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Vietnam Biofertilizer Market - Segmented by Microorganisms, and by Application- Growth, Trends, and Forecast (2020 - 2025)

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Owing to the benefits of bio-based products and the growing demand for organic crops in Vietnam, the biofertilizer market in the country is projected to register a CAGR of 10.8% during the forecast period. By the type of microorganism, the Azolla segment was, by far, the largest segment occupying a market share of 25% in 2016.

The rising claim for more environment-friendly and healthy agriculture is a strong incentive to find alternative strategies to replace the use of synthetic fertilizers. Higher return from the cultivation of organically-produced crops, adoption of new and advanced farming technologies, and increased regulations on chemical residue limits are the likely factors augmenting the market growth. Biofertilizers have been shown to be extremely effective on crops that are key to agriculture in Vietnam, such as cassava, rice, corn, sugarcane, black pepper, tree nuts, and coffee.

Adoption of New Farming Practices

System of Rice Intensification (SRI) is a package of good agricultural practices for hand-planted rice, which increases yields, while using less seeds, water, and fertilizers. According to the Plant Protection Department, farmers who use SRI significantly reduce the use of chemicals, thus growing healthier food, improving soil quality, and protecting farm biodiversity. By 2015, there were 35 provinces in Vietnam applying SRI. This application mainly strives to reduce the usage of synthetic fertilizers by 30% by 2020, and to increase the usage of organic fertilizers. Another project was implemented from 2008 to 2014, the Vietnam Agriculture Competitiveness Project (ACP) which promoted modern farming technologies to improve productivity and protect the environment. More than 93,400 farmers were trained on sustainable farming techniques and new technologies. By 2020, the Vietnamese government aims to increase the area of implementation of such aforementioned projects and other projects, like SRI, to at least 50% of the agricultural cultivation.

Soaring Demand for Synthetic Fertilizers

According to the Ministry of Agriculture and Rural Development (MARD), the import of plant-protection chemicals in Vietnam has drastically increased. The traceability of food provenance and production methods are poorly regulated and enforced in Vietnam, where food quality still receives less attention, as compared to quantity. This can be primarily attributed to the oversupply of chemical fertilizers in the country, because of which, the farmers use fertilizers in much higher quantities than required. According to the Argus World NPK Outlook to 2031, Vietnam’s large-scale demand for NPK is consistently around 4mn t/yr. In 2014, Vietnam imported USD 1,240,810 thousand fertilizers but the figure soared to USD 1,439,172 thousand in 2015.

     

Key Developments in the Market

April 2017 - Bioway Hitech Fertilizer Joint Stock Company officially signed the exclusive right to receive Bioway AT-12H fermentation technology from the company named Bioway Organic USA.

Major Players of Vietnam Biofertilizer Market

The major players include –Vedan (Vietnam) Enterprise Corp. Ltd., Que Lam Group, Can Tho Fertilizer & Chemical Jsc, Ho Chi Minh Agriculture Technical Services Corporation, and Trung Hiep Loi Fertilizer Company, among others.

Vietnam Biofertilizer Market Report Summary

Metrics

Details

Industry

Vietnam Biofertilizer Market

Study Period

2018 -2023

Growth Rate

10.8%

Largest Market Share - by Microorganism

Azolla – 25%

Companies covered

Vedan (Vietnam) Enterprise Corp. Ltd., Que Lam Group, Can Tho Fertilizer & Chemical Jsc, Ho Chi Minh Agriculture Technical Services Corporation, and Trung Hiep Loi Fertilizer Company, among others.

Report Offerings

Vietnam Biofertilizer Market Offers latest trends, growth prospects, industry competitiveness, major player active in the market and forecast to 2023.

Reasons to Purchase the Report

  • Identify the dominating and the fastest growing regions in the Vietnam biofertilizer market and their growth trends during the forecast period
  • The report outlines production, consumption, import and export analysis, and price trend for the market
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)

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