Increasing investment in 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. Vietnam pesticides market owes its growth to the factors like surging demands for the higher yields of the 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 harsh impacts of COVID-19, there is an inclination toward sustainability and environmental solutions such as biologicals for advancing the crop productions that supports the growth of the Vietnam pesticides market in the next five years. Concerns like declining arable land, need for augmented agricultural productivity, increasing new pests & insect populations destroying the forest as well as the agricultural lands in the country influences the growth in the demands of pesticides and thereby substantiates 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 demands for biological & organic products. Chemically infused pesticides affect the 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 issue concerns for human population. The common population is actively demanding healthier alternatives, and organic food products that aids advancements in the pesticides, thereby aiding the growth of the Vietnam pesticides market in the forecast years through 2027.
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The Vietnam 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. Dry form may hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of feasibility of the dry forms of pesticides if easily soluble in water can be applied with convenience. Moreover, dry forms of the pesticides have longer shelf life, thus helping the small farmers in managing their investments in the crops. Liquid form may also hold significant shares due to ease of applications of the liquid form. Easy sprayable products are flooding the market and aiding the market growth.
Based on product type, the market is distinguished between chemicals and organic. Organic product may rapidly grow and register fastest growing CAGR due to increasing demands from the farmers, concerned toward degrading soil & agricultural land properties.
By crop type, the market is bifurcated into oilseeds & pulses, grains & cereals, fruits & vegetables, and others. Based on source, the market is divided between domestic and import.
A partial list of major market players of 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 last decade. With government efforts to regreen the country due 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 threat to the agriculture land & forests are major concerns. Growing instances of pest infections & diseases in 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 of the forest lands & agricultural lands. By improving nursery hygiene 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. Government provided fundings 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 Vietnam Pesticides market.
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