Vietnam: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in Vietnam

The Vietnamese market for salted, dried or smoked meat, and offal totaled $X in 2022, remaining constant against the previous year. In general, consumption, however, recorded a perceptible descent. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Salted, Dried or Smoked Meat, and Offal in Vietnam

In value terms, production of salted, dried or smoked meat, and offal reduced to $X in 2022 estimated in export price. In general, production, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2014 with an increase of 46% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production of growth remained at a somewhat lower figure.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports from Vietnam

In 2022, shipments abroad of salted, dried or smoked meat, and offal increased by 39% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 5,707% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of salted, dried or smoked meat, and offal skyrocketed to $X in 2022. Overall, exports showed a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 3,666% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of salted, dried or smoked meat, and offal from Vietnam, with a 80% share of total exports. Moreover, exports of salted, dried or smoked meat, and offal to China exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), more than tenfold. The United States (X tons) ranked third in terms of total exports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +86.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+132.8% per year) and the United States (+31.4% per year).

In value terms, China ($X) remains the key foreign market for salted, dried or smoked meat, and offal exports from Vietnam, comprising 85% of total exports. The second position in the ranking was taken by the United States ($X), with a 3% share of total exports. It was followed by Hong Kong SAR, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +92.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.6% per year) and Hong Kong SAR (+23.6% per year).

Export Prices by Country

The average export price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, waning by -11.8% against the previous year. Overall, the export price recorded a abrupt contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by 19% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.3%), while the prices for the other major destinations experienced a decline.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports into Vietnam

Imports of salted, dried or smoked meat, and offal into Vietnam reduced to X tons in 2022, with a decrease of -8.1% compared with the previous year's figure. Overall, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2018 with an increase of 173%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of salted, dried or smoked meat, and offal shrank to $X in 2022. Over the period under review, imports, however, showed a significant increase. The growth pace was the most rapid in 2013 when imports increased by 257%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Hong Kong SAR (X tons), the United States (X tons) and Myanmar (X tons) were the main suppliers of imports of salted, dried or smoked meat, and offal to Vietnam, with a combined 64% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Myanmar (with a CAGR of +68.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest salted, dried or smoked meat, and offal suppliers to Vietnam were the United States ($X), Hong Kong SAR ($X) and Spain ($X), together comprising 62% of total imports.

Hong Kong SAR, with a CAGR of +60.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, with a decrease of -4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The pace of growth was the most pronounced in 2013 when the average import price increased by 52% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+29.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform