May 17, 2022

Vietnam expected to take second spot in Asia's pork consumption

Vietnam will rise to the second position in pork consumption in Asia this year, with China at the top, the Organisation for Economic Co-operation and Development (OECD) forecasts.

Pork consumption in the country is forecast to reach 3.4 million tonnes in 2022, with an annual growth rate of 3.1% in 2022-30.

Vietnam's Ministry of Agriculture and Rural Development (MARD) said that the reopening of restaurants, schools and factories was driving up demand for meat consumption.

Live hog prices have grown slightly in some areas. Currently, the average cost of live hogs across the country fluctuates in the range of ₫53,000-58,000 (US$2.3-2.5) per kilogramme, an increase of ₫1,000-3,000 (US$0.04-0.13) per kilogramme compared to the end of March.

The price of live pigs will likely continue to rise when the costs of livestock and petrol are high, but it is unlikely to increase dramatically as schools in Vietnam will enter the summer vacation and catering services have not recovered to the level as before the pandemic.

The output of cattle and poultry meat is likely to reach about 1.6 million tonnes in the second quarter, a year-on-year increase of 4.8%.

In Vietnam, beef output reached about 110,000 tonnes (up 3.4%), pork production reached about 1.05 million tonnes (up 4.7%) and poultry production reached about 476,000 tonnes (up 5.7%).

In the first four months of the year, Vietnam's import of livestock products reached US$980 million, a decline of 15% compared to the same period last year.

— VNS