Vietnam Biofertilizer Market to Grow at 8.74% During 2024-2032, Propelled by Increasing Demand for Organic Products

December 14, 2023 | Agriculture

According to the latest report by IMARC Group, titled “Vietnam Biofertilizer Market Report by Form (Azospirillum, Azotobacter, Mycorrhiza, Phosphate Solubilizing Bacteria, Rhizobium, and Others), Crop Type (Cash Crops, Horticultural Crops, Raw Crops), and Region 2024-2032,” finds that the Vietnam biofertilizer market is anticipated to exhibit a CAGR of 8.74% during the forecast period (2024-2032). Biofertilizer is a natural and eco-friendly alternative to chemical fertilizers used in agriculture. It generally consists of living microorganisms, such as bacteria, fungi, and algae, that enhance soil fertility and plant growth by fixing atmospheric nitrogen, solubilizing nutrients, and promoting nutrient uptake by plants. Biofertilizers contribute to sustainable agriculture practices by improving soil health, enhancing crop yields, and reducing the environmental impact of farming. They also help reduce the dependence on synthetic fertilizers, which can have harmful effects on the environment and human health when overused. At present, biofertilizers find extensive applications in organic farming and integrated nutrient management systems across the globe, offering a more sustainable and environmentally friendly approach to enhancing soil fertility and crop productivity.

Vietnam Biofertilizer Market Trends:

The heightening awareness of sustainable agricultural practices and the desire to reduce the environmental impact of farming, leading to a greater demand for biofertilizers, represents the primary factor driving market growth. Apart from this, several favorable government initiatives and incentives promoting organic and eco-friendly farming methods across the country have catalyzed market growth. Additionally, the rising need to improve soil health, enhance crop yields, and reduce the use of chemical fertilizers has accelerated the adoption of biofertilizers by Vietnamese farmers, thereby fostering market growth. Besides this, the expanding agricultural sector and the escalating demand for high-quality, pesticide-free produce are other major growth-inducing factors. Moreover, ongoing technological advancements and research in biofertilizer formulations and production methods are propelling market growth. Furthermore, the increasing collaborations between government agencies, agricultural institutions, and biofertilizer manufacturers are contributing to market growth. Other factors, including rising government support for research and development (R&D) in the biofertilizer sector, escalating concerns about soil degradation and depletion of essential nutrients, and growing demand for organic and chemical-free agricultural products in both domestic and international markets, are also anticipated to drive the market further.

Market Summary:

  • Based on the form, the market has been categorized into azospirillum, azotobacter, mycorrhiza, phosphate solubilizing bacteria, rhizobium, and others.
  • On the basis of the crop type, the market has been segregated into cash crops, horticultural crops, and raw crops.
  • Region-wise, the market has been divided into Northern Vietnam, Central Vietnam, and Southern Vietnam.
  • The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Form
  • Crop Type
  • Region
Forms Covered Azospirillum, Azotobacter, Mycorrhiza, Phosphate Solubilizing Bacteria, Rhizobium, Others
Crop Types Covered Cash Crops, Horticultural Crops, Raw Crops
Regions Covered Northern Vietnam, Central Vietnam, Southern Vietnam
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Vietnam Biofertilizer Market to Grow at 8.74% During 2024-2032, Propelled by Increasing Demand for Organic Products
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