Vietnam Fruits and Vegetables Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Vietnam Fruits and Vegetables Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Vietnamese fruits and vegetables market is projected to register a CAGR of 4.5% during the forecast period (2021-2026). Fruits and vegetables are considered one of the major export agricultural commodities in Vietnam. The COVID-19 restrictions resulted in the disruption of the supply chain and decreased the demand in prominent export markets. Due to cross-border restrictions between China and Vietnam, the overland transport was delayed. Overall, the Vietnamese fruits and vegetable market suffered a major loss due to the pandemic. 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. China accounts for more than 50.0% of Vietnam's total fruits and vegetable exports. In recent years, the exports were reduced, owing to 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 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.

Key Market TrendsHigh Regional Exports of Fruits and Vegetables is Driving the Market

There is a high demand for agricultural products, including fruits and vegetables, from Vietnam to countries such as the Republic of Korea and Japan, creating opportunities for Vietnam to boost the export of farm produce, especially fruits and vegetables. The major exports from the country to Korea include coconuts, bananas, mangoes, and dragon fruits. Free trade agreements made by the Ministry of Agricultural and Rural Development (MARD), Vietnam with Japan and Korea offered an advantage for domestic firms to boost exports. Currently, Vietnam exports across 60 countries, including countries in the European Union, the United States, China, and other Asian countries. With an increase in the number of free trade agreements with the trading countries, the regional exports of fruits and vegetables are expected to increase during the forecast period.

High Demand for Banana is Driving the Market

Banana is an essential fruit for Vietnamese, widely known as 'Chuối'. It is used in the kitchen and for spiritual purposes. In Vietnam, large varieties of bananas, including, Chuối Tiêu, Chuối Quả Tạ, Chuối Ngự, Chuối Sáp, Chuối Cau, and Chuối Sứ, are grown. Although each variety has a different taste and characteristic, all varieties have a natural and sweet taste. Chuối Tiêu and Chuối Quả Tạ are used in medicine for anti-inflammatory protection and the treatment of high blood pressure. Fresh banana leaf is commonly used to wrap sticky rice and many different kinds of Vietnamese cakes like Bánh Chưng, Bánh Ú, and Bánh Ít. Small banana buds are used as a common ingredient for salads or served in noodle soups, especially clam noodle soup. With a wide range of applications in households and medicine, the demand for bananas is expected to grow during the forecast period.

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