Market Research Report
Research Report on Vietnam's Fertilizer Market, 2021-2030
|Research Report on Vietnam's Fertilizer Market, 2021-2030|
Published: December 21, 2021
China Research and Intelligence
Content info: 60 Pages
Delivery time: 1-2 business days
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 CRI'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.
According to CRI's analysis, in recent years, Vietnam's fertilizer exports have exceeded 1 million tons per year, while fertilizer imports have also exceeded 1 million tons.
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 CRI'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.
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.
From January to October 2021, Vietnam's fertilizer exports volume were about 1.065 million tons with an export value of about 380 million USD.
According to CRI, 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.