Vietnam Plasma Feed Market Size Expanding to Cross USD 138 Million by 2029
Vietnam plasma feed market is gaining traction because of the government support for the development of the livestock and poultry industry and increased plasma feed acceptance in pet food.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam plasma feed market size at USD 97.9 million in 2022. During the forecast period between 2023 and 2029, the Vietnam plasma feed market size is projected to grow at an impressive CAGR of 9.2% reaching a value of USD 138.21 million by 2029. Expanding applications from the aquafeed industry, increased demand for plasma feed due to its advantages against antibiotics, rising need for a variety of high-protein feed ingredients, and mounting pressure to use sustainable food production methods are some of the major growth factors for the Vietnam plasma feed market. However, limited availability of raw materials for plasma feed production may acts as a huge restraining factor for the Vietnam plasma feed market growth.
Vietnam Plasma Feed Market - Overview:
Plasma feed is a highly digested animal protein source used to enhance feed palatability and intestinal health. A natural source of bioactive components, spray-dried plasma powder can be used as an in-feed substitute for zinc oxide and preventive antibiotics. Plasma feed contains significant amounts of vitamin phosphorus, vitamin B12, calcium, salt, potassium, chloride, and magnesium. It has been demonstrated to outperform other protein sources, including skim milk, and is also abundant in critical amino acids.
Vietnam Plasma Feed Market - By Application:
Based on application, Vietnam plasma feed market is segmented into industrial and commercial. The industrial segment holds a higher market share. The demand for plasma feed is gaining huge traction in the food industry. Innovative food business technologies are becoming more popular as a result of the need to improve microbiological food safety and quality without sacrificing the foods' nutritional, functional, and sensory qualities. Plasma is a new, environmentally friendly processing technology with a wide range of possible uses that satisfies the demands of the sector.
Competitive Landscape:
Major players operating in the Vietnam Plasma Feed market include Thanh Nhon Corporation, Cargill Vietnam, Royal De Heus, GreenFeed Co., Ltd., The Charoen Pokphand Group, Japfa Comfeed, Proconco, East Hope Group Company, Lai Thieu Feed Mill Co., Ltd., American Feeds Vietnam, Dabaco Group, and Vissan. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Impact of COVID-19 on the Vietnam Plasma Feed Market
The COVID-19 pandemic severely affected the market for plasma feed in Vietnam. Vietnam managed to contain the virus' spread, but several COVID-19 hotspots, including major cities, had to be placed under lockdown. The plasma feed supply chains were a little bit hampered as a result, and the producers suffered significant losses. Additionally, the country's extremely low demand for meat during this time slowed down the demand for animal-based proteins, which had a negative impact on the growth of the Vietnam plasma feed industry.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Plasma Feed Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Plasma Feed Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
