Vietnam Floriculture Market by Product, Application and Type - Forecast and Analysis 2024-2028

Vietnam Floriculture Market Forecast 2024-2028

The Vietnam Floriculture Market size is projected to increase by USD 245.39 million, at a CAGR of 8.36% between 2023 and 2028

Moreover, the demand for bedding plants, including popular varieties like begonia and pansies, remains high for landscaping purposes, particularly in public parks and gardens, despite lower demand during rainy seasons due to potential waterlogging issues. With the growing trend of green roofs and walls, the market for bedding plants is expected to expand further. Ornamental bedding plants, including begonia, pelargonium, and petunia, are favored for their temporary displays in residential gardens. Trends indicate a rising interest in assortments of bedding plants for balcony and garden areas, driving evolution in the market. Various market players, including Dalat Hasfarm Co. Ltd., stand out with offerings like the dahlia light pink pot plant, which also provides raw materials for dye extraction.

Market Overview

The market shows an accelerated CAGR during the forecast period.

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 Market Driver 

High profits associated with growing ornamental plants are notably driving market growth. In Vietnam, the floriculture market is expanding due to the significant earnings involved with raising flowering plants and ornamental plants. The pleasant temperature and fertile soils in various locations of Vietnam provide a perfect environment to produce a wide variety of decorative plants like lavender, bonsai plants, and bamboo. Furthermore, the growing trend of giving blossoms and ornamental plants for various occasions, such as weddings, festivals, and celebrations, fuels market expansion. The profitability of floriculture in Vietnam has encouraged farmers to embrace contemporary cultivation practices, invest in technology, and expand their production capabilities, establishing the country as a major player in the market.

Moreover, climate change and weather conditions pose challenges to flower pollination in the floriculture market. To mitigate these effects, growers utilize artificial lighting and temperature controls to ensure product quality and sustainable agricultural practices. The combination of excellent climatic conditions and the great profit potential associated with decorative plants emphasizes Vietnam's growing importance in the floriculture market. Hence, owing to the high profits associated with growing ornamental plants, the inclination towards floriculture is expected to witness an additional boom and hence drive the growth of the market during the forecast period.

 Market Trends 

Increasing focus on floral tourism and agrotourism experiences is an emerging trend shaping market growth. The floriculture market in Vietnam is experiencing a major trend toward floral tourism and agrotourism experiences, owing to the country's unique and colorful floral landscapes. Tourists are increasingly lured to Vietnam's stunning flower gardens, nurseries, and plantations, seeking immersive experiences surrounded by vibrant blossoms and lush foliage. One good example is the Mekong Delta region, which is known for its huge flower farms and floating markets covered with a variety of floral displays. Furthermore, places such as Da Lat, renowned as the City of Flowers, have lovely gardens and botanical parks with a diverse range of indigenous and exotic blooming.

Additionally, agrotourism projects have also gained popularity, with tourists able to participate in hands-on activities such as flower picking, floral arranging classes, and farm visits. These experiences give not only leisure and recreation but also educational opportunities for learning about Vietnam's floriculture sector and cultural legacy. The country's continued promotion of floral tourism and agrotourism enterprises encourage economic growth, community development, and sustainable tourism practices in the market during the forecast period.

Market Challenge 

Lack of skilled labor and expertise in floriculture practices is a significant challenge hindering the market growth. While Vietnam has product climatic conditions and vast areas for flower growing, a lack of trained people skilled in current cultivation techniques hampers productivity and quality. Many conventional flower farms use human labor for chores such as planting, pruning, and harvesting, which can be inefficient and time-consuming. Furthermore, a lack of specialist understanding of pest and disease management jeopardizes crop health and productivity.

For instance, incorrect pesticide handling or ineffective pest management tactics can cause crop damage and financial loss for farmers. Furthermore, a lack of professional floriculturists and flower arrangement and design experts limits the development of high-value products adapted to domestic and international market tastes. Overall, the lack of skilled labor and experience in floriculture procedures is a serious threat that is expected to impede the growth of the market during the forecast period.

Market Segmentation by Application

Conferences and activities include one-time or recurring purchases in a corporate environment, such as conferences and workshops, and ceremonies, including weddings and funerals. A variety of flowers, such as carnations, chrysanthemums, and tulips, are commonly used at funerals. Also, blooms are increasingly used at weddings. Typical flowers used in weddings are roses, tulips, hydrangeas, orchids, and gardenias. Thus, such wedding organizers have direct contact with flower suppliers who provide them with a consistent supply of blooms. Such event organizers are primary consumers of blooms throughout the year as they take contracts for several events and functions that are held during the whole year. Therefore, the consistent use of flowers and plants for different events by event organizers is expected to drive the growth of the Conferences and activities segment, which further fuels the market growth during the forecast period.

Market Segmentation by Product

The market share by the cut flowers segment will be significant during the forecast period. Cut flowers are removed from the plant that bears it and used for decorative purposes in garlands and vases. As these flowers wither within a few days of being cut, they require extensive care after being cut from the plants. Cut blooms include roses, chrysanthemums, and carnations. They are generally used for gifting purposes. With the rising urban population across Europe, the gifting culture is increasing, thereby driving the growth of the cut flower segment.

The cut flowers were the largest segment and were valued at USD 141.33 million 

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Further, many people prefer cut flowers that last for a long duration in terms of their freshness and do not fade because of extreme climatic conditions. Also, since cut flowers are used in making gifts and bouquets, the uniformity of these flowers is a primary concern among customers. Moreover, the company offers Balsas flowers that have uniformity in color, petal shapes, and size. Such flowers witness greater demand from people on special occasions in the form of gifts and bouquets. Therefore, the above-mentioned factors are expected to drive the growth of the cut flowers segment, which, in turn, will drive the floriculture market in Vietnam growth during the forecast period.

Company Overview

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.

• Key Offering- Dummen Orange Holding BV: The company offers floriculture such as anthuriums 1000380 flowers which are designed to purify indoor air in homes.
• Key Offering- Fresh Flower World Joint Stock Co.: 

The  market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 5 market companies, including Dalat Hasfarm Co. Ltd., Dummen Orange Holding BV, Fresh Flower World Joint Stock Co., Selecta Cut Flowers SAU, and Syngenta Crop Protection AG

The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research and growth report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Product Outlook
  • Cut flowers
  • Bedding plants
  • Potted plants
  • Others

• Application Outlook
  • Conferences and activities
  • Gifts
  • Personal and corporate use

• Type Outlook
  • Rose
  • Chrysanthemum
  • Carnation
  • Others

Market Analyst Overview 

The market encompasses a diverse range of activities, from horticulture to serving the personal care & cosmetics industry and pharmaceutical industry. Various countries engage in cultivating floral products, including willow shoots and woody ornamentals. Amid global warming and drought-like conditions, maintaining fresh water supply is crucial. Market analysis reports drive growth strategies, including genome sequencing and biotechnology for genetically modified flowering plants. Exporters navigate air cargo freight and seaways to reach destinations like Lam Dong province and river deltas. The Cultural significance of flowers, particularly during Lunar New Year celebrations, fuels middle-class demand and attracts foreign floriculture firms and investors.

Further, in the market, knowledge is key to navigating cold chain protocols and meeting the demands of B2B flower buyers through a virtualized trade network. Logistics coordination ensures the timely delivery of products, including edible flowers rich in Vitamin C and antioxidants. Unique offerings like blue roses thrive despite harsh climatic conditions. Entities like Monsanto and Anthura drive innovation, while government departments like PPD and IMARD oversee fresh cut flowers exports, especially during Lunar New Year celebrations. International partnerships and FDI propel growth amidst evolving agro-climatic conditions and changing prices due to marketing strategies and modern technology.

Market Scope
Report Coverage	Details
Page number	134
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 8.36%
Market Growth 2024-2028	USD 245.39 million
Market structure	Concentrated
YoY growth 2023-2024(%)	7.65
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Dalat Hasfarm Co. Ltd., Dummen Orange Holding BV, Fresh Flower World Joint Stock Co., Selecta Cut Flowers SAU, and Syngenta Crop Protection AG
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Vietnam
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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