.2 million), and horses (52.1 thousand).

In 2022, meat of pig with the bone in (fresh or chilled) was Vietnam's primary meat, producing 3.1 million tonnes, followed by fresh/chilled meat of chickens (1.1 million tonnes), edible offal of pigs (incl. fresh, chilled, frozen) at 357.2 thousand tonnes), fresh/chilled meat of cattle (incl. bone) (264.8 thousand tonnes), and fresh/chilled meat of duck (182.2 thousand tonnes). Production of fresh/chilled meat of cattle (incl. bone) and edible offal of cattle (incl. frozen), experienced the highest growths with CAGRs of 9.5% within both categories between 2018 and 2022.

Trade overview

In 2023, Vietnam was the 27th largest importer in the world for fresh and processed meat products at an import value of US$1.5 billion (783.8 thousand tonnes). The top global importers of meat were China at a market share of 15.9%, followed by the United States (8.3%), Japan (7.7%), Germany (7.8%), and the United Kingdom (5.5%) in 2023. Canada was the 11th largest importer over the year at a global value of US$3.6 billion (694.1 thousand tonnes), which has been increasing by a CAGR of 7.3% (2019-2023) compared to global value imports of US$169.1 billion (50.9 million tonnes) growing at a CAGR of 2.5% during the same period.

Vietnam's top suppliers of meat products were India at an import value of US$510.8 million (market share: 33.6%), followed by Russia at US$171.4 million (11.3%), the United States at US$167.2 million (11.0%), Brazil at US$126.2 million (8.4%), and Australia at US$119.0 million (7.8%) in 2023. Canada was Vietnam's 7th largest supplier for fresh and processed meat products in 2023, with Vietnam importing a value of US$63.9 million.

In 2023, top imported meat products to Vietnam were frozen, boneless meat of bovine (HS: 020230) valued at US$617.3 million (194.9 thousand tonnes); followed by frozen meat of swine, boneless (HS: 020329) at US$254.9 million (102.1 thousand tonnes), and frozen cuts and edible offal of fowls (HS: 020714) at US$238.6 million (232.3 thousand tonnes).

Canada's performance

In 2023, Canada exported a total of Can$93.4 million (18,643.9 tonnes) of fresh or processed meat products to Vietnam. Exports to Vietnam have been growing by a 5-year CAGR of 26.8%, increasing from Can$36.1 million in 2019.

Canadian provinces exporting meat to Vietnam were Alberta at a total value of Can$72.7 million and a market share of 77.7%, followed by Ontario at Can$9.5 million (10.2%), Québec at Can$8.6 million (9.2%), Manitoba at Can$1.5 million (1.7%), and British Columbia at Can$1.1 million (1.2%) in 2023.

Top meat products being exported to Vietnam were frozen edible bovine offal, excluding tongues and livers (HS: 020629) at a value of Can$40.1 million (7,253.5 tonnes), frozen meat of bovine, boneless at Can$31.3 million (4,144.8 tonnes), and frozen meat of swine, bone-in at Can$9.4 million (3,693.6 tonnes) in 2023.

Market size

Per capita consumption of fresh and processed meat by Vietnamese consumers was 44.4 kilograms (kg) in 2022, slightly up from 43.7 kg in 2018, projected to reach 56.5 kg by 2028. Compared to Canada, Canadians consumed 32 kg per capita more fresh meat than Vietnamese consumers reaching 76.4 kg per capita in Canada in 2022; Canadian consumption of fresh meat projected to grow at a lower CAGR of 1.2% to reach 82.2 kg by 2028, over Vietnam at a projected CAGR of 3.8% (2023-2028).

Per capita consumption of fresh pork (28 kg) was the most popular fresh meat in Vietnam, while per capita consumption of fresh poultry (37.4 kg) was the number one choice amongst Canadian consumers in 2022. In Vietnam the most popular frozen poultry by category type was processed chicken wings (39.6%), followed by chicken nuggets (36.7%), and other frozen poultry products (23.7%) in 2023.

Vietnamese consumers prefer consumption of fresh meat over processed meat at a low per capita consumption of 0.4 kg compared to 23.6 kg in Canada in 2022. Consumption of processed meat in Vietnam, however, has increased (especially during the pandemic) by a CAGR of 7.5% between 2018 and 2022, and is expected to continue to grow by a CAGR of 4.6% (2023-2028).

Retail sales

On an International context, Euromonitor reports that retail sales of processed meat totalled US$201.2 billion worldwide. The Asia Pacific (APAC) region had the third largest global retail sales value of processed meat at a total of US$35.2 billion - consuming a total global value of 17.5% in 2023. Albeit, the APAC region is better known to consume a higher level of fresh meat over processed meat. Overall, there were 12 countries^{Footnote 1} that reported high retail sales for the consumption of fresh meat that totalled a value of US$336.2 billion in 2023.

Within the APAC region, China was the largest consumer of both fresh and processed meat products at a total of US$227.2 billion in 2023. Japan was the 2nd largest market at sales of US$46.0 billion over last year, followed by India (US$36.5 billion), Vietnam (US$13.9 billion), and the Philippines (US$10.6 billion).

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• World: 201,216
• Asia Pacific: 35,157
• Australasia: 2,146
• Eastern Europe: 21,802
• Latin America: 14,187
• Middle East and Africa: 7,411
• North America: 51,207
• Western Europe: 69,305

Source: Euromonitor International, 2024

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Country	2,013	2,014	2,015	2,016	2,017	2,018	2,019	2,020	2,021	2,022	2,023
China	153,557	161,155	163,429	184,208	176,101	145,063	155,256	276,701	225,253	234,929	227,176
Japan	35,965	36,803	37,457	39,431	40,750	41,582	41,275	44,755	45,233	45,506	45,966
India	15,908	19,294	22,958	22,985	25,406	29,118	30,199	24,902	29,618	33,163	36,457
Vietnam	6,118	6,807	7,345	8,066	9,488	10,749	12,407	12,615	12,132	13,200	13,946
Philippines	5,343	5,822	6,178	6,973	6,907	6,283	6,605	7,950	8,814	9,577	10,551

Source: Euromonitor International, 2024

Total fresh meat: US$336.2 billion

Total processed meat: US$35.2 billion

In 2023, the fresh and processed meat category in Vietnam was negatively impacted by inflation and an economic slowdown. Sales value and volume registered slower growth than in the previous year, since Vietnamese consumers reduced their frequency of eating out more than ever in efforts to save money. This had a notable impact on overall meat consumption, most notably in the more premium, higher cost segments - which is primarily served by the foodservice sector - like lamb, mutton, and goat.^{Footnote 2}

Bolstered by a growing concern for health and wellness, Vietnamese consumers are reducing their consumption of foods containing more fat like pork, while sales of beef and chicken have recorded stronger growth rates in value and volume terms in 2023. The price of meat is carefully managed by the government to better control the market, incentizing the consumption of domestic meat that is generally priced lower than that of imported meat - with domestic beef being less expensive than imported beef, for instance. Moreover, consumer preference is for fresh "hot meat" (slaughtered within a day) over chilled or frozen imported meat - only turning to these products during the pandemic, due to a lack of fresh meat.^{Footnote 2}

Fresh meat

Retail value sales - fresh meat

In Vietnam, sales of fresh meat totalled US$13.7 billion in 2023. Fresh pork was the highest in demand, registering a sales of US$6.9 billion (50.0%) over the year, followed by fresh beef and veal at US$3.1 billion (22.5%), fresh poultry at US$3.0 (22.2%), fresh lamb, mutton and goat at US$134.4 million (1.0%), and other fresh meat products at US$586.7 million (4.3%).

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• Beef and veal: US$3.1 billion
• Lamb, mutton and goat: US$134.3 million
• Pork: US$6.9 billion
• Poultry: US$3.1 billion
• Other fresh meat: US$586.7 million

Source: Euromonitor International, 2024

Total value sales of fresh meat grew by a CAGR of 5.3% between 2018 and 2023. Although being a smaller segment in the fresh meat category, lamb, mutton and goat was the best performing category in 2023, growing at a value sales that has been increasing by a CAGR of 14.2% (2018-2023). Fresh pork in value sales was the largest segment in the fresh meat category growing the slowest by a CAGR of 2.6% over the historic period. Total value sales of fresh meat are set to grow at a CAGR of 8.0% over the forecast period (2023 to 2028), to reach US$20.2 billion by 2028.

Retail volume sales - fresh meat

Total volume sales of fresh meat grew by a CAGR of 2.5% (2018 to 2023) to 2.8 million tonnes in 2023. Lamb, mutton and goat was the best performing category in 2023, growing at a volume sales that has been increasing by a CAGR of 7.4% (2018 to 2023), to reach 10.3 thousand tonnes. Fresh pork volume sales was the largest segment in the fresh meat category growing the slowest by a CAGR of 1.2% over the historic period, to 1.7 million tonnes in 2023. Total volume sales of fresh meat are set to grow at a CAGR of 3.5% by 2028 over the forecast period (2023 to 2028) to reach 3.3 million tonnes.

Processed meat

Retail sales value- processed meat

In Vietnam, sales of processed meat totalled US$209.4 million in 2023. Processed shelf stable red meat was the highest in demand, registering a sales of US$109.9 million (52.5%) over the year, followed by processed chilled red meat at US$66.8 million (31.9%), processed frozen poultry at US$17.1 million (8.2%), processed frozen red meat at US$10.3 million (4.9%), and processed shelf stable poultry at US$5.2 million (2.5%).

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• Shelf stable: US$115.2 million
• Chilled: US$66.8 million
• Frozen: US$27.4 million

Source: Euromonitor International, 2024

Total value sales of processed meat grew by a CAGR of 6.6% between 2018 and 2023. Shelf stable processed meat (especially shelf stable red meat) was the largest segment and best performing category in 2023, growing at a value sales that has been increasing by a CAGR of 7.0% (2018-2023). The other processed categories registered moderate value sales growth over the historic period, including processed chilled red meat (CAGR: 6.3%) and frozen red meat/poultry (CAGR: 5.9%). Total value sales of processed meat are set to grow by a CAGR of 11.0% over the forecast period (2023-2028), to reach 352.6 million by 2028.

Retail volume sales - processed meat

Total volume sales of processed meat grew by a CAGR of 2.4% (2018 to 2023) to 29.1 million tonnes in 2023. The processed frozen poultry category was the best performing category over the historical period (2018-2023), growing at a volume sales that has been increasing by a CAGR of 3.5%. Volume sales of processed shelf stable red meat was the largest segment in the processed meat category at sales of 16.6 thousand tonnes in 2023. Total volume sales of processed meat are set to grow at a CAGR of 4.4% over the forecast period (2023 to 2028) to reach 36.1 thousand tonnes by 2028.

Competitive landscape

In 2023, leading processed meat companies (brands) in Vietnam included Saigon Trading Group - SATRA (Vissan) at almost half of the market share of 46.1% (US$96.6 million), the Charoen Pokphand Group (CP) at 13.3% (US$27.8 million), and Halong Canned Food JSC (Ha Long) at 3.4% (US$7.1 million). There are no private label companies reporting in Vietnam.

Branded meat accounts for only a small share of sales in Vietnam, however, is starting to gain popularity towards the end of the review period. Branded meat is seeing more investment by brand owners, especially in urban areas, such as Vissan, CP, G Kitchen and MeatDeli. There is an increase in marketing activities, such as TV commercials and in-store advertising. Since the emergence and spread of COVID-19, consumers view branded meat to be safer and of higher-quality than regular meat and despite the slightly higher price, people are increasingly opting for these branded products. QR codes on packaging of branded fresh meat products are leading to consumers building increased trust in their quality, which allows people to easily verify a variety of valuable information such as the origin and date of the products, certification, the producers involved, and farm/slaughter information etc. This trend can be attributed to recent publicity about low-quality meat used in restaurants and traditional markets.^{Footnote 2}

Retail distribution channels

The majority of Vietnam's processed meat, seafood and alternatives to meat market was distributed through store-based grocery retailers at US$532.2 million (99.6%) versus non-store retailing or e-commerce sales of US$2.3 million (0.4%) in 2023. Small local grocers registered the largest sales at US$394.2 million (73.8%), followed by supermarkets and hypermarkets with combined sales of US$90.5 million (16.9%), food/drink tobacco specialists at US$37.8 million (7.1%), and convenience stores at US$9.6 million (1.8%).

Between 2018 and 2023, grocery retailers in Vietnam such as convenience stores and supermarkets experienced the highest growths at CAGRs of 51.6% and 13.1% respectively. Over this same period, e-commerce online sales increased by a CAGR of 35.7% in Vietnam. Recently, there have been an expansion in distribution via butchers that are opening in residential areas.^{Footnote 2}

New product launches

Mintel indicated that there were 2,809 new processed meat and meat food products launched in Vietnam's grocery retailer outlets (including new variety/range extension, packaging, formulation or relaunched) between the period of January 2019 and January 31st, 2024. The leading locations of manufacturer (countries reported: n=18) launching products in Vietnam (745) during this period were Japan (20), South Korea (20), Thailand (11), New Zealand (7), Malaysia (5), Italy (5), USA (5), France (4), and Argentina (2). Canada produced one frozen beef rib product imported by Thu Do, Vietnam in March 2019.

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	2019	2020	2021	2022	2023	2024 (up to January 31)	Total
Meat and meat products launches	509	481	494	641	629	55	2,809

Source: Mintel, 2024

Overall, Vietnam doesn't tend to import many new processed meat products from the world, importing (when reported) a total of 93 products (3.3%) over the 5-year period (Jan 2019 - Jan 2024); while importing only six meat products (0.9%) in 2023, and one meat product (1.8%) in the first month of 2024. Alternatively, Vietnam manufactured 745 domestically made meat products (26.5%) over the 5-year period.

Leading parent companies launching these new processed meat products (690) in Vietnam between Q1-2023 and Q1-2024 were FamilyMart (35), Acecook (23), Saigon Food (22), Vifon (18), Circle K Stores (16), and Daesang (16). New domestically made meat brands appearing for the first time launched in the Vietnamese market within the last 6 months, included Do's Bakery (traditional paté breadsticks), TVP Food (ham cheese breadsticks), Hoa Hy (beef jerky with tiny shrimp sauce) and Omachi House GuMi (beef noodles flavoured instant noodles).

Top growing categories for processed meat products in Vietnam were processed fish, meat and egg products (+56.8%), snacks (+27.3%), bakery (+25%), and meals and meal centers (+2.5%) between Q1-2023 and Q1-2024. During this same period, declining categories were baby food and dairy (−100%), soup (−88.9%), and sauces and seasonings (−30.8%). Top growing claims (Q4-2022 vs Q4-2023) were free from added/artificial colorings (+366.7%), ethical - recycling (+300%), functional - energy (+200%), all-natural product (+125%), and ethical - environmentally friendly package (+100%). Declining claims over this period by −100% were GMO free, cobranded, functional - skin, nails and hair, babies and toddlers (0-4), and economy.

New ingredients found within these meat products appearing within the last 12 months included coconut fat, artificial hazelnut flavour, and Papaya. The fastest growing or most common flavours used were egg (+500%), rib, crab, mushroom or cream/crème/whipped cream (+300%), and tomato (+200%) between Q1-2022 and Q1-2024.

Between January 2019 and January 31st 2024, top flavour components or blends found in meat products were unflavoured/plain, beef, pork, chicken, smoked, meat, prawn/shrimp, spice/spicy, chicken and spice, sour, cheese, chicken and lime leaf, prawn/shrimp and meat, chicken and lemon leaf, and seafood. Common format types of these new meat and meat products were sausage, sliced, block/cubed, whole, fillet, burger, ball, shredded/minced, wings/thighs/drumsticks, and bone-in pieces.

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• Unflavoured/plain: 743
• Beef: 132
• Pork: 108
• Chicken: 86
• Smoked: 85
• Meat: 32
• Prawn/shrimp: 26
• Chicken and spice/spicy: 23
• Spice/spicy: 23
• Sour: 20
• Cheese: 19
• Chicken and lime leaf: 18
• Prawn/shrimp and meat: 17
• Chicken and lemon leaf: 17
• Seafood: 17
• Barbecue/BBQ/Barbacoa: 15
• Grilled/Chargrilled: 14
• Salt/salted: 13
• Bolognese/bolognaise: 13
• Mushroom: 13

Source: Mintel, 2024

Total item count: 2,809

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• Sausage: 219
• Sliced: 138
• Block/cubed: 114
• Whole: 97
• Fillet: 94
• Burger: 75
• Ball: 56
• Shredded/minced: 53
• Wings/thighs/drumsticks: 42
• Bone-in pieces: 41
• Cubed: 16
• Liquid: 14
• Granules: 13
• Powder: 1
• Other: 217

Source: Mintel, 2024

Total item count: 2,809

Examples of new products

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Resources

• Euromonitor International | December 2023. Country Report: Meat in Vietnam
• Global Trade Tracker (GTT), 2024
• Mintel Global New Products Database, 2024

Sector Trend Analysis – Meat in Vietnam
Global Analysis Report

Prepared by: Erin-Ann Chauvin, Senior Market Analyst

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