Market Size of vietnam specialty fertilizer Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 163 Million |
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Market Size (2030) | USD 202 Million |
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Largest Share by Speciality Type | Liquid Fertilizer |
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CAGR (2024 - 2030) | 3.64 % |
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Fastest Growing by Speciality Type | CRF |
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Market Concentration | Medium |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Vietnam Specialty Fertilizer Market Analysis
The Vietnam Specialty Fertilizer Market size is estimated at 163 million USD in 2024, and is expected to reach 202 million USD by 2030, growing at a CAGR of 3.64% during the forecast period (2024-2030).
163 Million
Market Size in 2024 (USD)
202 Million
Market Size in 2030 (USD)
2.20 %
CAGR (2017-2023)
3.64 %
CAGR (2024-2030)
Largest segment by Speciality Type
52.80 %
value share, Liquid Fertilizer, 2023
Liquid fertilizers domininating the market with efficiency in the addressing nutrient deficiencies and reduces the fertilization application wastage ensures optimal growth
Fastest Growing Speciality Type
5.20 %
Projected CAGR, CRF, 2024-2030
Growing adoption of CRFs in filed crop cultivation as these crops require higher nitrogen requirement, and capable of reducing nutrient leaching and volatilization
Largest Segment by Crop Type
6.66 %
Projected CAGR, Turf & Ornamental, 2024-2030
Higher nutrient requirement thourought their life cycle and adoption of efficient fertilizers for aesthetic look resulted in turf & ornamental crops higher market share
Largest segment by Application Mode
50.85 %
value share, Fertigation, 2023
Growing investments in high-technology irrigation systems like drip and sprinklers to address water scaricity lead the utilization of specialty fertilizers through fertigation
Leading Market Player
36.13 %
market share, Yara International ASA, 2022
Yara International emerged as the prominent player in the market by offering various CRFs, water-soluble fertilizers and other specialty fertilizers to wide range of crops
The rising demand for highly efficient fertilizers is driving the demand for specialty fertilizers
- The Vietnamese specialized fertilizer market witnessed water-soluble fertilizers reaching a value of USD 65.9 million in 2022. These fertilizers offer farmers the flexibility to adjust nutrient concentrations as per the evolving needs of plants during their growth cycle. By applying soluble fertilizers near the plant's root zone, farmers can save costs compared to intensive fertilization across a large area for the entire growing season. These advantages are fueling the demand for water-soluble fertilizers in Vietnam.
- The year 2020 saw the Vietnam specialty fertilizer market value decline by USD 15.1 million, primarily due to disruptions in international trade caused by the COVID-19 lockdown. This decline followed a trend from the previous year. Additionally, the market faced challenges from temperature fluctuations, erratic rainfall, and droughts.
- Liquid fertilizers dominate the specialty fertilizer market in Vietnam. With a growing emphasis on improving crop quality, meeting export standards, and adopting precision farming, the value of horticulture crops in this segment is projected to register a CAGR of 4.6% from 2023 to 2030.
- Control-release fertilizers (CRFs) and slow-release fertilizers (SRFs) gradually release nutrients at a consistent pace, catering to crop needs throughout the season, influenced by soil conditions. This unique feature of CRFs and SRFs not only reduces fertilizer usage and environmental degradation but also brings economic benefits to farmers. Consequently, the market for these fertilizers is poised for significant growth during 2023-2030.
Understand The Key Trends Shaping This Market
Vietnam Specialty Fertilizer Industry Segmentation
CRF, Liquid Fertilizer, SRF, Water Soluble are covered as segments by Speciality Type. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type.
- The Vietnamese specialized fertilizer market witnessed water-soluble fertilizers reaching a value of USD 65.9 million in 2022. These fertilizers offer farmers the flexibility to adjust nutrient concentrations as per the evolving needs of plants during their growth cycle. By applying soluble fertilizers near the plant's root zone, farmers can save costs compared to intensive fertilization across a large area for the entire growing season. These advantages are fueling the demand for water-soluble fertilizers in Vietnam.
- The year 2020 saw the Vietnam specialty fertilizer market value decline by USD 15.1 million, primarily due to disruptions in international trade caused by the COVID-19 lockdown. This decline followed a trend from the previous year. Additionally, the market faced challenges from temperature fluctuations, erratic rainfall, and droughts.
- Liquid fertilizers dominate the specialty fertilizer market in Vietnam. With a growing emphasis on improving crop quality, meeting export standards, and adopting precision farming, the value of horticulture crops in this segment is projected to register a CAGR of 4.6% from 2023 to 2030.
- Control-release fertilizers (CRFs) and slow-release fertilizers (SRFs) gradually release nutrients at a consistent pace, catering to crop needs throughout the season, influenced by soil conditions. This unique feature of CRFs and SRFs not only reduces fertilizer usage and environmental degradation but also brings economic benefits to farmers. Consequently, the market for these fertilizers is poised for significant growth during 2023-2030.
| Speciality Type | |||||
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| Liquid Fertilizer | |||||
| SRF | |||||
| Water Soluble |
| Application Mode | |
| Fertigation | |
| Foliar | |
| Soil |
| Crop Type | |
| Field Crops | |
| Horticultural Crops | |
| Turf & Ornamental |
Need A Different Region Or Segment?
Vietnam Specialty Fertilizer Market Size Summary
The Vietnam specialty fertilizer market is experiencing a steady growth trajectory, driven by the increasing demand for advanced agricultural inputs to enhance crop productivity and quality. The market is characterized by a diverse range of products, including water-soluble, liquid, control-release, and slow-release fertilizers, each offering unique benefits to farmers. Water-soluble fertilizers, in particular, are gaining popularity due to their ability to provide tailored nutrient concentrations and cost savings through targeted application. The market's growth is further supported by the government's initiatives to reduce production costs and promote high-efficiency fertilizers, addressing challenges such as nutrient deficiencies and environmental sustainability. Despite the challenges posed by climate variability and past disruptions in international trade, the market is poised for expansion, with a focus on meeting export standards and adopting precision farming practices.
Vietnam's agricultural landscape is dominated by staple crops like rice and maize, with significant portions of land allocated to field crop cultivation. The country's diverse climate and topography support a wide array of crops, although there has been a decline in the area dedicated to field crops in recent years. The demand for specialty fertilizers is bolstered by the need to enhance crop yields and quality, particularly in regions like the Mekong Delta, which is a key agricultural hub. The market is moderately consolidated, with major players such as Baconco and Yara International ASA leading the industry. As Vietnam continues to strive for agricultural stability and increased productivity, the specialty fertilizer market is expected to grow, driven by the rising need for effective nutrient management solutions.
Vietnam Specialty Fertilizer Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Speciality Type
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1.1.1 CRF
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1.1.1.1 Polymer Coated
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1.1.1.2 Polymer-Sulfur Coated
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1.1.1.3 Others
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1.1.2 Liquid Fertilizer
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1.1.3 SRF
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1.1.4 Water Soluble
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1.2 Application Mode
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1.2.1 Fertigation
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1.2.2 Foliar
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1.2.3 Soil
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1.3 Crop Type
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1.3.1 Field Crops
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1.3.2 Horticultural Crops
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1.3.3 Turf & Ornamental
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Vietnam Specialty Fertilizer Market Size FAQs
How big is the Vietnam Specialty Fertilizer Market?
The Vietnam Specialty Fertilizer Market size is expected to reach USD 162.97 million in 2024 and grow at a CAGR of 3.64% to reach USD 201.97 million by 2030.
What is the current Vietnam Specialty Fertilizer Market size?
In 2024, the Vietnam Specialty Fertilizer Market size is expected to reach USD 162.97 million.
