Market Trends of vietnam specialty fertilizer Industry
This section covers the major market trends shaping the Vietnam Specialty Fertilizer Market according to our research experts:
Water Soluble is the largest segment by Speciality Type.
- Water-soluble fertilizers accounted for a share of 52.4% of the total specialty fertilizers used in the country. The Vietnamese water-soluble fertilizer market was valued at USD 271.8 million in 2021, with a volume consumption of 485.8 thousand metric ton, due to the ease of application through micro-irrigation systems.
- The market has seen a slightly decreasing trend since 2017. The market dip in 2018 was associated with floods and landslides in the Northern region of Vietnam, which destroyed around 1,203 ha of crops. The international trade disruptions and demand drop in 2020 due to the COVID-19 lockdown caused a decreasing trend after 2019. However, the volume consumption of specialty fertilizers stayed constant at 1.4 million metric ton over the years.
- Liquid fertilizers take the second position in consumption, accounting for 46.6% of the total specialty fertilizers consumed in the country, with a market value of USD 242.0 million and a volume of 459.3 thousand metric ton in 2021. This segment was followed by controlled-release fertilizers and slow-release fertilizers, with a share of 0.65% and 0.21%, respectively.
- These CRFs and SRFs generally release the nutrients in a paced manner and make the nutrients available to the crops throughout the season, depending on various soil factors. This nature of CRFs and SRFs reduces the amount of fertilizer applied to the soil, helps in reducing environmental degradation, and offers economic benefits to farmers.
- Hence, the market for specialty fertilizers is anticipated to grow due to the efficiency of these fertilizers.
Understand The Key Trends Shaping This Market
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