From 2014 to 2023, the raw animal fats market in Vietnam has seen a steady increase in volume, starting from 188.0 thousand metric tons and reaching 232.0 thousand metric tons in 2023. The year-on-year growth rates varied, peaking in 2016 at 4.59% and dropping to -4.14% in 2020. The market recovered with a 6.67% growth in 2021 and stabilized with a 0.87% increase in 2023. Over the last five years, the CAGR stood at approximately 0.79%, indicating moderate growth.
Looking ahead, the forecast from 2024 to 2028 suggests a slight gradual ascent, with the market expected to reach 245.32 thousand metric tons by 2028. The forecasted five-year CAGR is 0.87%, highlighting continuity in moderate expansion. Future trends to watch for include potential impacts of dietary shifts, sustainability concerns, and advancements in alternative fat sources. Close monitoring of macroeconomic conditions and consumer preferences will be crucial for adapting strategies in the raw animal fats market.
