According to the report analysis, ‘Vietnam Fertilizer Comprehensive Reports Q1/2020’ states that in the Vietnam fertilizer market there are several companies which presently working more progressively for leading the fastest market growth and registering the handsome value of market share around the globe during the forthcoming years while delivering the better consumer satisfaction, decreasing the linked prices, increasing the applications of the fertilizers, advancing the features of production technologies, employing the young workforce and implementing the profitable strategies includes Phu My Fertilizer Plant-Petro Vietnam Fertilizer and Chemicals Corporation, Ca Mau Petroleum Fertilizer Joint Stock Company, Binh Dien Fertilizer Joint Stock Company, Lam Thao Fertilizers and Chemicals Joint Stock Company, Ha Bac Nitrogenous Fertilizer & Chemicals Joint Stock Company, Quang Binh Import Export Company, Southeast Petrovietnam Fertilizer and Chemicals Corporation, Southwest Petrovietnam Fertilizer and Chemicals Corporation, Central Petrovietnam Fertilizer and Chemicals Corporation, North Petrovietnam Fertilizer and Chemicals Corporation and several others.
In addition, during the recent years, the export volume of urea has augmented continuously, majorly from regions in West Asia and East Asia. China and the USA are amongst the foremost import and export regions. China and some exporting economies of the Potassium in North America and Eastern Europe register the worldwide fertilizer trade. Fertilizer prices tend to fall in 2019.
Across Vietnam during 2019, the import output reached thousand tons and down as compared to the same duration in 2018. Although the additional domestic production meets domestic NPK requirement, shortage of great excellence NPK. In 2019, NPK imports plummeted steadily compared to 2018, Urea imports plummeted at a stable rate over the similar period owing to the unremitting cessation of imports in July and August owing to weak requirement and high inventories. DAP imports in Vietnam have been continuously deducting, a reduction as compared to the same duration in 2018. Potassium and SA are the most imported fertilizers owing to the Vietnam cannot introduce them, so it depends wholly on the imported sources.
Furthermore, the foremost technological innovations across the industry, along with growing requirement for the bio-based and micro nutrient fertilizers are expected to influence the market. However, the regulatory and environmental constraints and great production costs are probable to perform as the drawbacks in the industry. Whereas, the technology progress across the world, which functions with modern environmental issues, entices attention to the agriculture and makes the domain of fertilizers technology the cornerstone for the industrial advancement.
The worldwide populace is augmenting at a speedy rate. This increasing the population is adding to the food requirement. Supplying food to this increasing populace has become a threat. On the other hand, the arable land is decreasing, owing to the industrialization and urbanization. Fertilizers have been effectively utilized for a long time to augment the productivity of crops.
Not only has this, due to the effective growth in the concern over the present pattern of fertilizer usage, with the heavy reliance on nitrogenous fertilizer, coupled with the poor nutrition management, shortage of the complementary inputs, decreasing soil fertility, and feeble marketing and dissemination systems, have all appeared as foremost restraints to advance the fertilizer effectiveness across the region. These concerns have provided a method to bio fertilizers and micro nutrient fertilizers to increase and propel the fertilizer market in the region. Therefore, in the near years, it is predicted that the market of fertilizer will increase more actively across the region over the coming future.
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Ankur Gupta, Head Marketing & Communications