Vietnam Fertilizer Industry Research Report 2024-2033

Vietnam Fertilizer Industry Research Report 2024-2033

Agriculture plays an important role in Vietnam's economy. The agricultural population accounts for more than 50% of Vietnam's total population, and arable land and forestland account for 60% of Vietnam's total land area. According to CRI's analysis, Vietnam's annual fertilizer exports have exceeded 3 million tons in recent years, while fertilizer imports have also exceeded 1 million tons.

According to CRI's analysis, Vietnam's fertilizer market concentration is low, with local companies accounting for about 70% of the market share. Based on the overall revenue of the Vietnam fertilizer market in 2023, the top five companies together account for approximately 30% of the market. Major fertilizer manufacturers in the Vietnamese market are adopting various strategies, such as expanding production capacity and finding more distributors, to increase their market share.

The main types of chemical fertilizers exported by Vietnam are ammonium sulfate, diamine phosphate, nitrogen, phosphorus and potassium, etc. Cambodia, India, Indonesia, South Korea, Malaysia, the Philippines and other countries are the main export markets for Vietnamese fertilizers. At the same time, Vietnam imports more than 4 million tons of fertilizers every year, of which ammonium sulfate imports the largest amount. According to CRI's analysis, China is currently Vietnam's largest fertilizer supplier, accounting for nearly 45% of Vietnam's total fertilizer imports. In addition, Russia, Israel, Laos, Canada and other countries are also the main import sources of fertilizers in Vietnam.

According to CRI's analysis, although COVID -19 has had a certain impact on Vietnam's economy, Vietnam's fertilizer industry still showed a growth trend during the epidemic, and its fertilizer output increased by 5.2% and 3.5% respectively in 2020-2021. In addition, although the supply chain and logistics were disrupted during the epidemic, the export and import volume of fertilizers still showed an overall upward trend. Vietnam's fertilizer imports will reach 4.116 million tons in 2023, a year-on-year increase of 21.3%.

But in 2023, due to oversupply in the global fertilizer industry, fertilizer prices have fallen, and fewer foreign orders have led to a decline in Vietnam's fertilizer exports. However, as a net importer of fertilizers, Vietnam has experienced lower fertilizer prices in the process. China has also benefited. In 2023, Vietnam's fertilizer import volume increased by 21.3% year-on-year, but the import value dropped by 12.8% year-on-year.

CRI predicts that with the development of Vietnam's agriculture and planting industry, Vietnam's chemical fertilizer imports will gradually increase in the next few years. CRI predicts that Vietnam's fertilizer imports will reach 6.83 million tons by 2033, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2033.

Topics covered:

• Overview of Vietnam's Fertilizer Industry
• Economic environment and policy environment for fertilizers in Vietnam
• Vietnam fertilizer market size from 2019 to 2023
• Analysis of major Vietnamese fertilizer manufacturers
• Main driving forces and market opportunities of Vietnam’s fertilizer industry
• What are the main drivers, challenges and opportunities for Vietnam's fertilizer industry during the forecast period 2024-2033?
• What is the expected revenue of Vietnam Fertilizer market during the forecast period 2024-2033?
• What strategies are adopted by the key players in the market to increase their market share in the industry?
• Which segment of the Vietnam Fertilizer Market is expected to dominate the market in 2033?
• Vietnam Fertilizer Market Forecast from 2024 to 2033
• What are the main negative factors facing Vietnam’s fertilizer industry?