Albany, NY -- (SBWIRE) -- 02/01/2016 -- Vietnam's dairy sector has immense potential for development and is currently being eyed by both local and foreign investors. Factors such as rising domestic demand, increasing affinity for Western cuisine, heavy investments and one of the lowest per capita milk consumption in the region are boosting the sector. The domestic milk production in Vietnam is not being able to keep up with the rising local demand. The milk production of 456.400 tonnes in 2013 was able to meet only 28% of the domestic demand. While the milk production in the country has grown by 26.6% annually in the period 2001-2014 and reached 5,49,500 tones in 2014, it is still insufficient to meet the domestic demand.

With low cattle numbers and domestic production, Vietnam is heavily reliant on milk imports. In 2013, milk and milk products imports were valued at USD 1.1 billion, a rise of 130% compared to the previous year. This figure is expected to reach USD 3.6 billion by 2045. Vietnam currently exports dairy products to more than 29 foreign markets.

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The sector is stepping up modernization of the dairy farms at a rapid rate and is planning to increase the number of milk cows to 240,000 by 2015.Vietnam plans to meet 60% of domestic demand for fresh milk for the country's projected population of approximately 113 million by 2045. To meet this target, the country needs to develop a herd capable of producing 5.65 million tonnes of milk annually.

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Why should the report be purchased?

The report 'Assessment of Vietnam's Dairy Sector 2016'highlights key dynamics of Vietnam's dairysector. The growing opportunity in the sector has been investigated along with current market scenario has also been examined. The report has profiles of key players in the market including Vinamilk, Nestle, Danone, Groupe Bel, Friesl and Campina, Fonterra Co-operative Group Limited. The report contains latest industry leader's opinions.

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