Vietnam Fertilizer Market 2023-2030 by Application/Crop Type (Crop-Based and Non-Crop-Based), Nutrient Content (Organic and Inorganic), and Type (Organic and Inorganic), Form (Dry and Liquid) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Chemicals & Materials | Pages : 180 Pages | Published On : Dec 2023
The market for fertilizers in Vietnam reached a value of $4.5 billion in 2022 and is projected to reach $5.7 billion by 2030, with a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030.
Fertilizers play a crucial role in enhancing crop yield in agriculture. They provide essential nutrients like potassium, nitrogen, and phosphorus to plants, improving soil fertility and water retention capacity.
Several factors contribute to the growth of the Vietnam fertilizer market. Farmers' increasing focus on improving agricultural productivity, the country's large consumer base, and agriculture's significant contribution to Vietnam's economy are key drivers. However, climate change poses a challenge to market growth. Rising sea levels and their intrusion into farming areas can negatively impact agricultural activities and reduce farmers' income. As farmers are the end-users of fertilizers, this income decrease can hinder fertilizer demand. On the other hand, the growing trend of organic agriculture creates opportunities for organic fertilizers, driving demand and presenting lucrative prospects in the market.
The Vietnam fertilizer market is segmented based on type, form, application/crop type, nutrient content, and region. The type segment includes organic and inorganic fertilizers, while the form segment comprises dry and liquid fertilizers. Application/crop type is divided into crop-based and non-crop-based categories. Nutrient content is analyzed for organic and inorganic fertilizers. Regionally, the market is studied across Northern Vietnam, Central Vietnam, and Southern Vietnam. The market share of the Vietnam fertilizer market is analyzed across all these segments and regions.
The analysis of the Vietnam fertilizer market provides detailed information on the key players in the industry. Major participants in the market include Agricultural Products and Materials Joint Stock Company, Baconco, DUC Giang Chemicals Group, General Materials and Biochemical Fertilizer Joint Stock Company, Japan Vietnam Fertilizer Company (JVF), SongGianhCorporation. (SongGianh), Vietnam National Chemical Group (Vinachem), Vedan Vietnam Enterprise Corp., Ltd, Vietnam Oil and Gas Group (PetroVietnam or PVN), and Yara Vietnam.
Additional players in the value chain of the Vietnam fertilizer market include Five Star International Group, Que Lam Group, Ha Bac Nitrogen Fertilizers and Chemical Company, and others.
These key players are implementing various strategies such as product launches, business expansions, acquisitions, partnerships, collaborations, and agreements to maintain their competitiveness in the Vietnam fertilizer market.
For instance, Baconco Co., Ltd. recently introduced new organic fertilizers called ANIMA and ORGANICONCO. ORGANICONCO is an organic fertilizer derived from chicken, manufactured in France, while ANIMA is an organic fertilizer derived from salmon, manufactured in Norway. These organic fertilizers limit the stimulation of active microorganisms, enhance soil porosity, provide nutrients in an organic form, and offer other benefits. This product launch has strengthened the company's product portfolio.
- Pure organic fertilizers
- Microbiological fertilizers
- Bio organic fertilizers
- Mineral organic fertilizers
- Nitrogen fertilizers
- Phosphorous fertilizers
- Potassium fertilizers
- NPK fertilizers
By APPLICATION (CROP TYPE)
- Cereals & Grains
- Pulses & Oilseeds
- Fruits and Vegetables
- Turf and Ornamentals
By Nutrient Content
- Presence of Organic Substances is More than 60%
- Presence of Organic Substances from 40% to 60%
- Presence of Organic Substances from 20% of 40%
- Presence of Inorganic Substances is Up To 60%
- Presence of Inorganic Substances from 40% to 60%
- Presence of Inorganic Substances from 20% to 40%
Vietnam Fertilizer Market, by Type
In terms of type, the organic segment is expected to exhibit the highest growth rate during the forecast period. This can be attributed to the increasing demand for organic fertilizers among farmers due to their environmentally friendly nature, non-disruptive effect on soil characteristics, and ability to provide adequate nutrients.
Regarding the form of fertilizers, the liquid segment is projected to grow at the fastest rate during the forecast period, with a growth rate of 4.8% in terms of volume. This can be attributed to the advantageous characteristics of liquid fertilizers, such as ease of blending and handling.
When considering application/crop type, the crop-based segment accounted for the highest market share in terms of volume and revenue in 2019. The demand for fertilizers in crop-based applications is expected to continue growing steadily due to factors like population growth, the need to increase agricultural productivity on limited arable lands, and cost-effectiveness.
In terms of regions, Central Vietnam is experiencing the fastest growth both in terms of volume and revenue. On the other hand, Southern Vietnam held the largest market share in 2019 in both volume and revenue. Southern Vietnam benefits from favorable weather conditions for agricultural activities compared to other regions in Vietnam.
Key Benefits For Stakeholders
- The Vietnam fertilizer market is analyzed for the period from 2023 to 2030.
- This comprehensive report offers a detailed analysis of the market, covering current trends and future projections.
- Key drivers, opportunities, and restraints of the Vietnam fertilizer market are highlighted, along with an impact analysis throughout the forecast period.
- Porter's five forces analysis is utilized to assess the potential of buyers and suppliers, as well as the competitive landscape, aiding in strategic decision-making.
- The report provides a thorough analysis of the factors driving and restraining market growth.
- Qualitative data in this report focuses on market dynamics, trends, and developments.
- The size of the Vietnam fertilizer market is presented in terms of both volume and revenue.
Impact of Covid-19 on the Vietnam Fertilizer market
- The COVID-19 pandemic has had a significant impact on the demand for fertilizers and disrupted manufacturing and supply regions.
- The chemical industry's supply chain has been greatly affected by the COVID-19 crisis, leading to challenges in procuring raw materials.
- These factors have had a notable impact on the growth of the Vietnam fertilizer market.
Table and Figures
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