Pet industry development trends in Vietnam: Rapid growth with great potential
The rapid growth of the pet industry in Vietnam
Currently, the development trend of the pet industry in Vietnam is witnessing significant growth with an open and promising market. However, the current trend is primarily dominated by the participation of big names both domestically and internationally. Therefore, small and medium-sized enterprises should seize the opportunity to stay ahead of the pet industry trend in Vietnam in the future.
According to a report by Pet Fair Asia, revenue in the Pet Food market in Southeast Asia reached a total of US$4 billion, with Vietnam accounting for 13%, approximately US$500 million. Pet market research also indicates that the pet ownership trend in Vietnam is growing swiftly. It is expected that the industry will continue to grow at a rate of 11% annually, highlighting the significant potential and wide market share in the pet industry in Vietnam.
The significant potential of the pet market in Vietnam
Currently, the majority of pet owners in Vietnam are young, dynamic individuals who are knowledgeable and open-minded, and the internet penetration rate is also very high. According to market research by We Are Social in January 2021, Vietnam has nearly 72 million internet users, of which 68 million use social media platforms and spend an average of over 6 hours per day on the internet. This confirms that the pet market in Vietnam possesses great potential, as the internet usage habits of the population create significant opportunities to develop new technological platforms and meet the needs of sharing and self-expression within the pet-loving community and among young people.
As a general trend, as material wealth increases, the mental needs of individuals also rise. Consequently, people seek new activities to enrich their lives, and the trend of pet ownership in Vietnam has become a lifestyle choice for many people, especially the younger generation.
Therefore, the current trend of pet ownership considers these animal companions as family members and even ‘personifies’ them. As a result, the demand for information on pet care in Vietnam has opened up many opportunities for products and services related to pets.
The increasing trend of purchasing pet products and using pet services in Vietnam
In recent times, the demand for pet products and pet services in Vietnam has been on the rise. According to market research on the pet industry, the expense for pet food accounts for up to 77% of the total, while the remaining 23% is allocated for accessories and care items.
The pet food market in Vietnam offers a diverse range of brands imported from France, the United States, Thailand, and more. Pet owners can easily switch their pets’ diets from packaged dry food to canned wet food.
According to the survey, 14% of pet food is dry or canned, while 29% use homemade fresh food. However, a significant 51% of pet owners prefer to combine both canned and homemade food. This can be understood as dry food being convenient and easy to use, while wet food provides better taste and nutrition. Pet owners often combine these two methods to ensure the well-being of their pets.
Pets have always been and will continue to be an important part of people’s lives. Therefore, an increasing number of individuals seek online information to better care for their pets. However, despite the advancements in information technology, pet owners still encounter some challenges when searching for pet care information.
According to the market research survey, as many as 87% of customers in Vietnam search for pet care information online. However, pet owners in Vietnam, as well as worldwide, face challenges such as a lack of accurate and reliable information regarding pet care, difficulty in finding reputable veterinary clinics, and a lack of clear information about service quality and pricing, leading to mistakes in pet care.
The rapid growth of the pet industry in Vietnam is increasing significantly. To meet this demand, businesses in the industry need to focus on developing products and services that meet high requirements for quality and convenience. New products need to be researched and developed to be tailored to the specific needs of pets, including food, toys, accessories, and medical services.
According to market research by We Are Social in January 2021, Vietnam has nearly 72 million internet users, of which 68 million use social media platforms and spend an average of over 6 hours per day on the internet. This confirms that the pet market in Vietnam possesses great potential, as people’s internet usage habits create significant opportunities to develop new technological platforms that facilitate easy access to pet products and services, catering to the needs of pet owners in the pet-loving community and the young generation.
According to market research on the pet industry, as many as 87% of customers in Vietnam search for pet care information online. However, pet owners in Vietnam, as well as worldwide, still face challenges such as a lack of accurate and reliable information regarding pet care, difficulty in finding reputable veterinary clinics, and a lack of clear information about service quality and pricing, leading to mistakes in pet care. Customers should seek information from reputable and trustworthy sources. Additionally, pet owners can participate in Petfair Vietnam, the leading international exhibition specializing in pet technology, products, and services in Vietnam, which will feature seminars to share better pet care knowledge.
The rapid growth, along with the significant potential and consumer habits of purchasing products and using services in the pet market in Vietnam, will be a great opportunity for businesses.