Market Trends of vietnam fertilizers Industry
This section covers the major market trends shaping the Vietnam Fertilizers Market according to our research experts:
Field Crops is the largest segment by Crop Type.
- The overall fertilizers market in the country is estimated to register a CAGR of 4.08% during the forecast period. The growing demand for Asian cuisine and healthy eating, coupled with favorable climatic conditions, are driving the segment's growth.
- By crop type, field crops dominated the market by 81.6%. Despite the decrease in the area under field crop cultivation, the country is witnessing strong growth in yield, which is demanding more fertilizer during the study period.
- Crops such as rice, peas, and soybeans are some of the major field crops cultivated in the country. In 2022, the agriculture and rural development sector set a target of 48.3 million ton of grain food production. Particularly for rice, with intensive farming to increase productivity to reach an output of 43-43.9 million ton, the market for field crops in the country is anticipated to grow during the forecast period.
- The country held around 35,000 ha of specialized cultivation of ornamental plants and
flowers, excluding small-scale household farms in 2021, which is driving the market.
Geographical location, soil conditions, and climate, coupled with less land, water, and fertilizer requirement, provide high economic efficiency for farmers.
- The free trade agreement between the European Union and Vietnam for horticultural crop export, which would go into effect in 2023, is further anticipated to boost the segment's growth during the forecast period. Hence, with the increased market attractiveness coupled with rising demand, the demand for fertilizer is anticipated to grow substantially.
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