Vietnam Floriculture Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 592 Million |
| Market Size (2029) | USD 777 Million |
| CAGR (2024 - 2029) | 5.60 % |
Vietnam Floriculture Market Analysis
The Vietnam Floriculture Market size is estimated at USD 592 million in 2024, and is expected to reach USD 777 million by 2029, growing at a CAGR of 5.60% during the forecast period (2024-2029).
Vietnam's climate, which transitions from subtropical in the north to tropical in the south, offers an ideal setting for a diverse array of flowers. Regions like Da Lat and the Mekong Delta, which are celebrated for their fertile soils and optimal temperatures, have emerged as focal points for cultivating roses, chrysanthemums, orchids, and lilies. This has firmly established Vietnam as a notable contender in the global floriculture arena. While traditional blooms like orchids and lilies continue to enjoy popularity, there's a discernible trend among consumers favoring imported varieties, notably roses, carnations, and tulips, especially for special events.
The EVFTA (European Vietnam Free Trade Agreement) has propelled the Vietnamese floriculture industry. The agreement has bolstered Vietnam's export prowess by waiving tariffs on fresh flower exports to lucrative markets. Additionally, the Netherlands-Vietnam Horti Business Platform and the Vietnamese government spearheaded the Netherlands-Vietnam Floriculture Conference in November 2023. This event underscored a joint commitment to nurturing a sustainable floriculture industry in Vietnam. Along with governmental and international initiatives, individual entities are pivotal in expanding the market. For instance, in February 2023, Dalat Hasfarm, a key player, achieved a significant milestone by unveiling two premium fresh flower outlets in Ho Chi Minh City and Hanoi, thereby expanding its contemporary retail flower network.
Vietnam Floriculture Market Trends
Favorable Climate and Socioeconomic Conditions Propel Market Growth
Vietnam's climate, spanning subtropical, tropical, and temperate zones, is shaped by tropical monsoons, varied altitudes, and latitudes. This diverse climate supports year-round flower cultivation, catering to a wide market. Lam Dong province, known for its optimal day-night temperatures and vast flatlands, has become a major center for large-scale flower production. The region's landscape, characterized by fertile alluvial soil in its numerous river deltas, is particularly conducive to extensive cut flower cultivation. Noteworthy regions like the Red River Delta and Mekong Delta stand out, offering ideal conditions for premium flower growth and potential production expansion.
Southern Vietnam, especially Dalat and Dong Thap, plays a crucial role in the nation's floriculture. Dalat, situated northeast of HCMC, is hailed as Vietnam's horticultural heart, benefiting from its temperate climate and high humidity, perfect for various perennials. Roses, a highlight, are a key crop in Dalat, finding markets locally and internationally. On the other hand, Dong Thap, located southwest of HCMC, is rapidly evolving into a significant floriculture center. Vietnam's flower exports surged from 7,632 metric tons in 2020 to 11,480 metric tons in 2022, with Japan leading as the top importer, trailed by South Korea and Australia.
With Vietnam's expanding middle class and the growing popularity of flower exhibitions, the demand for domestic flowers is climbing. The nation's flower growers fall into two main categories: traditional and advanced. While traditional growers typically yield only a few flowers per square meter, advanced techniques can produce over 150 higher-quality flowers in the same area. Consequently, there's a notable shift towards advanced greenhouse technologies and more productive flower varieties. These trends are driving up the demand for high-quality Vietnamese flowers. The Vietnamese government has implemented policies focusing on training, market development, financial incentives, and subsidies, all designed to boost productivity and promote technology adoption in the floriculture sector.
Rose is a Favorable Choice in Vietnam
According to the 2022 Statistical Yearbook of Provinces Data, roses represented 21% of Vietnam's total flower production. Dominating the scene, the Red River Delta boasted 7.2 thousand hectares, constituting 45% of the nation's rose cultivation. Major importers of these roses include China, Singapore, and Japan.
In Vietnam, roses reign as the most favored flower. Major production hubs include bustling cities like Hanoi, Ho Chi Minh City, Hai Phong, and the picturesque Dalat. Over recent years, the area dedicated to rose cultivation has seen significant expansion, with projections indicating further growth. Regions such as the Red River Delta, Dalat, and Ho Chi Minh City facilitate the annual planting and harvesting of roses.
Popular varieties include white and red roses in Quang, light yellow and light pink in Dalat, black red, and creeping roses in various locales. The White Stacked Rose or Nam Dinh Ancient rose is cultivated using traditional methods.
Vietnam Floriculture Market News
- March 2024: Nova Exhibitions of the Netherlands and VEAS of Vietnam co-hosted an exhibition focused on horticulture and processing technologies in Vietnam. Over 30 Dutch companies took part, showcasing and sharing sustainable production techniques in floriculture, thereby empowering local producers.
- June 2023: Dalat Hasfarm unveiled a B2B online purchasing application. This app empowers customers, including wholesale companies and flower shops, to explore various flowers, obtain real-time inventory updates, and effortlessly place and monitor their orders.
- May 2023: Apollo Farm, a Chinese firm, set up a cutting-edge glass greenhouse in Vietnam, equipped with sophisticated environmental control systems, aiming to cultivate 1.8 million stems of cut flowers each year.
- February 2023: Dalat Hasfarm inaugurated two new premium fresh flower stores in Ho Chi Minh City and Hanoi, underscoring a pivotal step in expanding its modern retail chain.
Floriculture in Vietnam Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Favorable Climatic Conditions
4.2.2 Blooming Export Opportunities
4.3 Market Restraints
4.3.1 High Adoption Cost of Modern Technology
4.3.2 Increasing Insect Infestations
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Country Profiles
4.5.1 Business Opportunities
4.5.2 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 By Flower Type
5.1.1 Rose
5.1.2 Chrysanthemum
5.1.3 Orchid
5.1.4 Carnation
5.1.5 Lilies
6. VALUE CHAIN AND TRADE ANALYSIS
6.1 Value Chain Analysis
6.2 Distribution Channel Analysis
6.3 Trade Analysis
6.3.1 Import Analysis
6.3.2 Export Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vietnam Floriculture Industry Segmentation
Floriculture is a branch of horticulture that involves cultivating flowering and ornamental plants.
The Vietnamese floriculture market is segmented by type (rose, chrysanthemum, orchid, carnation, and lilies). The report also includes an import (volume and value) and export (volume and value) analysis of the abovementioned flower types.
The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Flower Type | |
| Rose | |
| Chrysanthemum | |
| Orchid | |
| Carnation | |
| Lilies |
Floriculture in Vietnam Market Research FAQs
How big is the Vietnam Floriculture Market?
The Vietnam Floriculture Market size is expected to reach USD 592 million in 2024 and grow at a CAGR of 5.60% to reach USD 777 million by 2029.
What is the current Vietnam Floriculture Market size?
In 2024, the Vietnam Floriculture Market size is expected to reach USD 592 million.
What years does this Vietnam Floriculture Market cover, and what was the market size in 2023?
In 2023, the Vietnam Floriculture Market size was estimated at USD 558.85 million. The report covers the Vietnam Floriculture Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Floriculture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Floriculture in Vietnam Industry Report
Statistics for the 2024 Floriculture in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Floriculture in Vietnam analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
