Production of Complex Fertilizers in Vietnam is Expected to Grow at Healthy CAGR of 4.0% during 2017-2022: Ken Research
Vietnam Complex (NPK) Fertilizer Market by Region (Northern, Southern and Central), by product form (Granulated/Fused or Blended), by type (two or three nutrients), by crops (cereals, oilseeds, fruits & vegetables and others), by grade (NPK 16-16-8, NPK 20-5-5, NPK 7-7-14, NPK 12-5-10, NPK 15-15-15 and Others), company profile of major players including Binh Dien Fertilizer, Lam Thao Fertilizers and Chemicals, The Southern Fertilizer Company, Japan Vietnam Fertilizer Company, Baconco Group, Can Tho Fertilizer and Chemical, Van Dien FMP Fertilizer, Ninh Binh Phosphate Fertilizer, Five Star International Group, General Materials Biochemistry Fertilizer.
- Net irrigated area in Vietnam is expected to rise from 68.7 million hectares in 2017 to 74.7 million hectares by 2022.
- Vietnam’s food grain production is expected to grow at a CAGR of 1.3% during 2017-2022 from 621.1 million MT in 2017 to 663.2 million MT by 2022.
Ken Research in its latest study, Vietnam Complex (NPK) Fertilizer Market Outlook to 2022 – NPK 16-16-8 will Continue to be Widely Used Complex Fertilizer suggested that NPK 16-16-8 was the most widely used complex fertilizer in Vietnam, recording fastest growth during the last 5 years. Going forward, utilization of NPK 16-16-8 and NPK 20-5-5 are most likely to remain strong owing to balanced nutrient composition and comparatively cheaper prices.
Average selling prices of NPKs are most likely to improve 2018 onwards owing to recovery in agricultural commodities’ prices. Complex fertilizers market is anticipated to grow at a CAGR of 3.4% in next 5 years.
Vietnam Complex (NPK) Fertilizer Market
In 2015, Ministry of Agriculture issued Action Plan for “Achieving Zero Growth of Fertilizer Use by 2020”. The Chinese government intends to achieve zero growth in volume of use of fertilizers and maximize the utilization of the same. By 2020, it hopes to reduce fertilize usage on its fruits, vegetables and tea crops by 50%. Vietnam plans to replace chemical fertilizers with organic nutrients that are usually sourced from the decomposition of organic materials like animal manure, compost, and crop residue. The government is encouraging use of organic fertilizers by providing subsidies and tax incentives. However, the success of organic fertilizers replacing chemical fertilizers on a large scale has not been seen yet. Amidst efforts to achieve zero growth in overall fertilizer usage, nitrogen fertilizers in Vietnam are increasingly being replaced by complex fertilizers. However, despite the growing adoption by farmers, much of the domestic NPK production is of low quality.
Growing emphasis on improving fertilizer quality, curbing soil pollution, better land management practices and urgent need to improve agricultural productivity is expected to augment the demand for complex fertilizers in Vietnam, according to Analyst at Ken Research.
For more information on the research report, refer to below link:
https://www.kenresearch.com/agriculture-and-animal-care/crop-protection/vietnam-npk-sales-research-report/143971-104.html
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