Before the next decade is through, Vietnam stands to become the world’s top consumer of pork.
According to Bloomberg, Vietnamese currently consume an average of 29.9 kilograms of pork per capita, however by 2023, the Organization of Economic Cooperation and Development expects that number to rise as high as 33.9 kilograms per capita, making Vietnam the world’s top consumer of pork.
Experts put this down to the country's growing household incomes. In the last five years, Vietnam's per-capita GDP has grown by 42%, and is expected to continue that growth through 2021.
While this economic prosperity has allowed Vietnamese to incorporate more meat into their diet, the country’s farmers now face a challenge: finding enough corn and soybeans to feed Vietnam’s 28.3 million pigs.
As a result, both foreign and local firms have invested heavily in the construction of local feed mills to meet the needs of Vietnamese pig farmers. Foreign feed producer Cargill is currently constructing its 12th feed mill in Vietnam in hopes of cashing in on the rising trend of pork consumption.
“Along with Vietnam’s booming economy comes a growing middle class and their disposable incomes,” Cargill country representative Jorge Becerra, who also serves as managing director of the firm’s feed and nutrition business in Vietnam, told Bloomberg. “That is bringing about an increase in demand for animal proteins, which is fueling the demand for animal feed.”
Currently, about 70% of Vietnam’s pig feed ingredients come from abroad. By 2022, Vietnam’s domestic market for animal feed is expected to reach a value of US$10.55 billion, leaving the door wide open for both foreign and local businesses to take advantage of the country’s growing preference for pork.
[Photo via Flickr user ILRI]
