Maize demand in Vietnam has shown substantial growth over the past decade. From 2014 to 2023, the demand for maize increased from 9.94 million metric tons to 15.82 million metric tons, representing a steady upward trend with minor fluctuations. In 2023, the year-on-year variation was 2.1%, and the last five-year CAGR was 1.54%. Notably, significant annual fluctuations include a 23.06% increase in 2015 and a decrease of 3.2% in 2017. The period from 2018 onwards has seen more consistent growth, with yearly increases ranging from 2.1% to 2.39%.
Looking forward to the forecasted data from 2024 to 2028, the maize demand is expected to continue its upward trajectory, reaching 17.35 million metric tons in 2028. The forecasted five-year CAGR stands at 1.46%, with an overall growth rate of 7.52% over the same period.
Future trends to watch for include:
- The impact of technological advancements in farming and agricultural productivity.
- Potential changes in government policies regarding maize imports and domestic cultivation.
- The influence of climate change on crop yields and supply chain stability.
- Shift in consumer dietary preferences and its effect on maize demand, particularly in the food and feed industries.
