Total volume sales of meat declined at their fastest rate in well over a decade during 2020. This was due to a significant decline in demand from the institutional and particularly the foodservice channel, as the number of international visitors to the country declined and local consumers ate out less often due to COVID-19.
Poultry and particularly pork account for the bulk of total volume sales of meat in Vietnam, and the pandemic led some consumers, particularly less affluent ones, to substitute poultry for pork due to the economic impact of the pandemic, as the former is cheaper. This price gap was exacerbated by Africa Swine Fever, which pushed up the unit price of pork during 2020 due to a reduction in supply.
Total volume sales of meat will rebound strongly during 2021. While growth in retail volume sales of meat will slow significantly during 2021, as the stockpiling that occurred in 2020 is very unlikely to be repeated and local consumers eat out more, there will be a strong recovery in demand from the foodservice and institutional channels, as international tourism revives and schools remain open for the entire academic year.
The risk posed by animal disease remains a significant risk to the supply of both pork and poultry in Vietnam. For poultry, avian influenza is the main threat.
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Understand the latest market trends and future growth opportunities for the Meat industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Meat research and analysis database.
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