Vietnam Fertilizer Market (CAGR) of 3.8%, Innovation Imperative with Market Size Intelligence

Dry fertilizers held the largest share in 2019, accounting for more than four-fifths of the total share, and are anticipated to continue leading.

WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — According to a report published by Allied Market Research, the Vietnam fertilizer market saw revenues of $4.5 billion in 2019 and is projected to reach $5.7 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 3.8% from 2020 to 2027. The report provides a comprehensive analysis of market dynamics, winning strategies, business performance, key segments, and competitive landscapes.

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The growth of the Vietnam fertilizer market is primarily driven by increasing emphasis on agricultural expansion to enhance productivity. However, market growth is hindered by frequent climatic changes affecting farming activities. Nevertheless, there are new growth prospects emerging from the rising demand for organic fertilizers.

The Covid-19 pandemic has had a minimal impact on the Vietnam fertilizer market, largely due to well-maintained supplies and inventories at the producer’s end in China. However, disruptions in logistics and clearances for raw materials from China have led to price surges for fertilizers across Vietnam.

The report offers detailed segmentation of the Vietnam fertilizer market based on type, form, application/crop type, nutrient content, and region. Inorganic fertilizers dominated the market in 2019, contributing to more than four-fifths of the total share and are expected to maintain their dominance. On the other hand, the organic segment is forecasted to exhibit the highest CAGR of 6.9% during the forecast period.

In terms of form, dry fertilizers held the largest share in 2019, accounting for more than four-fifths of the total share, and are anticipated to continue leading. However, the liquid segment is expected to register the highest CAGR of 4.4% from 2020 to 2027.

Geographically, Southern Vietnam accounted for the largest market share in 2019, representing over half of the total share and is expected to maintain its position. Nevertheless, Central Vietnam is projected to witness the highest CAGR of 4.2% from 2020 to 2027.

Key market players analyzed in the report include Baconco, Agricultural Products and Materials Joint Stock Company, General Materials and Biochemical Fertilizer Joint Stock Company, DUC Giang Chemicals Group, SongGianhCorporation (SongGianh), Japan Vietnam Fertilizer Company (JVF), Vedan Vietnam Enterprise Corp. Ltd., Vietnam National Chemical Group (Vinachem), Yara Vietnam, and Vietnam Oil and Gas Group (PetroVietnam or PVN).

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