Increasing investment in the agricultural industry is driving the growth of the Vietnam Pesticides Market, in the forecast period, 2023-2027F. According to TechSci report on, “Vietnam Pesticides Market – By Region, Competition Forecast & Opportunities, 2027”. Vietnam pesticides market has shown promising growth in historical years until 2021 and is expected to continue its growth in forecast years 2023 to 2027.
The Important Aspects of the Vietnam Pesticides Market
Vietnam pesticides market owes its growth to the factors like surging demands for higher yields of food crops. Increasing demand for food security due to growing population of the country further drives the growth of the Vietnam pesticides market in the upcoming five years. Moreover, due to the harsh impacts of COVID-19, there is an inclination toward sustainability and environmental solutions such as biologicals for advancing crop production that supports the growth of the Vietnam’s pesticides market in the next five years. Concerns like declining arable land, the need for augmented agricultural productivity, and increasing new pests & insect populations destroying the forest as well as the agricultural lands in the country influence the growth in the demands of pesticides and thereby substantiate the growth of the Vietnam pesticides market in the future five years.
Rising awareness among the citizen regarding excessive usage of chemically infused fertilizers has increased the demand for biological & organic products. Chemically infused pesticides affect agricultural lands and nearby water bodies drastically. Ill-effects of chemically infused pesticides include rain run-offs, water-bodies pollution, soil quality degradation, depletion of soil nutrients, marine deaths, and health issues concerns for the human population. The common population is actively demanding healthier alternatives and organic food products that aid advancements in pesticides, thereby aiding the growth of the Vietnam pesticides market in the forecast years through 2027.
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The Vietnam’s pesticides market segmentation is based on type, form, product type, crop type, source, competitional landscape, and regional distribution. Based on type, the market is further segmented into herbicides, insecticides, fungicides, and others. Herbicides have active ingredients such as glyphosate, dicamba, 2,4-D, and others. Insecticides have active ingredients like dimethoate, cypermethrin, lambda-cyhalothrin, and others. Fungicides have active ingredients like propiconazole, epoxiconazole, tebuconazole, and others.
By form, the market is differentiated between liquid and dry form. The dry form may hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the feasibility of the dry forms of pesticides if easily soluble in water and can be applied with convenience. Moreover, dry forms of pesticides have a longer shelf life, thus helping small farmers in managing their investments in the crops. The liquid form may also hold significant shares due to the ease of application of the liquid form. Easy sprayable products are flooding the market and aiding market growth.
Based on product type, the market is distinguished between chemicals and organic. Organic products may rapidly grow and register the fastest growing CAGR due to increasing demands from the farmers, concerned with degrading soil & agricultural land properties.
By crop type, the market is bifurcated into oilseeds & pulses, grains & cereals, fruits & vegetables, and others. Based on the source, the market is divided between domestic and import.
A partial list of major market players in the Vietnam Pesticides market includes :
- Pesticides Joint Stock Company Vietnam (VIPESCO)
- Can Tho Fertilizer & Chemical Joint Stock Company
- Baconco Vietnam Co., Ltd.
- Isagro Vietnam Co. Ltd.
- BASF Vietnam Company Limited
- Vietnam Fumigation Joint Stock Company
- Phu Nong Co., Ltd
- UPL Vietnam Co., Ltd.
- Bayer Vietnam
- Syngenta Vietnam Ltd.
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“Vietnam forestry & agricultural sector has expanded rapidly in the last decade. Government efforts to regreen the country due to national policies and targets for afforestation and rehabilitating the forests further added to the evolving greenery in the country. With agricultural growth, pests, and disease threats to the agricultural land & forests are major concerns. Growing instances of pest infections & diseases in the plant due to evolving new pests & diseases that are resistant to the traditional crop protection products and methods further aid the demands for advanced and evolved pesticides that drives the Vietnam pesticides market in the future. Moreover, the total number of new or emerging insect & pest species and pathogens increased from 2 in 2011 to 17 in 2020. New market players may focus on the product and understanding the demand for forest lands & agricultural lands. By improving nursery hygiene by adopting silvicultural practices that reduce physical damage to trees, selecting resistant genotypes, and strengthening national biosecurity along with the product development that the new market entrants can explore to establish their brands. The government-provided funding would also support the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Pesticides Market By Type (Herbicides {Glyphosate, Dicamba, 2,4-D, Others}, Insecticides {Dimethoate, Cypermethrin, Lambda-Cyhalothrin, Others}, Fungicides {Propiconazole, Epoxiconazole, Tebuconazole, Others}, Others), By Form (Liquid v/s Dry), By Product Type (Chemical v/s Organic), By Crop Type (Oilseeds & Pulses, Grains & Cereals, Fruits & Vegetables, Others), By Source (Domestic v/s Import), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam Pesticides market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Pesticides market.
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