Vietnam Fertilizers Market Trends, Growth, Revenue [2031]
Vietnam Fertilizers Market Trends, Growth, Revenue [2031]
Segments - Vietnam Fertilizers Market by Product Types (Synthetic Fertilizers [Nitrogenous Fertilizers, Phosphatic Fertilizers, Potash Fertilizers, and Others] and Organic Fertilizers [Organic Residues, and Biofertilizers]), Crop Types (Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, and Others), and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :MC-3086
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Report Description
Vietnam Fertilizers Market Outlook 2031
The Vietnam fertilizers market size was USD 5.03 Billion in 2022 and is anticipated to reach USD 7.04 Billion by 2031 expand at a substantial CAGR 3.8% during the forecast period, 2023-2031. The growth of the market is attributed to rising demand for food and increasing export of grains and cereals.
Fertilizer is a chemical substance used for increasing the crop productivity, soil fertility, texture, and water retention capacity of the soil. The fertilizers contain various nutrients that are required for the plants such as nitrogen, iron, phosphorous, and potassium.
The agriculture sector is one of the prominent contributors of Vietnam’s global economy. However, during the COVID-19 pandemic the implementation of various restrictions on production and supply chain, negatively impacted the market growth. Nevertheless, the relaxation in restrictions due to the acceleration in vaccination drive is stimulating the market growth.
Vietnam Fertilizers Market Trends, Drivers, Restraints, and Opportunities
- Increasing population and urbanization is anticipated to drive the market growth during the forecast period.
- Rising demand for agricultural commodities is projected to boost the market growth in the coming years.
- High efficiency of fertilizers is estimated to spur the market growth in the projected timeline.
- Lack of skilled labor to handle fertilizers can act as a major challenge for the market growth during the forecast period.
- Growing government efforts to boost the agricultural sector can positively influence the market growth.
- Rapid growth of the organic fertilizer industry can create lucrative opportunities for the industry players in the projected timeline.
- Ongoing advancements in the development of fertilizers in Vietnam can create lucrative opportunities during the forecast period.
Scope of The Vietnam Fertilizers Market Report
The report on the Vietnam fertilizers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Fertilizers Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Product Types (Synthetic Fertilizers [Nitrogenous Fertilizers, Phosphatic Fertilizers, Potash Fertilizers, and Others] and Organic Fertilizers [Organic Residues, and Biofertilizers]) and Crop Types (Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, and Others) |
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Country |
Vietnam |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Binh Dein Fertilizer JSC (BFC); Southern Fertilizer JSC; Ninh Binh Phosphate Fertilizer JSC; PetroVietnam Fertilizer and Chemical Corp.; and Habac Nitrogenous Fertilizer and Chemicals Company Limited |
Vietnam Fertilizers Market Segment Insights
Synthetic fertilizers segment to hold a significant market share
Based on product types, the market is divided into synthetic fertilizers and organic fertilizers. the synthetic fertilizers segment is further divided into nitrogenous fertilizers, phosphatic fertilizers, potash fertilizers, and others. The organic fertilizers segment is bifurcated into organic residues and biofertilizer.
The organic fertilizers segment is anticipated to hold a key share of the market in the coming years due to increasing demand for organic fertilizer from farmers as it is environmentally friendly and provide adequate nutrient to the soil & plants. On the other hand, the synthetic fertilizers segment is anticipated to expand at a rapid pace during the forecast period owing to increasing demand for solutions to increase the crop yield.
Pulses and oilseeds segment is anticipated to hold a large market share
On the basis of crop types, the Vietnam fertilizers market is segmented into grains and cereals, pulses and oilseeds, fruits and vegetables and, others. The grains and cereals segment is projected to constitute a major market share during the forecast period due to rich source of nutrients and bulk fiber. However, the fruits and vegetables segment is expected to grow at a robust rate due to increasing health consciousness among consumers.
Segments
The Vietnam fertilizers market has been segmented on the basis
Product Types
- Synthetic Fertilizers
- Nitrogenous Fertilizers
- Phosphatic Fertilizers
- Potash Fertilizers
- Others
- Organic Fertilizers
- Organic Residues
- Biofertilizers
Crop Types
- Grains and Cereals
- Pulses and Oilseeds
- Fruits and Vegetables
- Others
Country
- Vietnam
Key Players
- Binh Dein Fertilizer JSC (BFC)
- Southern Fertilizer JSC
- Ninh Binh Phosphate Fertilizer
- PetroVietnam Fertilizer and Chemical Corp.
- Habac Nitrogenous Fertilizer and Chemicals Company Limited
Competitive Landscape
Key players competing in the Vietnam fertilizers market includes Binh Dein Fertilizer JSC (BFC); Southern Fertilizer JSC; Ninh Binh Phosphate Fertilizer JSC; PetroVietnam Fertilizer and Chemical Corp.; and Habac Nitrogenous Fertilizer and Chemicals Company Limited.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
In 2016, PetroVietnam Fertilizer and Chemical Corp. signed a memorandum of agreement (MOU) with Solvay Novecare, a Belgium-based chemical company, to introduce innovative and eco-friendly fertilizers to increase crop yield while decreasing nitrogen losses in the air, soil, and water.
Frequently Asked Questions
Opportunities include the expansion of the organic fertilizer segment, ongoing advancements in fertilizer technology, and increasing government support for agriculture.
Challenges include a lack of skilled labor to handle fertilizers and disruptions caused by global events like the COVID-19 pandemic.
Major companies include Binh Dein Fertilizer JSC (BFC), Southern Fertilizer JSC, Ninh Binh Phosphate Fertilizer JSC, PetroVietnam Fertilizer and Chemical Corp., and Habac Nitrogenous Fertilizer and Chemicals Company Limited.
Trends include the rapid growth of the organic fertilizer industry, advancements in fertilizer development, and increasing health consciousness driving demand for fruits and vegetables.
Grains and cereals are the largest consumers, followed by pulses and oilseeds, fruits and vegetables, and other crops.
The main types are synthetic fertilizers (including nitrogenous, phosphatic, potash, and others) and organic fertilizers (organic residues and biofertilizers).
The COVID-19 pandemic negatively impacted the market due to restrictions on production and supply chains, but market growth is recovering with the relaxation of restrictions and vaccination drives.
Key drivers include rising demand for food, increasing export of grains and cereals, population growth, urbanization, and government efforts to boost the agricultural sector.
The Vietnam fertilizers market is anticipated to expand at a CAGR of 3.8% during the forecast period 2023-2031.
The Vietnam fertilizers market is expected to reach USD 7.04 billion by 2031, growing from USD 5.03 billion in 2022.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Fertilizers Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Fertilizers Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Fertilizers Market - Supply Chain
4.5. Global Fertilizers Market Forecast
4.5.1. Fertilizers Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Fertilizers Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Fertilizers Market Absolute $ Opportunity
5. Global Fertilizers Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Fertilizers Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Fertilizers Demand Share Forecast, 2019-2026
6. North America Fertilizers Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Fertilizers Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Fertilizers Demand Share Forecast, 2019-2026
7. Latin America Fertilizers Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Fertilizers Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Fertilizers Demand Share Forecast, 2019-2026
8. Europe Fertilizers Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Fertilizers Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Fertilizers Demand Share Forecast, 2019-2026
9. Asia Pacific Fertilizers Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Fertilizers Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Fertilizers Demand Share Forecast, 2019-2026
10. Middle East & Africa Fertilizers Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Fertilizers Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Fertilizers Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Fertilizers Market: Market Share Analysis
11.2. Fertilizers Distributors and Customers
11.3. Fertilizers Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Binh Dein Fertilizer JSC (BFC)
11.4.2. Southern Fertilizer JSC
11.4.3. Ninh Binh Phosphate Fertilizer
11.4.4. PetroVietnam Fertilizer and Chemical Corp.
11.4.5. Habac Nitrogenous Fertilizer and Chemicals Company Limited
Methodology
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