The Vietnam fertilizer market was valued at $4.5billion in 2019, and is projected to reach $5.7 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Fertilizer plays a major role in agriculture. It provides fundamental crop nutrients that help improve quality and yield of the crops. The basic nutrients necessary for the plant’s development are nitrogen, phosphate, and potassium. An appropriate balance of each of the nutrients is essential to increase their effectiveness.
The factors contributing toward the growth of the Vietnam fertilizer market include rise in demand for organic fertilizers, rigorous agriculture practices for improving the yield and quality of crops, and others. However, the factors such as the US-China trade war influence on Vietnam’s global trade and the export of agricultural products; negative effects of a worldwide economic slowdown in 2019, leading to the decrease in agricultural demand; extreme weather changes; and a sharp fall in prices of farm products, causing significant damage to the agricultural sector hampered the market growth in 2019 and are expected to restrain the market growth during the forecast period too. This affected fertilizer manufacturers and resulted in poor business performance and loss, and notable drops in stock market value compared to the previous period. On the contrary, rise in trend of organic agriculture and government support for the same boosts the demand for organic fertilizer, which is expected to propel the market growth during the forecast period.
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The market is segmented on the basis of type, form, application (crop type), nutrient content, and region. Depending on type, the market is categorized into organic and inorganic. By form, the market is bifurcated into dry and liquid. Various applications (crop type) studied in the market include crop-based and non-crop-based. On the basis of nutrient content, the market is divided into organic and inorganic. Region wise, the Vietnam fertilizer market is analyzed across Northern Vietnam, Central Vietnam, and Southern Vietnam.
KEY MARKET SEGMENTS
o Pure Organic Fertilizers
o Microbiological Fertilizers
o Bio Organic Fertilizers
o Mineral Organic Fertilizers
By Application (Crop Type)
o Cereals &Grains
o Pulses &Oilseeds
o Fruits &Vegetables
o Turf &Ornamentals
By Nutrient Content
o Presence of Organic Substances is More Than 60%
o Presence of Organic Substances from 40% to 60%
o Presence of Organic Substances is from 20% to 40%
o Presence of Inorganic Substances up to 60%
o Presence of Inorganic Substances from 40% to 60%
o Presence of Inorganic Substance from 20% to 40%
– Northern Vietnam
– Central Vietnam
– Southern Vietnam
KEY MARKET PLAYERS
– Agricultural Products and Materials Joint Stock Company
– 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)
– Yara Vietnam
The other players in the value chain include FiveStar International Group, Que Lam Group, Ha Bac Nitrogen Fertilizers and Chemical Company, and others.
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