Increasing investment in the agricultural industry is driving the growth of the Vietnam Fertilizers Market, in the forecast period, 2023-2027F. According to TechSci report on, “Vietnam Fertilizers Market – By Region, Competition Forecast & Opportunities, 2027”. Vietnam’s fertilizers market has shown promising growth in historical years until 2021 and is expected to continue its growth in forecast years 2023 to 2027.
The Important Elements of the Vietnam Fertilizers Market
Vietnam’s fertilizers market owes its growth to the factors like surging demands for higher yields of food crops. The growing population of the country and along with its rising concern toward food security is also surging the demands for higher yields of the crops thus driving the growth of the Vietnam fertilizers market in the upcoming five years. Surging demand for natural and organic products further influences market growth. Additionally, evolving dietary preferences, and increasing demand for organic food and natural ingredients in the food are also supporting the growth of the Vietnam fertilizers market in the next five years.
Demand for fertilizers is also increasing in the urban region of the country. Increasing home gardening practices and the inclination of the population toward organic fertilizers and bio-fertilizers further substantiate the growth of the Vietnam fertilizers market in the future five years. Concerns like declining arable land, the need for augmented agricultural productivity, and increasing new pests & insect populations destroying the forest as well as the agricultural lands in the country influence the growth in the demands of fertilizers and thereby substantiate the growth of the market. Rising awareness among the citizen regarding excessive usage of chemically infused fertilizers has increased the demand for biological & organic products. Chemically infused fertilizers affect agricultural lands and nearby water bodies drastically. Ill-effects of chemically infused fertilizers include rain run-offs, water-bodies pollution, soil quality degradation, depletion of soil nutrients, marine deaths, and health issues concerns for the human population. The common population is actively demanding healthier alternatives and organic food products that aid advancements in fertilizers, thereby aiding the growth of the Vietnam fertilizers market in the forecast years through 2027.
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The Vietnam fertilizers market segmentation is based on origin, form, mode of application, crop type, source, competitional landscape, and regional distribution. Based on origin, the market is further segmented into organic, synthetic, and bio-fertilizers. Organic fertilizers are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the increasing demand for organic food from the population. Rising concerns about the harmful effects of chemically infused agriculture enhancement products that lead to the contamination of water bodies and degrade soil quality is also responsible for the surging demands for organic fertilizers, thereby supporting the growth of the Vietnam fertilizers market in the next five years. Bio-fertilizers are also expected to hold significant shares of the market due to rising demand for advanced and innovative products with the advantages of organic products.
By form, the market is differentiated between liquid and solid form. Based on the mode of application, the market is fragmented into foliar spraying, fertigation, sowing, broadcasting, spraying, drip method, and others. Spraying is anticipated to dominate the market segment and holds the largest revenue shares of the market in the upcoming five years on the account of being a quick and efficient application method even for large farms in the country. Although small farmers, and mostly for the application of fertilizers for fruit & vegetable crops, foliar spraying is utilized, and it is anticipated to aid the growth of the market too. By crop type, the market is bifurcated into grains & cereals, pulses & oilseeds, commercial crops, fruits & vegetables, and others. Based on the source, the market is divided between domestic and import.
A partial list of major market players in the Vietnam Fertilizers market includes :
- Ninh Binh Phosphate Fertilizer JSC
- Southern Fertilizer JSC
- Petrovietnam Fertilizer and Chemicals Corporation
- Lam Thao Fertilizers and Chemicals JSC
- Binh Dien Fertilizer JSC (BFC)
- Ha Bac Nitrogen Fertilizers and Chemical Company
- Que Lam Group
- Agricultural Products and Materials JSC (APROMACO)
- Thien Sinh JSC
- Can Tho Fertilizer & Chemical JSC
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“Growing investment in the agricultural sector of the country along with growing demands for the agricultural products to enhance the growth of the crops is anticipated to support the growth of the Vietnam fertilizers market in the future years. The new market players may invest in the advancement of the products or may hold mergers & acquisitions with the existent market player with a better product line to satisfy the consumer demands as well as to establish their brand in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Fertilizers Market By Origin (Organic, Synthetic, Bio-fertilizer), By Form (Solid v/s Liquid), By Mode of Application (Foliar Spraying, Fertigation, Sowing, Broadcasting, Spraying, Drip Method, Others), By Crop Type (Grains & Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, Other), By Source (Domestic v/s Import), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam Fertilizers market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Fertilizers market.
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