Vietnam Phosphate Market valued at 845.6 Kilo Tons in 2019 and is predicted to reach 1,045.9 Kilo Tons by 2030 with a CAGR of 2.8%

The Vietnam Phosphate Market was valued at 845.6 Kilo Tons in 2019 and is predicted to reach 1,045.9 Kilo Tons by 2030 with a CAGR of 2.8% from 2020-2030.

Phosphate is a chemical extracted from the phosphoric acid and is essential to plants, animals and human. It is one of the essential nutrients required for the growth of plants as it helps them capture energy from sun and increase their metabolism. With regards to humans, phosphate plays a crucial role in repairing damaged cells, and making the bones and teeth stronger. Also, it contains the properties of flexibility, softness, waterproof, resistance and clarity due to which it is widely used in various industries including food & beverages, agriculture and healthcare.

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Competitive Landscape

The Vietnam phosphate market consist of a few major players including Pho Binh Trading Co., Ltd., TAN LONG CHEMICAL INDUSTRY JOINT STOCK COMPANY, Apatite Vietnam, DAP2 VINACHEM JSC, GNG Industry and Construction Joint Stock Company, Haphar Co, LTD., ALTA Group, Song Long Fertilizer Company Ltd., Viet Nam Chemical-Pharmaceutical JSC and OCIC CHEMICALS.

Market Dynamics and Trends

Vietnam is one of the fastest growing countries in the world and its economy is mainly dependent on industries such as food, agriculture and textile. The phosphate market in Vietnam shows significant growth due to the constant development in agriculture sector. Agriculture contributes 14% of the country’s economy and this is attributed to factors such as rising demand of agricultural outputs for manufacturing various products such as cloths, bags, food items and wood products along with the presence of fertile agricultural land. Moreover, industrial growth in the country also fuels the growth of phosphate market as it is widely used in the production of toothpaste, fertilizer, detergents and in the processing of meat products. Growth of the phosphate industry in this country is also propelled by rapid urbanization and large scale investment on industrial infrastructure. Moreover, the ongoing trade war between China and the U.S. has pushed many manufacturing companies to pull out their facilities from China and move to South Asian countries especially in Vietnam. Therefore, it is expected that the industries in Vietnam would witness growth owing to increase in industrialization as a result of the migration of multinational companies in the countries. This in turn will boost the growth of Vietnam phosphate market.

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Market Segmentations and Scope of the Study:

The Vietnam phosphate market is segmented on the basis of type, resource, composition, application and end-user. On the basis of type, the market is categorized into organic and inorganic. On the basis of composition, the market is bifurcated into sedimentary marine deposit, weathered rock, biogenic, and others. On the basis of application, the market is divided into nutritional supplements, fertilizer, meat, carbonated soft drinks, and others. On the basis of end-user, the market is classified into food & beverages, agriculture, pharmaceutical, cosmetics, and others.

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