In 2023, the maize market size in Vietnam was 1.52 million metric tons, reflecting a slight growth of 1.95% year-on-year. Historically, the market has shown strong growth, particularly from 2014 to 2017, where the annual growth rate was between 7.85% to 9.4%. However, from 2018 onward, the growth started to stabilize with a noticeable slowdown starting in 2019. Over the last five years leading to 2023, the Compound Annual Growth Rate (CAGR) was 1.6%, indicating a decelerating growth trend.
As we look forward, the forecast for the maize market up to 2028 projects a CAGR of 1.36% with an overall growth rate of 6.99% over the next five years. This suggests a continued but modest increase in market size volume. The year-on-year variation is expected to remain around 1.95%, maintaining the recent trend of gradual growth.
Future trends to watch for include advancements in agricultural technology that could enhance production efficiency, changes in domestic demand influenced by dietary shifts, and potential impacts from climate change on crop yields. Monitoring these factors will be crucial for stakeholders in the maize market.
