Vietnam Fertilizer Market Trends

Rising demand for organic fertilizers presents new market prospects.

WILMINGTON, DELAWARE, UNITED STATES, June 25, 2024 /EINPresswire.com/ -- The Vietnam fertilizer market generated $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 Allied Market Research report provides a comprehensive analysis of market dynamics, strategies, performance, segments, and competitive landscape.

Market Dynamics:

Growth Drivers:
- Increased focus on enhancing agricultural productivity.

Challenges:
- Climate variability impacting farming practices.

Opportunities:
- Rising demand for organic fertilizers presents new market prospects.

Market Segmentation:

By Type:

Inorganic Fertilizers:
- Dominated the market with over 80% share in 2019.
- Expected to maintain dominance through the forecast period.

Organic Fertilizers:
- Forecasted to exhibit the highest CAGR of 6.9%.

By Form:

Dry Fertilizers:
- Accounted for over 80% market share in 2019.
- Projected to remain the largest segment.

Liquid Fertilizers:
- Expected to grow at the highest CAGR of 4.4%.

By Region:

- Southern Vietnam:
- Held more than 50% of the market in 2019.
- Anticipated to retain its lead.
- Central Vietnam:
- Expected to achieve the highest CAGR of 4.2%.
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Key Players:

- Baconco
- Agricultural Products and Materials Joint Stock Company
- General Materials and Biochemical Fertilizer Joint Stock Company
- DUC Giang Chemicals Group
- SongGianh Corporation
- Japan Vietnam Fertilizer Company (JVF)
- Vedan Vietnam Enterprise Corp. Ltd.
- Vietnam National Chemical Group (Vinachem)
- Yara Vietnam
- Vietnam Oil and Gas Group (PetroVietnam or PVN)

David Correa
Allied Market Research
+1 800-792-5285
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