The volume of the nuts market in Vietnam has shown significant growth from 2014 to 2023, starting from 0.566 million metric tons in 2014 to 2.71 million metric tons in 2023. The market witnessed a peak annual growth of 84.55% in 2017, though growth rates substantially moderated in subsequent years, settling at an average of 4.61% CAGR over the last five years.
Year-on-year variation over the past two years showed a steady growth of 4.72% in 2023 after recording 5.08% in 2022, indicating a deceleration but still positive growth. Looking forward to 2028, the market is forecasted to grow at an expected CAGR of 3.04%, projecting an overall expansion of 16.16% from 2023 levels.
Future trends to watch for include:
- Increased consumer awareness about health benefits of nuts.
- Expansion of export markets for Vietnamese nuts.
- Technological advancements in nut processing and quality improvement.
- Government policies encouraging agricultural innovation and export growth.
