Fresh Vegetables - Vietnam

Vietnam

Highlights

Revenue in the Fresh Vegetables market amounts to US$10.56bn in 2024. The market is expected to grow annually by 7.83% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$106.10 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 9.68bn kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 5.6% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 78.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables Market in Vietnam is experiencing subdued growth, influenced by factors such as fluctuating consumer demand, changing dietary preferences, and challenges in supply chain logistics, impacting overall market dynamics and expansion potential.

Customer preferences: Consumers in Vietnam are increasingly prioritizing health and sustainability, leading to a rising demand for organic and locally sourced vegetables. This shift is driven by a growing awareness of nutritional benefits and environmental impacts, particularly among younger demographics and urban dwellers. Additionally, the influence of social media and wellness trends has encouraged a more diverse diet, incorporating a wider variety of vegetables. As a result, traditional markets are adapting by offering more organic options, attracting health-conscious consumers seeking quality and freshness.

Trends in the market: In Vietnam, the Fresh Vegetables Market is experiencing a notable shift towards organic and locally sourced produce, driven by increasing consumer awareness regarding health and environmental sustainability. Urban populations, particularly younger consumers, are leading this trend, seeking fresher options that align with their wellness goals. Social media's role in promoting diverse diets has also fueled demand for a wider array of vegetables. Consequently, traditional markets are evolving, integrating organic selections to cater to health-conscious shoppers, which presents both opportunities and challenges for industry stakeholders aiming to meet these changing preferences.

Local special circumstances: In Vietnam, the Fresh Vegetables Market is shaped by a rich agricultural heritage and a favorable climate that supports diverse crop cultivation. Local farmers often utilize traditional farming methods, emphasizing sustainability and organic practices, which resonate with health-conscious consumers. Additionally, cultural preferences for fresh, flavorful ingredients drive demand for seasonal produce. Government initiatives promoting food safety and quality standards further influence market dynamics, encouraging the integration of organic farms into traditional markets. This blend of cultural, geographical, and regulatory factors uniquely positions Vietnam's fresh vegetable landscape.

Underlying macroeconomic factors: The Fresh Vegetables Market in Vietnam is significantly influenced by macroeconomic factors such as national economic growth, agricultural policies, and global trade dynamics. The country’s robust GDP growth fosters increased consumer spending on fresh produce, while government initiatives aimed at enhancing agricultural productivity and food safety standards bolster market confidence. Furthermore, fluctuations in global commodity prices and trade agreements impact supply chain stability and pricing strategies. As international markets evolve, Vietnamese farmers are adapting to export demands, emphasizing quality and sustainability, which aligns with global trends towards health-conscious consumption. These intertwined factors shape the market's performance and future potential.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.