Market Size of Southeast Asia Fertilizer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.77 Billion |
| Market Size (2029) | USD 12.69 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Fertilizer Market Analysis
The Southeast Asia Fertilizer Market size is estimated at USD 10.77 billion in 2024, and is expected to reach USD 12.69 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
Due to the shortage of labor and the shutdown of fertilizer plants located in the integrated chemical complexes, shipments were affected in the initial lockdown process. The shortage of fertilizers in countries like Myanmar, which is highly dependent on imports, was highly impacted due to the pandemic. The prices of imported fertilizer skyrocketed all over the country.
Agriculture forms the major sector in the national economy of most of the countries in the Southeast Asian region. As these countries are expanding the sector through diversification of agriculture and extensive multiple cropping programs, the demand for agricultural fertilizers has continued to grow.
Some countries, endowed with raw material resources, like natural gas, developed and expanded their production facilities, whereas some still continue to depend on imports from neighboring countries in the region and beyond. Urea fertilizer production has been the dominant sector in the fertilizer industry of Southeast Asia, the main reason being the availability of large natural gas resources.
Vietnam and Indonesia are among the largest consumers of urea in Southeast Asia. Consumption growth is mainly driven by urea demand as a direct application fertilizer. According to the FAO, there is a significant rise in the production of Urea in Vietnam over the past few years. For instance, in 2016, urea production was recorded at 2,033.7 thousand metric tons and increased to 2,425.1 thousand metric tons by 2018. However, due to the negative impact of weather on Vietnam agriculture, there was a slight decline in the growth of urea consumption in 2020.
