Vegetables - Vietnam

Vietnam

Highlights

Revenue in the Vegetables market amounts to US$12.13bn in 2024. The market is expected to grow annually by 7.80% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$121.90 are generated in 2024.
In the Vegetables market, volume is expected to amount to 10.49bn kg by 2029. The Vegetables market is expected to show a volume growth of 5.5% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 85.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market in Vietnam has been experiencing subdued growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the rising demand for convenience in food preparation, despite challenges in supply chain efficiency.

Customer preferences: In Vietnam, consumers are increasingly prioritizing organic and locally sourced vegetables, reflecting a growing awareness of health and environmental sustainability. This trend is particularly pronounced among younger demographics who value transparency in food sourcing and are more inclined towards plant-based diets. Additionally, the rise of urban living has fueled demand for convenient, pre-packaged vegetable options that cater to busy lifestyles, while traditional markets are adapting by integrating online sales platforms to reach a tech-savvy consumer base.

Trends in the market: In Vietnam, the Vegetables Market is experiencing a significant shift towards organic and locally sourced produce, driven by consumers' heightened awareness of health and environmental issues. Young urban dwellers are leading this trend, seeking transparency in food sourcing and increasingly favoring plant-based diets. Simultaneously, there is a growing demand for convenient, pre-packaged vegetable options that cater to fast-paced lifestyles. Traditional markets are adapting by embracing online sales platforms, allowing them to connect with a tech-savvy consumer base and expand their reach, ultimately reshaping the competitive landscape for industry stakeholders.

Local special circumstances: In Vietnam, the Vegetables Market is shaped by the country's rich agricultural diversity and a strong cultural emphasis on fresh ingredients in traditional cuisine. The geographical variety allows for a wide range of vegetables to thrive, fostering local farmers' markets that emphasize seasonal produce. Additionally, government initiatives promoting organic farming are gaining traction, aligning with the rising consumer demand for health-conscious choices. Cultural festivals also highlight the importance of vegetables, reinforcing their role in daily meals, thus driving local consumption and enhancing market dynamics.

Underlying macroeconomic factors: The Vegetables Market in Vietnam is significantly influenced by macroeconomic factors such as agricultural policies, consumer spending, and global trade dynamics. The government’s commitment to agricultural modernization and support for sustainable practices enhances productivity and quality in vegetable production. Additionally, rising disposable incomes and urbanization are shifting consumer preferences towards fresh and organic produce, stimulating market growth. Global economic trends, such as fluctuating commodity prices and trade agreements, also impact local farmers' profitability and supply chains. Furthermore, inflationary pressures can affect food prices, thereby influencing purchasing behavior and overall market performance.

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.