Market Size of Vietnam Fruits and Vegetables Industry
| 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.
