Vietnam Crop Protection Chemicals Market Size Expands to Touch USD 2.7 Billion by 2029

Published | 14 February 2023

Vietnam crop protection chemicals market is flourishing because of an increasing need for food security owing to the population growth, growing popularity of bio pesticides, and high adoption of pesticides in grains and cereals.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam crop protection chemicals market size at USD 1.93 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam crop protection chemicals market size to grow at a significant CAGR of 4.85% reaching a value of USD 2.68 billion by 2029. Major growth factors of Vietnam crop protection chemicals market include increasing population, food security, limited agricultural land, and a rising need for increased crop production to boost crop yields. The surging demand for organic products that protect crops while not harming the environment and lands also supports the expansion of the Vietnam pesticides industry during the forecast period. Pesticides are chemical compounds that are used to kill pests or control pest reproduction in order to protect agricultural produce and livestock. Pests that attack farms can harm the quality and quantity of crop outputs, reducing farm productivity. The damage is frequently borne by farmers, resulting in food scarcity and financial hardship. Pests that must be removed include fungi, insects, and undesirable herbs. Additionally, the constantly increasing population puts enormous pressure on farmers to improve the productivity of agricultural farmlands and related equipment. As a result, advances in farming technology, combined with the use of agrochemicals (such as herbicides, insecticides, and pesticides) and adjuvants, serve as a critical answer to this problem. As a result, such factors are projected to drive demand for these chemicals in order to boost yields, thereby benefiting the market. However, pesticide residue problem and stringent government regulations are anticipated to restrain the overall market expansion.

Vietnam Crop Protection Chemicals Market – Overview

Crop protection chemicals give farmers with a low-cost method of increasing crop output and quality. They also make harvesting easier and ensure consistent supplies from year to year. Crop protection chemicals are classified into three types: insecticides, herbicides, and fungicides. Selective herbicides, for example, prevent the growth of weeds that might otherwise grow amid crops and compete for water, sunshine, and nutrients. Agriculture would be less efficient if crop protection chemicals were not used. The agriculture industry has seen an increase in awareness about the dangerous chemicals in pesticides and the necessity for producing sustainable chemicals from plant, mineral, animal, and bacterial sources, minimizing soil pollution and agricultural produce contamination. The future growth of the crop protection chemical market is heavily reliant on global agricultural standards harmonization and the implementation of sustainable farming techniques in emerging nations worldwide.

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Impact of COVID-19 on Vietnam Crop Protection Chemicals Market

COVID-19 had a detrimental impact on Vietnam crop protection chemicals market. To contain the COVID-19 pandemic, the Vietnamese government adopted various measures, such as social isolation, transportation restrictions, and the closure of non-essential service institutions. As the country adopted early actions and supportive regulations, the movement limitations had a minimal influence on the fertilizers market in Vietnam. As a result, aside from supply chain disruptions, there was no instability in Vietnam's fertilizer market. However, the market is expected to be driven by increased crop production area, increased land productivity, rising acceptance of novel farming practices, and increased area under organic farming.

Vietnam Crop Protection Chemicals Market – By Form

Based on form, Vietnam crop protection chemicals market is bifurcated into Dry and Liquid. The liquid segment held a higher market share. The increased demand for liquid crop protection chemical solutions, primarily in the foliar spray and seed treatment modes of application, is driving the liquid crop protection chemical market. They are also less expensive than solid formulations and can be simply blended with any other crop enhancer or protective agent, increasing demand. Suspensions, solutions, emulsifiable concentrates, microencapsulated suspensions, and aerosols are all examples of liquid pesticides. Crop protection chemical products in liquid form are chosen by both suppliers and end users. Liquid forms have a longer shelf life and are easier to handle, transport, and apply. They are also inexpensive, environmentally friendly, and long-lasting. Companies are investing in the technological development of liquid crop protection agents. Businesses are investing in the technological development of liquid crop protection agents. Crop protection chemicals in liquid form might be water-based, oil-based, polymer-based, or a combination of the three.

Competitive Landscape

Major players operating in Vietnam crop protection chemicals market include Adama Ltd, BASF SE, The Dow Chemical Company, Bayer Cropscience AG, Sumitomo Chemical Co., Ltd, Bayer Crop Science, Novozymes A/S, UPL Ltd, Baconco Vietnam, and Vipesco. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Vietnam Crop Protection Chemicals Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Crop Protection Chemicals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Crop Protection Chemicals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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