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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Data Centre Report Snapshots
Vietnam Fertiliser Market Size
Vietnam Fertiliser Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 4.63 billion.
The market is estimated to grow at a CAGR of 3.7% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 6.41 billion by 2032.
The market is being driven by the growth in the agriculture sector, rising population, and increasing food demand.
The key trends aiding the market include the growing adoption of organic fertiliser and favourable government initiatives to support the agricultural sector.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different types of fertiliser are organic and inorganic.
The major players in the market are PVFCCo., VIETNAM NATIONAL CHEMICAL GROUP, AGRICULTURAL PRODUCTS MATERIALS JOINT STOCK COMPANY, Supe Lâm Thao, and Baconco, among others.
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