Vietnam: Goat Meat Market 2024

Goat Meat Market Size in Vietnam

The Vietnamese goat meat market reached $X in 2022, approximately reflecting the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.9% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Goat Meat Production in Vietnam

In value terms, goat meat production expanded modestly to $X in 2022 estimated in export price. In general, production, however, posted a notable increase. The most prominent rate of growth was recorded in 2014 with an increase of 170%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

The average yield of goat meat in Vietnam amounted to X kg per head in 2022, remaining stable against 2021 figures. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The goat meat yield peaked in 2022 and is expected to retain growth in the near future.

In 2022, number of animals slaughtered for goat meat production in Vietnam shrank slightly to X heads, approximately mirroring the previous year. Over the period under review, the number of producing animals, however, continues to indicate prominent growth. The pace of growth was the most pronounced in 2015 when the number of producing animals increased by 27%. Over the period under review, this number attained the maximum level at X heads in 2021, and then contracted in the following year.

Goat Meat Exports

Exports from Vietnam

In 2022, shipments abroad of goat meat was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 5,846%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, goat meat exports expanded modestly to $X in 2022. In general, exports saw a remarkable increase. The pace of growth appeared the most rapid in 2015 when exports increased by 2,657% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Qatar (X tons) was the main destination for goat meat exports from Vietnam, accounting for a 76% share of total exports. Moreover, goat meat exports to Qatar exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Qatar amounted to +8.5%.

In value terms, the largest markets for goat meat exported from Vietnam were Qatar ($X) and Hong Kong SAR ($X).

Hong Kong SAR, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average goat meat export price amounted to $X per ton, declining by -5.4% against the previous year. Overall, the export price continues to indicate a abrupt setback. The growth pace was the most rapid in 2014 when the average export price increased by 116%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Qatar totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (-9.0%).

Goat Meat Imports

Imports into Vietnam

Goat meat imports into Vietnam surged to X tons in 2022, rising by 24% against the previous year. Overall, imports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 185%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, goat meat imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2013 with an increase of 185%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mongolia (X tons) constituted the largest supplier of goat meat to Vietnam, accounting for a 55% share of total imports. Moreover, goat meat imports from Mongolia exceeded the figures recorded by the second-largest supplier, Kenya (X tons), twofold. The third position in this ranking was taken by Hong Kong SAR (X tons), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mongolia amounted to -16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Kenya (+2.4% per year) and Hong Kong SAR (+22.4% per year).

In value terms, Mongolia ($X) constituted the largest supplier of goat meat to Vietnam, comprising 45% of total imports. The second position in the ranking was held by Australia ($X), with an 18% share of total imports. It was followed by Kenya, with an 18% share.

From 2012 to 2022, the average annual growth rate of value from Mongolia stood at -12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-4.7% per year) and Kenya (-10.6% per year).

Import Prices by Country

The average goat meat import price stood at $X per ton in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 20% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Kenya ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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