Market Trends of vietnam biofertilizer Industry
This section covers the major market trends shaping the Vietnam Biofertilizer Market according to our research experts:
Mycorrhiza is the largest Form
- The biofertilizer market in the country grew by 2.1% during the historical period (2017-2021). The limited growth of the biofertilizer market in the country is mainly attributed to the limited increase in overall organic cultivation area, which increased by 3.2 thousand hectares between 2017 and 2021. However, the market value of biofertilizers is anticipated to increase by about 71.6% by the end of the forecast period.
- The consumption of mycorrhiza-based biofertilizers is dominant in the country, accounting for about USD 143.7 thousand in 2022. The dominance of these biofertilizers is because the mycorrhizal association has the potential to boost phosphorus, other nutrients, and water absorption from the soil, supporting plant growth and development and increasing yield by about 30-50%. Even though mycorrhiza dominates the market, Rhizobium-based biofertilizers are anticipated to increase faster than other biofertilizers during the forecast period.
- The consumption of biofertilizers is dominant in fruit and vegetable crops, accounting for about USD 133.9 thousand in 2022. The domination of horticultural crops is mainly due to their large cultivation area in the country, i.e., about 59.4% of the total organic crop area in 2021.
- There is a huge demand for organic products in domestic and international markets. The overuse of chemical fertilizers is one of the major challenges in the country. The Vietnamese government authorities are promoting sustainable or organic cultivation practices through various schemes or programs by providing incentives for biofertilizers, which may drive the market during the forecast period.
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