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.
Browse Full Report With TOC @ http://www.radiantinsights.com/research/vietnam-animal-feed-additives-market-analysis-by-product-antibiotics-vitamins-antioxidants-amino-acids-feed-enzymes-feed-acidifiers-by-application-pork-swine-poultry-cattle-and-segment-forecasts-to-2022
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 governent initiatives
to promote investment in domestic animal feed & feed additives market.
Vietnam
animal feed additives market is largely dominated by overseas producers who
currently account for more than 70% of the total market. Easing of FDI norms to
promote foreign capital has been a major factor for increasing presence of
multinational companies in the regional market.
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