Vietnam and Thailand’s burgeoning populations and expanding middle classes provide significant opportunities for US agricultural exporters, including pet food producers, according to the USDA’s Foreign Agricultural Service (FAS). The Vietnamese economy is poised for substantial growth, with a GDP increase of 6% expected in 2023 and a population of 105 million. In 2023, Vietnam imported $32 billion worth of agricultural products, with the US exporting $3.1 billion, including pet foods. Vietnamese retail sales of pet food grew more than 15% in 2023 as consumers increasingly prefer prepared pet foods.
Similarly, Thailand presents promising prospects for US agricultural products, with a forecasted GDP growth of 3% in 2024. Thailand imported $17 billion worth of agricultural products in 2023, with the US contributing $1.2 billion, primarily in bulk commodities. The expanding dog and cat populations in Thailand have driven up purchases of premium packaged pet foods and treats. The FAS anticipates exciting opportunities for US processors in both markets as their populations, economies, and pet ownership levels continue to grow.
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