Market Size of Vietnam Floriculture Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 592 Million |
| Market Size (2029) | USD 777 Million |
| CAGR (2024 - 2029) | 5.60 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Vietnam Floriculture Market Analysis
The Vietnam Floriculture Market size is estimated at USD 592 million in 2024, and is expected to reach USD 777 million by 2029, growing at a CAGR of 5.60% during the forecast period (2024-2029).
Vietnam's climate, which transitions from subtropical in the north to tropical in the south, offers an ideal setting for a diverse array of flowers. Regions like Da Lat and the Mekong Delta, which are celebrated for their fertile soils and optimal temperatures, have emerged as focal points for cultivating roses, chrysanthemums, orchids, and lilies. This has firmly established Vietnam as a notable contender in the global floriculture arena. While traditional blooms like orchids and lilies continue to enjoy popularity, there's a discernible trend among consumers favoring imported varieties, notably roses, carnations, and tulips, especially for special events.
The EVFTA (European Vietnam Free Trade Agreement) has propelled the Vietnamese floriculture industry. The agreement has bolstered Vietnam's export prowess by waiving tariffs on fresh flower exports to lucrative markets. Additionally, the Netherlands-Vietnam Horti Business Platform and the Vietnamese government spearheaded the Netherlands-Vietnam Floriculture Conference in November 2023. This event underscored a joint commitment to nurturing a sustainable floriculture industry in Vietnam. Along with governmental and international initiatives, individual entities are pivotal in expanding the market. For instance, in February 2023, Dalat Hasfarm, a key player, achieved a significant milestone by unveiling two premium fresh flower outlets in Ho Chi Minh City and Hanoi, thereby expanding its contemporary retail flower network.
Vietnam Floriculture Industry Segmentation
Floriculture is a branch of horticulture that involves cultivating flowering and ornamental plants.
The Vietnamese floriculture market is segmented by type (rose, chrysanthemum, orchid, carnation, and lilies). The report also includes an import (volume and value) and export (volume and value) analysis of the abovementioned flower types.
The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Flower Type | |
| Rose | |
| Chrysanthemum | |
| Orchid | |
| Carnation | |
| Lilies |
Vietnam Floriculture Market Size Summary
The floriculture market in Vietnam is poised for significant growth, driven by the country's diverse climate and strategic government initiatives. With subtropical and tropical regions like Da Lat and the Mekong Delta offering fertile soils and favorable temperatures, Vietnam has become a key player in the global floriculture industry. The government's incentive policies, which include training, financial support, and technological advancements, are designed to boost domestic flower production. This support is crucial as consumer preferences shift towards imported flower varieties for special occasions, prompting local producers to enhance their offerings. The market is further bolstered by initiatives from industry players, such as Dalat Hasfarm's expansion of premium fresh flower stores, which underscores the growing demand for modern retail flower solutions.
Vietnam's floriculture sector benefits from its unique climatic conditions, allowing for year-round flower cultivation across its subtropical, tropical, and temperate zones. Lam Dong province, in particular, is a hub for large-scale flower production, attracting investments in horticulture due to its optimal growing conditions. The Red River Delta and Mekong Delta are notable for their fertile alluvial soils, supporting extensive cut flower production. Roses, especially, are the most popular flower in Vietnam, with significant cultivation in major cities like Hanoi and Ho Chi Minh City. The country's rose production is expanding, with popular varieties being cultivated for both domestic use and export to countries such as Hong Kong, Japan, and China. Recent investments, like those by Apollo Farm in advanced greenhouse technology, further highlight the sector's potential for growth and innovation.
Vietnam Floriculture Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Favorable Climatic Conditions
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1.2.2 Blooming Export Opportunities
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1.3 Market Restraints
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1.3.1 High Adoption Cost of Modern Technology
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1.3.2 Increasing Insect Infestations
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Country Profiles
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1.5.1 Business Opportunities
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1.5.2 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 By Flower Type
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2.1.1 Rose
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2.1.2 Chrysanthemum
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2.1.3 Orchid
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2.1.4 Carnation
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2.1.5 Lilies
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Vietnam Floriculture Market Size FAQs
How big is the Vietnam Floriculture Market?
The Vietnam Floriculture Market size is expected to reach USD 592 million in 2024 and grow at a CAGR of 5.60% to reach USD 777 million by 2029.
What is the current Vietnam Floriculture Market size?
In 2024, the Vietnam Floriculture Market size is expected to reach USD 592 million.
