From 2014 to 2023, the animal fats market volume in Vietnam showed a variable trend, starting at 204 thousand metric tons in 2014 and reaching 252 thousand metric tons in 2023. The market exhibited periods of substantial growth, notably in 2018 with a 10.91% increase, alongside years of decline, such as 2017 and 2020 with reductions of 2.22% and 3.81%, respectively. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) averaged at 0.65%, reflecting modest growth.
The market is projected to continue expanding from 2024 to 2028, albeit at a moderate pace, with a forecasted CAGR of 0.88% over the next five years and an overall growth rate of 4.49% by 2028. This indicates a stable and steady rise in volume, supported by a consistent demand for animal fats.
Future trends to watch in the animal fats market in Vietnam include potential impacts from dietary shifts towards plant-based fats, regulatory changes on animal fat usage, and technological advancements in fat production and processing. Improved health awareness and sustainability considerations may also influence market dynamics going forward.
