The Vietnam fertilizers market size is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. 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.
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 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
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Details
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Report Title
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Fertilizers Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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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
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Vietnam
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Report Coverage
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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
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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
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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
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.
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