Vietnam to rank 2nd in Asia in terms of pork consumption

According to the Ministry of Industry and Trade, the Organization for Economic Cooperation and Development (OECD) forecasts that Vietnam is likely to rise to second rank in Asia in terms of pork consumption.

Vietnam is currently one of the world's leading pork consumers per capita, ranking third in Asia after China and South Korea, and is forecast to rise to second place by the end of 2021.

The development of Vietnam's pork industry is the main drive for the domestic food industry. Pork production is expected to increase to 4 million tons in 2025, before reaching 4.7 million tons in 2030, averaging an annual growth rate of 3.1% over the period of 2021-2030.

OECD forecasts that for the poultry market, consumption volume in Vietnam for the next 10 years can reach an average growth of 2.9%/year.

Poultry consumption trend continues to rise in many countries around the world. However, domestic poultry prices are witnessing a downward trend in the context of the complicated pandemic and high animal feed prices.

In September 2021, the movement restriction order in many provinces and cities across the country continued to affect the transportation and consumption of pork. Along with a continued recovery in production, live hog prices continued to fall across the country.

The Ministry of Industry and Trade reported that live hogs prices in the North by the end of September fluctuated between 44,000 and 49,000 VND/kg, down by 5,000-7,000 VND/kg compared to the end of August 2021; in the central and southern regions, prices fluctuated between 47,000 and 49,000 VND/kg, down by 4,000-6,000 VND/kg compared to the end of August 2021.

This is a stronger decrease compared to previous months, the downtrend may last until the end of October 2021. It is forecasted that in early November 2021, when the demand increases according to market rules, pork prices will start to increase again.

Poultry prices in the North see an upward trend, while prices in the South remain low due to weak demand. With the low chicken prices, plus the current high animal feed price, farmers are hesitant to re-herd.

Supply of chicken may be short in the near future, especially for domestic chickens because many companies are currently selling breeding eggs as commercial eggs.