Vietnam’s Fertilizer Market
Agriculture plays an important role in Vietnam’s economy, with the agricultural population accounting for over 50% of the total population, and arable and forest land accounting for 60% of the country’s total land area.
According to the analyst's analysis, Vietnam features a low concentration in the fertilizer market, with local companies accounting for about 70% of the market share. Based on the overall revenue of Vietnam’s fertilizer market in 2020, the top five companies accounted for about 28% of the market. Major fertilizer producers in the Vietnam market are adopting various strategies such as expansion and partnerships to increase their market share.
The main varieties of fertilizers exported from Vietnam are ammonium sulfate, phosphate diamine, NPK, etc. The Philippines, Malaysia, Thailand, Laos, South Korea, etc. are the main export markets of Vietnam’s fertilizers.
At the same time, every year Vietnam imports more than 1 million tons of fertilizers, among which, ammonium sulfate is the most imported. Currently, China is the largest supplier of fertilizers to Vietnam, accounting for nearly 50% of the country’s imports.
According to the analyst's analysis, despite the impact of COVID-19 on Vietnam’s economy, Vietnam’s fertilizer industry still showed growth in 2020. Despite supply chain and logistics disruptions, Vietnam’s fertilizer exports and imports are still on the rise. In particular, fertilizer imports reached 3.64 million tons, up 7.2% YOY. Vietnam’s fertilizer exports also rose 38% in 2020 compared to 2019. In 2021, Vietnam exported 1.35 million tons fertilizer and imported 3.07 million tons fertilizer.
Although the demand for fertilizers in Vietnam in 2020 was adversely affected by extreme weather conditions, in general, the business situation was good, with the leading companies showing significant growth in business performance. The most popular distribution channels in the country include distributor system, regional company system and authoritative purchasing.
Fertilizer’s price in Vietnam’s market showed a fluctuating trend in 2020, increasing in the second half of the year. Fertilizer prices continued to rise in 2021 as demand increased and supply declined.
According to the analysis, the positive outlook for agriculture is the factor driving the growth of fertilizer consumption in the country in 2022. The good weather and high prices of agricultural products in Vietnam in 2022 will provide good conditions for farmers to increase planting for higher productivity, which will increase the demand for fertilizer.
Topics covered:
- Overview of Vietnam’s Fertilizer Industry
- Economic and Policy Environment of Fertilizer in Vietnam
- What is the impact of COVID-19 on Vietnam’s fertilizer industry?
- Vietnam’s Fertilizer Market Size, 2016-2021
- Forecast on Vietnam’s Fertilizer Market, 2022-2031
- Analysis of Major Fertilizer Producers in Vietnam
- Key Drivers and Market Opportunities for Vietnam’s fertilizer industry
- What are the key drivers, challenges, and opportunities for the Vietnam fertilizer industry during 2022-2031?
- What is the expected revenue of Vietnam’s fertilizer market during 2022-2031?
- What are the strategies adopted by the key players in the market to increase their market share in the industry?
- Which segment of Vietnam’s fertilizer market is expected to dominate the market in 2031?
- What are the major adverse factors facing the fertilizer industry in Vietnam?
Table of Contents
Companies Mentioned
- Binh Dien Fertilizer JSC (BFC)
- Southern Fertilizer JSC
- PetroVietnam Fertilizer and Chemical Corp.
- Ninh Binh Phosphate Fertilizer JSC
- Habac Nitrogenous Fertilizer & Chemicals Company Limited
- Lam Thao Fertilizers and Chemicals JSC
- Que Lam Group
- Agricultural Products and Materials JSC (APROMACO)
- Song Gianh Corporation
- Thien Sinh JSC
- DAP Dinh Vu Fertilizers
- DUC Giang Chemicals
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 60 |
| Published | July 2022 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value in 2022 | 1.58 Million |
| Forecasted Market Value by 2031 | 6.1 Million |
| Compound Annual Growth Rate | 16.1% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 12 |
