Vietnam's dairy industry still has much room for development

Published 2024년 3월 1일

Tridge summary

Vietnam's domestic milk market has significant growth potential, currently meeting only 40-50% of its domestic demand. The global milk consumption market is expected to reach $893 billion in 2022, with Asia-Pacific being one of the largest and fastest-growing dairy consumption markets. Despite rapid growth in Vietnam's dairy market, particularly in yogurt and drinking milk, per capita milk consumption is still low but expected to reach 40 liters/person/year by 2030. The market is dominated by large corporations, with the majority of raw materials imported due to unfavorable dairy farming conditions in Vietnam.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: stockbiz.vn Vietnam has only met 40-50% of domestic milk demand, the growth potential for the domestic milk market is still large. Citing IMARC's reported data, Tien Phong Securities Company (TPS) said that the global milk consumption market size will reach 893 billion USD in 2022, an increase of 2.5% over the same period. The size of the global milk consumption market is forecast to continue to grow in the period 2023 - 2028 with a CAGR of 5.6% and reach 1,243 billion USD in 2028. Asia-Pacific is one of the largest and fastest growing dairy consumption markets globally. In recent years, the region's milk consumption has grown very rapidly and is expected to continue to grow high in the coming years. China, India and Southeast Asian countries (SEA) are the main consumer markets of this region. The region's CAGR growth rate in the period 2023 - 2028 is about 3.12%. According to TPS, factors driving the growth of the region's dairy market in the coming time include: The ...

Source: AgroInfo.vn