Vietnam Fertiliser Market Report and Forecast 2024-2032

Vietnam Fertiliser Market Size

The Vietnam fertiliser market reached approximately USD 4.63 billion in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a value of around USD 6.41 billion by 2032.

Vietnam Fertiliser Market Outlook

• In the first half of 2024, agricultural production in Vietnam increased with nearly 3 million hectares of winter-spring rice cultivated, a growth of 1.2 thousand hectares from the previous year.

• Vietnam is targeting to incorporate organic fertilisers in 50% of the total cultivation area nationwide by 2050.

• In 2025, the Vietnamese Ministry of Agriculture and Rural Development (MARD) aims to increase the percentage of approved organic fertiliser products in circulation to 25%.

Vietnam Fertiliser Market Growth

The Vietnamese economy is heavily dependent on agriculture, as a significant number of people are involved in farming activities. In 2022, the Vietnamese Ministry of Agriculture and Rural Development announced that the agricultural sector in the country witnessed a growth of 3.36%. The increasing demand for fertilisers is being fuelled by the necessity to enhance crop yields and productivity. Farmers are expanding their cultivation to include high-value crops such as fruits, vegetables, and flowers, which necessitate the use of specific fertilisers to ensure optimal growth and quality. In the year 2022, Vietnam imported around 3.35 million metric tons of fertiliser, amounting to nearly 1.6 billion US dollars.

The movement towards organic fertiliser in Vietnam is rapidly gaining traction due to a variety of factors, such as the growing consumer preference for organic products, stringent government regulations, and a focus on environmental sustainability. Vietnam is presently utilising 11 million tons of fertilisers, with around 35% of them being organic. The increasing awareness among consumers about the health advantages of organic food is fuelling the demand for organically grown crops, consequently driving the need for organic fertilisers. Organic fertilisers are recognised for their ability to enhance soil health by improving soil structure, promoting microbial activity, and supplying essential nutrients without causing harm to the environment. The transition to organic fertilisers also helps to decrease reliance on chemical fertilisers, which can result in soil degradation, water pollution, and adverse health effects.

Vietnam Fertiliser Industry Segmentation

“Vietnam Fertiliser Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Organic

• Inorganic

Market Breakup by Form

• Dry

• Liquid

Market Breakup by Application

• Agriculture

• Horticulture

• Gardening

• Others

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Fertiliser Market Share

Based on the type, the market is segmented into organic and inorganic. Organic type is projected to grow at a CAGR of 5.2% during the forecast period of 2024-2032. Organic fertilisers enhance soil structure by boosting organic matter content, leading to improved water retention, aeration, and root growth. They also stimulate the proliferation of beneficial soil microorganisms, which are essential for nutrient cycling and the enhancement of soil fertility.

Leading Companies in the Vietnam Fertiliser Market

Major market players are focusing on technological advancements and sustainable farming solutions to gain a competitive edge in the market.

• PVFCCo.

• VIETNAM NATIONAL CHEMICAL GROUP

• AGRICULTURAL PRODUCTS MATERIALS JOINT STOCK COMPANY

• Supe Lâm Thao

• Baconco

• Others

Key Highlights of the Report

Vietnam Data Centre Report Snapshots

Vietnam Fertiliser Market Size

Vietnam Data Centre Growth

Vietnam Fertiliser Market Share

Vietnam Fertiliser Companies