Vietnam: Millet Market 2024

Millet Market Size in Vietnam

The Vietnamese millet market expanded remarkably to $X in 2022, growing by X% against the previous year. In general, consumption saw a deep contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Millet Production in Vietnam

In value terms, millet production fell significantly to $X in 2022 estimated in export price. Overall, production, however, enjoyed moderate growth. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

In 2022, the average yield of millet in Vietnam shrank modestly to X tons per ha, which is down by X% against 2021 figures. Overall, the yield, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2022, the growth of the average millet yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of millet were harvested in Vietnam; picking up by X% compared with 2021 figures. Over the period under review, the total harvested area indicated a measured increase from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, millet harvested area decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to millet production reached the peak figure at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

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Millet Exports

Exports from Vietnam

In 2022, shipments abroad of millet increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, millet exports surged to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for millet exports from Vietnam, with a X% share of total exports. Moreover, millet exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Japan (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and New Zealand (X% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for millet exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Taiwan (Chinese) amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and New Zealand (X% per year).

Export Prices by Country

In 2022, the average millet export price amounted to $X per ton, growing by X% against the previous year. In general, the export price, however, showed a mild shrinkage. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Japan (X%).

Millet Imports

Imports into Vietnam

For the third consecutive year, Vietnam recorded growth in supplies from abroad of millet, which increased by X% to X tons in 2022. Over the period under review, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, millet imports skyrocketed to $X in 2022. In general, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Ukraine (X tons) and Russia (X tons) were the main suppliers of millet imports to Vietnam, with a combined X% share of total imports. Turkey, the United States and India lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Ukraine ($X) and Russia ($X) were the largest millet suppliers to Vietnam, together accounting for X% of total imports. Turkey, the United States and India lagged somewhat behind, together accounting for a further X%.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average millet import price amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2019 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Russia ($X per ton) and Ukraine ($X per ton), while the price for China ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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