Vietnam Fruits and Vegetables Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 18.10 Billion |
| Market Size (2029) | USD 23.57 Billion |
| CAGR (2024 - 2029) | 5.42 % |
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Vietnam Fruits and Vegetables Market Analysis
The Vietnam Fruits and Vegetables Market size is estimated at USD 18.10 billion in 2024, and is expected to reach USD 23.57 billion by 2029, growing at a CAGR of 5.42% during the forecast period (2024-2029).
Over the short term, the growing demand for Vietnamese fruits and vegetables among countries such as China and Korea and an increase in the number of free trade agreements to boost regional fruits and vegetable exports are some of the factors driving the market growth. More than 50.0% of Vietnam's total fruits and vegetable exports are destined for China. In recent years, exports have been reduced owing to disruptions in China's tightening of the import standards of fruits and vegetables. However, the country's effort to expand exports to markets such as the European Union, the United States, the Republic of Korea, and Japan, opened opportunities for its fruits and vegetables. The revenue from fresh fruits alone was valued at USD 6.49 billion in 2022, a 7.62% increase from 2021.
According to ITC trade data, fruit export from Vietnam increased by almost 8% from 2020 and reached USD 5,504.5 million in 2021. The major importers of fruit from Vietnam are China, the United States, the Netherlands, Thailand, and Germany. Of that, China is the major importer, with a value amounting to USD 2,080.1 million in 2021, which is almost 38% of the total fruit import value of the country. In the case of vegetables, the exports increased by 17.6% from 2020 and reached USD 486.3 million in 2021. Most of the vegetable exports from Vietnam are to the Asia-Pacific region, including China, Korea, Japan, and Singapore.
Vietnam's most important crop is rice, followed by other crops like sugarcane, cassava, sweet potato, corn, nuts, etc. The major fruits produced include banana, orange, mango, coconut, and various citrus fruits.
The impact of climatic changes and the overuse of chemical fertilizers and plant protection products, leading to the production of unsafe food, are affecting the Vietnamese brand of fruits and vegetables in the domestic and export markets.
Vietnam Fruits and Vegetables Market Trends
This section covers the major market trends shaping the Vietnam Fruits & Vegetables Market according to our research experts:
High Regional Exports of Fruits and Vegetables is Driving the Market
According to the General Department of Customs statistics, Vietnam's fruit and vegetable export in 2021 increased by 8.6% compared to 2020. There is a high demand for agricultural products, including fruits and vegetables, from Vietnam to countries such as the Republic of Korea and Japan, creating opportunities for Vietnam to boost the export of farm produce, especially fruits and vegetables. Though there was a drop in the overall export of fruits, the exports to certain regions increased over the past four years till 2020. The export of fruits and vegetables to Korea increased by 10.1% and to Japan by 20.1% in 2021. The major exports from the country to Korea include coconuts, bananas, mangoes, and dragon fruits.
Free trade agreements made by the Ministry of Agricultural and Rural Development (MARD) with Japan and Korea offered an advantage for domestic firms to boost exports. Currently, Vietnam exports to 60 countries, including countries in the European Union, the United States, China, and other Asian countries. With an increase in the number of free trade agreements with the trading countries, the regional exports of fruits and vegetables are expected to increase during the forecast period.
High Demand for Banana is Driving the Market
Banana is Vietnam's most important traditional fruit, both in terms of historical and economic significance. It is also an essential fruit for the Vietnamese people, widely known as 'Chuoi.' It is used in the kitchen and for spiritual purposes. In Vietnam, large varieties of bananas are grown, including Chuoi Tieu, Chuoi Qua Tạ, Chuoi Ngu, Chuoi Sap, Chuoi Cau, and Chuoi Su. Although each variety has a different taste and characteristic, all varieties have a natural and sweet taste. Chuoi Tieu and Chuoi Qua Tạ are used in medicine for anti-inflammatory protection and the treatment of high blood pressure. The average revenue per capita in terms of bananas rose by 9.25% from 2021 to 2022 and is expected to surge in the coming years.
Fresh banana leaf is commonly used to wrap sticky rice and make many different kinds of Vietnamese cakes like Banh Chung, Banh U, and Banh It. Small banana buds are used as a common ingredient for salads or served in noodle soups, especially clam noodle soup. With a wide range of applications in households and medicine, the demand for bananas is expected to grow during the forecast period.
Vietnam Fruits and Vegetables Market News
- August 2022: Duy Anh Foods Vietnams rice specialists are planning to use fruits and vegetables to make their new novel product line even more interesting and develop unusual combinations. The company already exports its rice-based products to almost 58 countries.
- July 2022: After almost six years of negotiations between the two countries, China agreed to import Vietnamese passion fruit. The official deal will be signed only after further evaluation of results under current circumstances.
- May 2022: After decades of collaboration among the Summerfruit Industry, Summerfruit Australia, Hort Innovation, and the Vietnam government, Australian peaches and nectarines finally gained access to the Vietnam market after successful negotiations between the two countries.
Vietnam Fruits and Vegetables Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions 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
4.3 Market Restraints
5. MARKET SEGMENTATION
5.1 Type (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis)
5.1.1 Vegetables
5.1.2 Fruits
6. INTERNATIONAL TRADE AND PRICE SCENARIOS
6.1 Bananas
6.2 Berries
6.3 Grapefruits
6.4 Mangoes
6.5 Oranges
6.6 Pineapples
6.7 Watermelons
6.8 Cabbages and Other Brassicas
6.9 Cauliflowers and Broccoli
6.10 Onions
6.11 Mushrooms and Truffles
6.12 Sweet Potatoes
6.13 Capsicum
7. Regional Analysis
7.1 PESTLE Analysis
7.2 Value Chain Analysis
7.3 Government Policies and Regulations
8. Competitive Analysis
8.1 Distribution Network and Retail Analysis
8.2 List/Profile of Key Players
9. Market Opportunities and Future Trends
Vietnam Fruits and Vegetables Industry Segmentation
The report defines fruits and vegetables in terms of end users.
The Vietnamese fruits and vegetables market is segmented by type (fruits and vegetables). The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report offers the market size and forecasts in terms of volume (in thousand metric tons) and value (in USD thousand) for all the above segments.
| Type (Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis) | |
| Vegetables | |
| Fruits |
Vietnam Fruits and Vegetables Market Research FAQs
How big is the Vietnam Fruits and Vegetables Market?
The Vietnam Fruits and Vegetables Market size is expected to reach USD 18.10 billion in 2024 and grow at a CAGR of 5.42% to reach USD 23.57 billion by 2029.
What is the current Vietnam Fruits and Vegetables Market size?
In 2024, the Vietnam Fruits and Vegetables Market size is expected to reach USD 18.10 billion.
What years does this Vietnam Fruits and Vegetables Market cover, and what was the market size in 2023?
In 2023, the Vietnam Fruits and Vegetables Market size was estimated at USD 17.17 billion. The report covers the Vietnam Fruits and Vegetables Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Fruits and Vegetables Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Fruits and Vegetables Industry Report
Statistics for the 2024 Vietnam Fruits and Vegetables market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Fruits and Vegetables analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
