Floriculture in Vietnam Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
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Floriculture in Vietnam Market Analysis
The Vietnam Floriculture Market size is estimated at USD 170.04 million in 2023, and is expected to reach USD 280 million by 2028, growing at a CAGR of 10.49% during the forecast period (2023-2028).
- The drivers identified in this market are favorable agro-climatic conditions for rose, chrysanthemum, and other ornamental plants and lower prices of floricultural produce. The restraints identified in this market are a lack of adequate awareness of cultivation measures and marketing of flowers and the high cost of the adoption of modern technology.
- With the country's stability and diversity in production, along with its high-quality flower market, the number of flowers being exported to other markets, such as Japan, Australia, Korea, Singapore, and Hong Kong, is projected to increase. Exports to Japan have seen an increase in recent years. This is mainly due to the companies in Japan and Taiwan starting their own operations with advanced technologies. The seedlings required are being exported from Vietnam to Japan.
- Vietnam has signed in free-trade agreements due to the increasing demand. For instance, it signed a free-trade agreement with the European Union in 2020, which is expected to boost the sector significantly.
- Further, the country also imports many flowers to cater to domestic demand. According to UN Comtrade data, the major countries that supply flowers to Vietnam are Thailand, China, Ecuador, and the Netherlands. In recent times, imports have increased significantly, especially from China. In 2021 the total import was valued at USD 17.3 million.
Floriculture in Vietnam Market Trends
Conducive Agro-climatic Conditions Favoring Production and Export
- Vietnam has two different climatic regions: the subtropical region in the north and the tropical region in the south. Moreover, there are regions with a particularly temperate climate. Due to varied climatic conditions, tropical, subtropical, and temperate flowers can be grown throughout the country.
- Lam Dong province is considered the 'golden land' for developing tropical and temperate flowers in the country due to its ideal conditions, such as suitable day and night temperatures and enough flat land for large-scale production. Vietnam accounts for several river deltas with fertile alluvial soil, which is suitable for the large-scale production of cut flowers.
- Vietnam has the potential to become one of the world's largest flower exporters. Favorable conditions in the country for large-scale production of cut flowers help in attracting numerous foreign investors. The government policies and foreign investors' support help export cut flowers at a lower price to Japanese and other markets. The comparatively lower price after import for certain flowers when compared to the domestic price in Japan and its adjacent markets like Malaysia and China also favors the export market to a great extent.
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Among Cut Flowers, Rose Dominates the Market
- In Vietnam, the rose is one of the largest cut flowers exported to other countries. With the sector taking shape, the share of roses will likely improve over the forecast period. The major production areas are concentrated in big cities such as Hanoi, Ho Chi Minh City, Hai Phong, and Dalat. The area under roses has expanded significantly during recent years and is likely to increase further in the coming years. Rose is the most popular flower in Vietnam.
- It can be planted and harvested around the year in different provinces of the country as the weather and climatic conditions favor it. In addition to roses being the prominent cut flower and popular choice in the domestic market, the country has been exporting a considerable value of roses. As per the UN Comtrade, the country exported USD 670 thousand worth of roses.
- The popular varieties are the white and red rose in Quang and light yellow, light pink, dark yellow, and dark red in Dalat, and black red and creeping rose in other places. The favorable conditions of Vietnam for growing flowers have helped attract more foreign investors to the Lam Dong province. These investments have developed growing areas, provided cultivation techniques, and helped establish distribution centers.
Floriculture in Vietnam Market News
- November 2022: Anthura, one of the world's leading experts in anthurium and orchid breeding, has confirmed its participation in the HortEx Vietnam 2023 with the aim to get a foothold in the Vietnamese floriculture sector that has huge potential to grow.
- January 2022: An event co-hosted by the Department (PPD) under the Ministry of Agriculture and Rural Development and the Australian Embassy in Vietnam saw the introduction of a new phytosanitary measure for cut flowers supplied from Vietnam to Australia.
- January 2022: The Ministry of Agriculture and Rural Development IMARD) of Vietnam drew up a 10-year investment project to strengthen floriculture in Vietnam. This government project is expected to boost the quantity and quality of flowers grown in the country.
Floriculture in Vietnam Market Report - Table of Contents
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
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 Flowers Type
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
Floriculture in Vietnam Market Research FAQs
What is the study period of this market?
The Vietnam Floriculture Market is studied from 2018 - 2028.
What is the growth rate of Vietnam Floriculture Market?
The Vietnam Floriculture Market is growing at a CAGR of 10.49% over the next 5 years.
What is Vietnam Floriculture Market size in 2028?
The Vietnam Floriculture Market is valued at 280 Million USD in 2028.
Floriculture in Vietnam Industry Report
Statistics for the 2023 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 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.