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Fertilizers are one or more nutrients necessary for the growth and development of plants, and about 30-50% of the increase in crop yield is attributed to the use of fertilizers. Fertilizers include nitrogen, phosphorus, potash and compound fertilizers, among other types, and are mainly used in agricultural production.
Agriculture plays an important role in most Southeast Asian countries. According to CRI's analysis, Southeast Asia is an important producer and supplier of crops worldwide, with 85% of the world's palm oil, 75% of natural rubber and 31% of rice coming from the region. For example, Vietnam is more developed in agriculture and plans to become one of the 15 most developed agricultural countries in the world in 2030. In 2022, Vietnam's agricultural exports reached US$53.22 billion, up 9.3% year-on-year, and its gross agricultural product grew 3.36% year-on-year, contributing 5.11% to GDP growth. Fertilizer is an important production factor for crop cultivation, and the development of agriculture in Southeast Asia has driven the growth of its fertilizer industry.
The fertilizer industry in Southeast Asia has some disparity in the degree of development in different countries. According to CRI's analysis, some Southeast Asian countries have a more developed fertilizer industry. In Thailand, for example, the plantation industry is the main economic pillar of Thailand, which grows a large number of crops such as oil palm, rubber trees, sugar cane and rice, and farmers need to apply enough fertilizers to maintain crop yields, with only one blooming oil palm requiring 8.3 kg of various types of fertilizers per year. To meet domestic demand, Thailand needs about 5 million tons of fertilizers per year, and the market size of the fertilizer industry is large.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of nearly 700 million by the end of 2022, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$79,000 in 2022. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2022. The population and minimum wage levels of each country also vary greatly. Brunei, which has the smallest population, will have a total population of less than 500,000 people in 2022, while Indonesia, which has the largest population, will have a population of about 280 million people in 2022.
CRI expects the Southeast Asian fertilizer industry to continue to grow from 2023-2032.
Topics covered:
- Southeast Asia Fertilizer Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Southeast Asia Fertilizer Industry?
- Which Companies are the Major Players in Southeast Asia Fertilizer Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Southeast Asia Fertilizer Industry
- What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Fertilizer Industry during 2023-2032?
- What is the Expected Revenue of Southeast Asia Fertilizer Industry during 2023-2032?
- What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
- What are the Competitive Advantages of the Major Players in Southeast Asia Fertilizer Industry Market?
- Which Segment of Southeast Asia Fertilizer Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Southeast Asia Fertilizer Industry?