Vietnam Fertilizers Market to Grow with a CAGR of 4.31% through 2028

Growth in research and development activities is expected to drive the Vietnam Fertilizers Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Vietnam Fertilizers Market – By Region, Competition, Forecast and Opportunities, 2018-2028F”, the Vietnam Fertilizers Market stood at 5.14 MMT in 2022 and is anticipated to grow with a CAGR of 4.31% in the forecast period, 2023-2028. The initiatives taken by government based on fertilizers has led to favorable market conditions for the Vietnam Fertilizers Market. Several factors contribute to the growth of various fertilizers market products.  The government has introduced comprehensive measures to ensure the governance of fertilizer quality, recognizing its critical role in ensuring food security for the nation. It understands that the prevalence of low-quality fertilizers not only inhibits agricultural productivity but also poses a significant risk to the health of both people and the environment. In response to this pressing issue, the government has taken proactive steps to address the situation, including implementing rigorous testing and monitoring programs to identify and eliminate substandard fertilizers from the market.

Moreover, in line with its commitment to sustainable agricultural development, the Vietnamese government actively encourages and promotes the production and application of organic fertilizers. Recognizing the potential of organic fertilizers to contribute to sustainable farming practices, the government has developed comprehensive policies aimed at fostering the growth of the organic fertilizer sector. By supporting and incentivizing the use of organic fertilizers, the government aims to not only enhance agricultural productivity but also ensure the long-term sustainability of the agricultural sector in Vietnam.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Fertilizers Market.”

The focus of these research and development (R&D) activities encompasses not only improving the efficiency of fertilizers but also exploring novel application methods. By doing so, we aim to minimize wastage and optimize crop yields to meet the increasing demand for food and agricultural products, both within local communities and on the global stage. Through continuous innovation and strategic initiatives, we strive to contribute to the sustainable growth of the agricultural industry and ensure food security for future generations.

The Vietnam Fertilizers Market is segmented in crop type, mode of application, regional distribution, and company.

Based on its crop type, the grains & cereals segment held the largest share in the market. In response to the widespread soil degradation in agricultural areas in Vietnam, there is a growing need to utilize land in a more sustainable manner. This involves implementing various strategies, such as the utilization of organic and specialty fertilizers, to restore soil health and ensure the provision of essential nutrients for the growth of grains and cereals. By adopting these practices, farmers can not only address the immediate challenges posed by soil degradation but also contribute to the long-term sustainability of agricultural practices in Vietnam.

Based on region, Central segment is expected to grow during the forecast period.

The presence of major domestic fertilizer companies in Central Vietnam further strengthens its position in the market. These companies, with their extensive expertise and capabilities, account for about 70% of the market share. They offer a wide range of high-quality and innovative products specifically tailored to meet the diverse and evolving needs of farmers in the region. Through their consistent commitment to delivering effective and sustainable solutions, these companies play a crucial role in supporting agricultural productivity and ensuring food security in Central Vietnam.

Major companies operating in Vietnam Fertilizers Market are:

• Ninh Binh Phosphate Fertilizer JSC
• Southern Fertilizer JSC
• Thien Sinh JSC
• Binh Dien Fertilizer JSC (BFC)
• Can Tho Fertilizer & Chemical JSC

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“Growing application of fertilizers in various end user industries are key drivers of the fertilizers market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of fertilizers with every passing year are anticipated to register an impressive growth to Vietnam Fertilizers Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Fertilizers Market By Crop Type (Grains & Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, Others), By Mode of Application (Foliar Spraying, Fertigation, Sowing, Drip Method, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, 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.

Contact

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602

Email: [email protected]               

Website: www.techsciresearch.com