Vietnam Greenhouse Market to Grow with a CAGR of 3.68% through 2028
Growth in research and development activities is expected
to drive the Vietnam Greenhouse Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Vietnam
Greenhouse Market – By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Greenhouse Market stood at USD30.26 million in
2022 and is anticipated to grow with a CAGR of 3.68% in the forecast period,
2023-2028. The initiatives taken by government based on greenhouse has led to
favorable market conditions for the Vietnam Greenhouse Market. Several factors
contribute to the growth of various greenhouse market products. As part of the Vietnam Green Growth Strategy
(VGGS), the country has set ambitious targets for reducing greenhouse gas
emissions in sectors with high emissions. The VGGS, which is a comprehensive
and forward-thinking approach, not only focuses on emission reductions but also
aims to promote sustainable development while effectively addressing the
challenges posed by climate change.
In 2020, Vietnam
took significant steps towards achieving its greenhouse gas reduction goals by
introducing new legislation. The draft Law on Environmental Protection, a
cornerstone of these efforts, seeks to enhance environmental management and
protection measures across the country. By strengthening the legal framework
and implementing robust environmental policies, Vietnam is demonstrating its
commitment to sustainable development and creating a greener future for
generations to come.
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The growing
popularity of modern agricultural techniques, such as hydroponics, aeroponics,
and aquaponics, has significantly fueled the demand for the Vietnam greenhouse
market. These innovative techniques enable the efficient utilization of
resources and ensure high crop yields, making them increasingly sought after by
farmers.
Moreover, the
implementation of smart greenhouses equipped with IoT devices, artificial
intelligence, and machine learning has brought about a revolutionary
transformation in farming practices. These cutting-edge technologies allow for
precise control of crucial environmental factors like temperature, humidity,
and light, creating optimal growth conditions for crops. As a result, farmers
can achieve enhanced productivity and maximize the quality of their produce.
By embracing
these advanced agricultural methods and technologies, the Vietnam greenhouse
market is poised for remarkable growth and is set to play a pivotal role in
meeting the ever-increasing demand for sustainable and efficient food
production.
The Vietnam
Greenhouse Market is segmented in type, crop type, end user, regional
distribution, and company.
Based on its crop type, the fruits & vegetables segment
held the largest share in the market. The rising adoption of sustainable
farming practices is one of the key factors driving the dominance of fruits and
vegetables in Vietnam's greenhouse market. Greenhouses provide an innovative
and efficient approach to resource utilization, ensuring optimal use of water
and fertilizers. This not only helps address the growing concerns of resource
scarcity but also contributes to reducing the environmental impact of
agriculture.
Moreover, the controlled environment provided by
greenhouses enables precise application of pesticides, resulting in the
production of safer and healthier fruits and vegetables. By minimizing exposure
to harmful chemicals, greenhouses contribute to the overall well-being of
consumers and promote sustainable agricultural practices.
With their ability to mitigate the challenges posed by
unpredictable weather conditions and pests, greenhouses have become an
indispensable tool for farmers in Vietnam. The combination of sustainable
farming practices and advanced greenhouse technologies is revolutionizing the
agricultural landscape, ensuring a steady supply of high-quality, locally grown
fruits and vegetables for the market.
Based on region, Central segment is expected to grow
during the forecast period.
The Vietnamese government has been actively and
steadfastly promoting the development of the greenhouse industry in the central
region. Recognizing the potential for growth and innovation, various
initiatives have been launched to encourage farmers to embrace advanced farming
techniques and embrace the use of greenhouses in their operations. These
initiatives include providing training and education on greenhouse management,
offering financial incentives, and facilitating access to modern greenhouse technologies.
Moreover, the government's unwavering commitment to
reducing greenhouse gas emissions and fostering sustainable practices has not
only garnered attention but has also led to increased investment in the
greenhouse market. This increased investment has stimulated the development of
cutting-edge technologies, such as energy-efficient climate control systems,
automated irrigation systems, and advanced monitoring solutions, further
propelling the growth and potential of the greenhouse industry in Vietnam's central
region.
Major companies operating in Vietnam Greenhouse Market
are:
- Netafim Ltd
- Watanabe Pipe Vietnam Co., Ltd.
- Nova Agritech Ltd
- Fresh Studio Innovations Asia
- Vingroup Corp.
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“Growing application of greenhouse in various end user
industries are key drivers of the greenhouse market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of greenhouse with every passing year
are anticipated to register an impressive growth to Vietnam Greenhouse Market in
the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Greenhouse Market By Type (Plastic Greenhouse,
Glass Greenhouse), By Crop Type (Fruits & Vegetables, Flowers &
Ornamentals), By End User (Commercial Growers, Retail Gardens, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Greenhouse Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Greenhouse Market.
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