Fertilizer industry – Big players looking to expand NPK share as Urea market saturates
- Overall, the domestic fertilizer industry has entered a saturation phase as the cultivated land area continues to shrink and production capacity remains overcapacity. 2024 is forecast to be a stable year for the fertilizer industry as there is little room for growth in sales prices and consumption volume.
- The Draft Amendment to the VAT Law is a highlight and is expected to help domestic fertilizer manufacturers compete better with imported fertilizers due to reduced costs.
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