PETFAIR VIETNAM & FUTURE GROWTH TRENDS IN 2024-2029

TRIỂN LÃM THÚ CƯNG VIỆT NAM

The rapid development of urbanization has contributed to changing the lifestyle of Vietnamese people. More and more young single people living in big cities choose pets to become close companions and are willing to spend a lot of money on them.

Therefore, even though the global economy is facing difficulties due to the Covid-19 pandemic, the pet industry will still grow strongly by 18-20% in 2023. In Vietnam, the trend of raising pets is increasingly diverse and diverse. Since then, the Vietnam Animal Protection Association has organized Petfair Vietnam with three times more services, toys and food than in 2022. The goal is to meet the increasing needs of customers.

General information about Petfair Vietnam

According to Euromonitor International, the Vietnam pet market is proliferating, with the number of pets increasing from 21 million to 27 million in 2016-2021, of which dogs and cats account for 43%. According to Euromonitor International, by 2027, the number of pets in Vietnam will increase to 43 million. With this increase, the pet food market will undoubtedly grow strongly.

General information about Petfair Vietnam

Also, according to information from pet market research, pet owners in Vietnam and around the world are still facing many certain challenges such as limited sources of reliable information, difficulty finding services and unclear prices lead to mistakes when taking care of pets.

Therefore, the organization of pet exhibitions in Vietnam is uniquely specialized, such as Petfair Vietnam 2024, which brings together global pet industry experts and large businesses worldwide with Workshops and activities that will help owners take better care of their pets.

In addition, Petfair Vietnam 2024 is also a trade bridge to help businesses in the industry meet and exchange with leading experts in the world, access advanced technology, thereby supporting the mission of opening into the pet industry in Vietnam.

The Vietnam Pet Food Market

The Vietnam Pet Food Market is growing stronger than ever, according to Mordor Intelligence, with an expected compound annual growth rate (CAGR) of 9.4% thanks to many factors such as the rapid increase of the number of pets, changes in people’s lifestyles and the growth rate of urbanization.

The Vietnam Pet Food Market

Also according to Mordor Intelligence, dog food is the main segment in the market, with a market share of up to 62.99% by 2022. In addition, dogs account for about 45.1% of the total domestic pets, followed by cats account for about 38% and finally other animals 16.9%.

Largest market by animal

Source: Mordor Intelligence

Although cats are highly independent, in the context of increasing urbanization and Vietnamese culture considers cats to be animals that bring luck, the number of cats in Vietnam has increased by 28.5% in years 2019-2022. Accordingly, it is expected that the cat food market in Vietnam is expected to reach a CAGR of 10.71% from 2023 to 2029.

Fastest-growing market by animal

Source: Mordor Intelligence

Overall, according to Mordor Intelligence in the period 2024-2029, the Vietnam pet food market size is estimated to reach 141.88 million USD in 2024 and is expected to reach 222.36 million USD in 2029, growing at a CAGR of 9.40%.

Market size in USD Milion

Source: Mordor Intelligence

Main trends in the market

Potential of the Vietnam Pet Food Market

The pet market is booming in Vietnam, with the number of pets increasing rapidly in recent years. This is a sign that the trend of raising pets in Vietnam is growing strongly and will certainly be an extremely promising market in the future.

From Mordor Intelligence’s report, it shows that dog and cat food prices in Vietnam have increased on average 10% per year in the period 2020-2022 but the expected compound annual growth rate (CAGR 2024-2029) is still reaching 9.4%. This confirms that the trend of spending on pets is increasing and the potential of the pet food market is still huge.

Potential of the Vietnam Pet Food Market

There is also another notable trend: more and more young pet owners prioritize customized diets. They believe this diet will provide their pets with the nutrients they need for optimal health.

There is a trend of Specialized Pet Care Services (Customized Pet Care)

Specialized Pet Care Services (Customized Pet Care) are pet care services designed to suit the requirements of each owner and pet, ensuring they receive the best care both physically and mentally. Among them, young pet owners are willing to spend up to 20% of their total income and will continue to spend more so that their pets can enjoy these services. This partly reflects the problem of modern society when young people gradually realize the influence of pets on their own lives and mental health.

Specialized Pet Care Services (Customized Pet Care)

The world economy is making positive changes, this is a solid stepping stone for the Vietnamese pet industry to continue to grow in 2024. In addition, many new personalized services Pet-related services are also growing such as spa services, trimming, beauty, etc. This is definitely the leading trend in the pet industry in the future.

Conclusion

The pet market in Vietnam is becoming more vibrant than ever, with the number of pets increasing rapidly. This creates a large space for businesses in the industry with areas with strong growth potential such as pet food and specialized pet services.

From there, the leading international exhibition specialized in Pet Care Technology, Products, and Services in Vietnam – Petfair Vietnam 2024, will create opportunities for businesses to trade and exchange with industry experts leading in the world, accessing advanced technologies and together opening up Vietnam’s pet industry to soon reach billions of dollars in the future.

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