Overuse of nitrogen fertilizers which has led to deficiency of other macro nutrients in the soils of Vietnam has encouraged the government to support use of potash fertilizers in the country.
The consumption of fertilizers in Vietnam has been growing at a CAGR of 3.4% during 2006-2012 as the government struggles to fulfill the goal of food security for the growing population of the country. The fertilizer sector has been one of the most resilient sectors even during the economic downturn making it one of the most profitable sector for the fertilizer companies. The fertilizer industry of the country is concentrated with majority of the supply being done by two giants namely Petrovietnam Group and Vietnam National Chemical Group with most of the companies being affiliated to these two groups. Majority of the fertilizer firms in the country have focused on production of nitrogen and phosphate fertilizers. Nitrogen fertilizers contributed more than half of the overall consumption of fertilizers in the country in 2012.
However with the government now focusing on the concept of balanced fertilization, the consumption of potash fertilizers is expected to grow in the coming years 2013-2017. The consumption of potash fertilizers in expected to grow at a CAGR of 5.3% during 2012-2017 which would be the fastest growing as compared to the other macronutrients such as nitrogen and phosphate fertilizers thereby driving the growth of fertilizer industry in the country. The two major potash fertilizers used in the country are potassium chloride and NPK fertilizer both of which are exhibited to witness a favorable growth of 5.5% and 5.1% during 2012-1017.
“Majority of the potash fertilizers are imported in the country with the imports in the country growing at a CAGR of 8.2% during 2006-2012. The largest amount of potash imports was from Belarus in 2012 which reached 233,444.0 tons” – According to the research report ‘Vietnam Fertilizer Industry Outlook to 2017 - Government Initiatives to Enhance NPK Complex Fertilizer Growth’ by Ken Research.
Government funded initiatives such as Balanced Fertilization for better crops in Vietnam (BALCORP) would drive the growth of potash fertilizers in the country. The consumption of potash fertilizers would reach ~ thousand tons nutrients growing at a CAGR of 5.3% during 2012-2017.
The report provides detailed overview on the fertilizer market in Vietnam and help reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, fertilizer companies and marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.
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