Key regions: United States, Brazil, Germany, Italy, Spain
Vietnam, known for its lush green fields and rice paddies, has a thriving agriculture market that is constantly evolving.
Customer preferences: Vietnamese customers have a strong preference for fresh, locally sourced produce. As a result, there has been a shift away from large-scale industrial farming towards small-scale, family-run farms. Consumers are willing to pay a premium for organically grown fruits and vegetables, which has led to an increase in the number of organic farms across the country. Additionally, there has been a rise in demand for high-quality meat products, such as grass-fed beef and free-range chicken.
Trends in the market: One of the major trends in the Vietnamese agriculture market is the increasing use of technology. Farmers are adopting new techniques and tools to improve their yields and reduce costs. For example, precision agriculture, which uses sensors and data analysis to optimize crop production, is becoming more popular. Additionally, there has been a rise in vertical farming, which allows farmers to grow crops in a controlled environment, using less water and land.Another trend in the market is the growing importance of exports. Vietnam is one of the largest exporters of rice in the world, and the government is actively promoting the export of other agricultural products, such as coffee, seafood, and fruit. This has led to an increase in demand for high-quality produce that meets international standards.
Local special circumstances: Vietnam’s agriculture market is heavily influenced by its geography and climate. The country has a long coastline, which makes seafood a major part of the market. Additionally, the Mekong Delta region is known for its fertile soil and is a major producer of rice and other crops. However, climate change and natural disasters, such as typhoons and floods, can have a significant impact on the market.
Underlying macroeconomic factors: Vietnam’s agriculture market is closely tied to the country’s overall economic growth. As the economy has grown, so has the demand for high-quality food products. Additionally, the government has implemented policies to support the agriculture sector, such as providing subsidies for farmers and investing in infrastructure. However, there are also challenges facing the industry, such as the need to modernize and improve efficiency, as well as the impact of climate change.
Data coverage:
The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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