Market Size of Vietnam Floriculture Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.49 % |
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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.
