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Vietnam Fertilizers Market Size

The Vietnam fertilizers market is anticipated to experience significant growth, driven by factors such as the increasing popularity of Asian cuisine, a focus on healthy eating, and favorable climatic conditions. The market's expansion is particularly notable in the field crops segment, which dominates the market despite a reduction in cultivated area, due to rising crop yields and higher fertilizer usage. Horticultural crops are also expected to grow, supported by new trade agreements, while the turf and ornamental sector is set to expand due to rising demand. Overall, the market's size is poised for substantial growth, reflecting its increasing attractiveness and demand.

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Market Size of vietnam fertilizers Industry

Vietnam Fertilizers Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 3.44 Billion
svg icon Market Size (2030) USD 4.2 Billion
svg icon Largest Share by Crop Type Field Crops
svg icon CAGR (2024 - 2030) 3.38 %
svg icon Fastest Growing by Crop Type Turf & Ornamental
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Vietnam Fertilizers Market Analysis

The Vietnam Fertilizers Market size is estimated at 3.44 billion USD in 2024, and is expected to reach 4.2 billion USD by 2030, growing at a CAGR of 3.38% during the forecast period (2024-2030).

3.44 Billion

Market Size in 2024 (USD)

4.2 Billion

Market Size in 2030 (USD)

1.00 %

CAGR (2017-2023)

3.38 %

CAGR (2024-2030)

Largest segment by Product

33.31 %

value share, Urea, 2023

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Sulfur requirement in Rice cultivation, extending cultivation areas under these crops and need of higher food production raising the sulfure fertilizers consumption

Largest Segment by Crop Type

64.38 %

value share, Field Crops, 2023

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The growing demand for higher yields of staple field crops like rice and extending cultivation areas has lead to greater usage of fertilizers to ensure optimum productivity

Fastest Growing Speciality Type

5.20 %

Projected CAGR, CRF, 2024-2030

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CRFs gaining popularity with gradual release of nutrients throughout crop life cycle based on their requirement and reduction of nutrient leaching making them prefferd choice

Largest segment by Application Mode

95.30 %

value share, Soil, 2023

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Soil application mode leading the market with growing adoption of advanced and high efficiant fertilizers like CRFs, SRFs and rise in conventional fertilizers usage.

Leading Market Player

19 %

market share, PetroVietnam Fertilizer and Chemical Corp., 2022

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The company emerged as the leading play with production capacity of 8 lakh tons of urea and 5.4 lakh tons of Ammonia per year and offering various NPK fertilizers

With the increased market attractiveness coupled with rising demand, the demand for fertilizer is anticipated to grow substantially

  • The fertilizers market in Vietnam is projected to record a CAGR of 4.6% during the forecast period. This growth is primarily driven by the rising popularity of Asian cuisine, a growing emphasis on healthy eating, and favorable climatic conditions.
  • Field crops dominate the market, accounting for 81.6% of the total. Despite a decrease in the area under cultivation, the country is witnessing a notable increase in crop yields, necessitating higher fertilizer usage.
  • Notably, rice, peas, and soybeans are key field crops in Vietnam. In 2022, the agriculture sector aimed to produce 48.3 million tons of grain, with a specific focus on rice, targeting an output of 43-43.9 million tons. This underscores the expected growth in the field crop market in the coming years.
  • Horticultural crops held a 25.8% share in Vietnam's fertilizer market in 2022. The upcoming free trade agreement between the European Union and Vietnam, specifically for horticultural crop exports starting in 2023, is poised to further bolster this segment's growth.
  • The turf and ornamental sector is set to record a CAGR of 4.4%. Notably, flower and ornamental plant production has seen significant advancements, yielding substantial economic value. The demand for flowers and bonsai trees is on the rise, as highlighted by the Ministry of Agriculture and Rural Development. In 2022, turf and ornamental crops accounted for 0.4% of Vietnam's fertilizers market.
  • Given the increasing market attractiveness and rising demand, the fertilizer market in Vietnam is poised for substantial growth.
Vietnam Fertilizers Market

Vietnam Fertilizers Industry Segmentation

Complex, Straight are covered as segments by Type. Conventional, Speciality are covered as segments by Form. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type.

  • The fertilizers market in Vietnam is projected to record a CAGR of 4.6% during the forecast period. This growth is primarily driven by the rising popularity of Asian cuisine, a growing emphasis on healthy eating, and favorable climatic conditions.
  • Field crops dominate the market, accounting for 81.6% of the total. Despite a decrease in the area under cultivation, the country is witnessing a notable increase in crop yields, necessitating higher fertilizer usage.
  • Notably, rice, peas, and soybeans are key field crops in Vietnam. In 2022, the agriculture sector aimed to produce 48.3 million tons of grain, with a specific focus on rice, targeting an output of 43-43.9 million tons. This underscores the expected growth in the field crop market in the coming years.
  • Horticultural crops held a 25.8% share in Vietnam's fertilizer market in 2022. The upcoming free trade agreement between the European Union and Vietnam, specifically for horticultural crop exports starting in 2023, is poised to further bolster this segment's growth.
  • The turf and ornamental sector is set to record a CAGR of 4.4%. Notably, flower and ornamental plant production has seen significant advancements, yielding substantial economic value. The demand for flowers and bonsai trees is on the rise, as highlighted by the Ministry of Agriculture and Rural Development. In 2022, turf and ornamental crops accounted for 0.4% of Vietnam's fertilizers market.
  • Given the increasing market attractiveness and rising demand, the fertilizer market in Vietnam is poised for substantial growth.
Type
Complex
Straight
Micronutrients
Boron
Copper
Iron
Manganese
Molybdenum
Zinc
Others
Nitrogenous
Urea
Others
Phosphatic
DAP
MAP
TSP
Others
Potassic
MoP
SoP
Secondary Macronutrients
Calcium
Magnesium
Sulfur
Form
Conventional
Speciality
CRF
Liquid Fertilizer
SRF
Water Soluble
Application Mode
Fertigation
Foliar
Soil
Crop Type
Field Crops
Horticultural Crops
Turf & Ornamental
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Vietnam Fertilizers Market Size Summary

The Vietnam fertilizers market is experiencing significant growth, driven by the increasing demand for agricultural productivity and the rising popularity of Asian cuisine. The market is characterized by a strong focus on field crops, which dominate the sector, accounting for a substantial portion of fertilizer consumption. Despite a reduction in the area under cultivation, advancements in crop yields have necessitated higher fertilizer usage, particularly for key crops such as rice, maize, and soybeans. The government's initiatives to enhance crop productivity through the use of high-efficiency fertilizers and the promotion of locally-produced fertilizers are further propelling market expansion. Additionally, the upcoming free trade agreement with the European Union is expected to bolster the horticultural segment, which already holds a significant share of the market.

The turf and ornamental sector is also poised for growth, with increasing demand for flowers and ornamental plants contributing to the market's expansion. The diverse climate and topography of Vietnam support a wide range of crop cultivation, with major agricultural regions like the Mekong Delta playing a crucial role in rice production. The market is fragmented, with several key players such as AGRICULTURAL PRODUCTS AND MATERIALS JSC, Baconco, and Binh Dien Fertilizer JSC leading the industry. Recent investments and product innovations, such as the introduction of microbiological NPK fertilizers, are indicative of the dynamic nature of the market. As the agricultural sector continues to evolve, the demand for fertilizers is expected to rise, further driving the growth of the Vietnam fertilizers market.

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Vietnam Fertilizers Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Type

      1. 1.1.1 Complex

      2. 1.1.2 Straight

        1. 1.1.2.1 Micronutrients

          1. 1.1.2.1.1 Boron

          2. 1.1.2.1.2 Copper

          3. 1.1.2.1.3 Iron

          4. 1.1.2.1.4 Manganese

          5. 1.1.2.1.5 Molybdenum

          6. 1.1.2.1.6 Zinc

          7. 1.1.2.1.7 Others

        2. 1.1.2.2 Nitrogenous

          1. 1.1.2.2.1 Urea

          2. 1.1.2.2.2 Others

        3. 1.1.2.3 Phosphatic

          1. 1.1.2.3.1 DAP

          2. 1.1.2.3.2 MAP

          3. 1.1.2.3.3 TSP

          4. 1.1.2.3.4 Others

        4. 1.1.2.4 Potassic

          1. 1.1.2.4.1 MoP

          2. 1.1.2.4.2 SoP

        5. 1.1.2.5 Secondary Macronutrients

          1. 1.1.2.5.1 Calcium

          2. 1.1.2.5.2 Magnesium

          3. 1.1.2.5.3 Sulfur

    2. 1.2 Form

      1. 1.2.1 Conventional

      2. 1.2.2 Speciality

        1. 1.2.2.1 CRF

        2. 1.2.2.2 Liquid Fertilizer

        3. 1.2.2.3 SRF

        4. 1.2.2.4 Water Soluble

    3. 1.3 Application Mode

      1. 1.3.1 Fertigation

      2. 1.3.2 Foliar

      3. 1.3.3 Soil

    4. 1.4 Crop Type

      1. 1.4.1 Field Crops

      2. 1.4.2 Horticultural Crops

      3. 1.4.3 Turf & Ornamental

Vietnam Fertilizers Market Size FAQs

The Vietnam Fertilizers Market size is expected to reach USD 3.44 billion in 2024 and grow at a CAGR of 3.38% to reach USD 4.20 billion by 2030.

In 2024, the Vietnam Fertilizers Market size is expected to reach USD 3.44 billion.

Vietnam Fertilizers Market Report Snapshots

Vietnam Fertilizers Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030