Vietnam: Spinach Market 2024

Spinach Market Size in Vietnam

The Vietnamese spinach market dropped modestly to $X in 2022, falling by -4.5% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.9% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Spinach Production in Vietnam

In value terms, spinach production contracted modestly to $X in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +24.2% against 2017 indices. The pace of growth was the most pronounced in 2015 with an increase of 14%. Over the period under review, production attained the maximum level at $X in 2021, and then reduced slightly in the following year.

In 2022, the average spinach yield in Vietnam amounted to less than X kg per ha, approximately equating the year before. Over the period under review, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of spinach were harvested in Vietnam; approximately reflecting 2021 figures. In general, the harvested area showed a relatively flat trend pattern.

Spinach Exports

Exports from Vietnam

In 2022, the amount of spinach exported from Vietnam dropped to X tons, declining by -12% on the year before. In general, exports recorded a deep slump. The growth pace was the most rapid in 2016 when exports increased by 430%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, spinach exports reduced to $X in 2022. Overall, exports showed a perceptible descent. The pace of growth appeared the most rapid in 2016 when exports increased by 414% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for spinach exports from Vietnam, accounting for a 62% share of total exports. Moreover, spinach exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Belgium (X kg) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-12.8% per year) and Belgium (+68.2% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for spinach exports from Vietnam, comprising 55% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total exports. It was followed by Belgium, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.9% per year) and Belgium (+57.2% per year).

Export Prices by Country

The average spinach export price stood at $X per ton in 2022, declining by -3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2013 an increase of 35%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Spinach Imports

Imports into Vietnam

In 2022, the amount of spinach imported into Vietnam dropped notably to X tons, falling by -27.1% compared with 2021. Overall, imports, however, recorded a significant increase. The growth pace was the most rapid in 2015 with an increase of 614% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, spinach imports contracted significantly to $X in 2022. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 715% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest spinach supplier to Vietnam, with a 71% share of total imports. Moreover, spinach imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+33.8% per year) and France (0.0% per year).

In value terms, China ($X) constituted the largest supplier of spinach to Vietnam, comprising 75% of total imports. The second position in the ranking was held by Australia ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +26.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+26.5% per year) and France (0.0% per year).

Import Prices by Country

In 2022, the average spinach import price amounted to $X per ton, declining by -2.1% against the previous year. In general, the import price, however, posted mild growth. The growth pace was the most rapid in 2015 an increase of 14%. The import price peaked at $X per ton in 2021, and then reduced modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.0%).

Source: IndexBox Platform

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