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