Vietnam Nematicide Market Size Almost Doubles at CAGR of 10.4% During Forecast Period 2023–2029

Published | 21 February 2023

Vietnam nematicide market is flourishing because of the government’s increasing focus on improved crop yields to ensure food security and controlling growing incidences of plant-parasitic nematodes.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam nematicide market size at USD 18.02 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam nematicide market size to grow at a significant CAGR of 10.36% reaching a value of USD 35.55 million by 2029. Major growth factors of Vietnam nematicide market include increasing environmental concerns worldwide, growing demand for food security and improved crop yields and increasing incidence of plant-parasitic nematodes. Rising consumer preference for organic food products. The market is growing at a fast rate as a result of the rising trend of bio-nematicides brought on by the push for the adoption of sustainable agricultural methods. The market is further influenced by the increased focus on integrated pest management strategies and government funding for the creation of bio-nematicides as alternatives to traditional synthetic pesticides. Also, the market for nematicides is positively impacted by the growth in pollution cases, increasing demand for high-value crops, increased usage of various biological products, rising environmental concerns, and agricultural losses from pest infestations. Likewise, the market players will have lucrative prospects because to the rise in demand for customized solutions targeted at certain pests and the use of biological to gain traction during the forecast period. However, environmental concerns are anticipated to restrain the overall market growth.

Vietnam Nematicide Market – Overview

Chemical substances called nematicides are employed to manage parasitic worms like threadworms and roundworms. They are among the most widely used pesticides on the planet and have been used for ages in various forms. Nematocides is another name for nematicides. Nematicides are normally administered equally across a field, however the distribution and population density of plant-parasitic nematodes are not. In addition, nematicide, a kind of chemical pesticide, is employed to eradicate worms that parasitize plants. Nematicides have a history of being highly volatile, broad-spectrum poisons that promote soil mobility. A carbamate insecticide called aldicarb (Temik) is primarily utilized in commercial nematicide. Nematicides, which are chemically produced substances that kill or harm nematodes, are another option. These products enable nematicidal or metastatic effects against nematodes. Nematicidal substances are extremely poisonous and kill exposed worms, whereas metastatic substances impede or delay the hatching of nematode eggs rather than killing nematodes.

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Impact of COVID-19 on Vietnam Nematicide Market

COVID-19 had a detrimental impact on the market for nematicides. Lockdown restrictions imposed in Vietnam caused supply chain interruptions, which in turn upset the parties involved in the delivery of goods to the intended locations. Production efficiency has decreased as a result of factors including a workforce scarcity and a restricted supply of raw materials.

Vietnam Nematicide Market – By Crop

Based on crop, Vietnam nematicide market is divided into Vegetable, Field Crops, and Fruits segments. The vegetables segment is expected to hold the highest market share due to the increasing rates of nematode infection on several vegetables, including carrots, potatoes, and tomatoes. Roots that have been infected by nematodes become deformed and injured, which lowers the product's quality and yield. Nematodes also intensify the negative effects of bacteria and fungi. Therefore, to cure nematodes and prevent product losses, vegetable crop growers utilize nematicide treatments. In the upcoming years, demand for bio-based nematicide products is anticipated to increase due to farmers' growing preference for growing organic fruits, vegetables, and grains. Similarly, the fruit segment is expected to witness growth during the forecast period due to the potential presence of plant-parasitic nematodes on the roots and leaves of fruit crops. In fruit orchards, a number of nematode species are known to produce severe root necrosis, which has a considerable negative impact on the economy. Citrus, burrowing, and root-knot nematodes are the three main nematode pests that attack different types of fruit crops. Nematode control is crucial for producing fruit with excellent yields and quality, which further fuels the expansion of Vietnam nematicide market.

Competitive Landscape

Major players operating in Vietnam nematicide market include BASF SE, Isagro S.p.A, Corteva Agriscience, Syngenta AG, Bayer AG, UPL Limited, American Vanguard Corporation, Nufarm, FMC Corporation, Chr. Hansen, and Adama Agricultural Solutions Ltd. 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 Vietnam Nematicide 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 Nematicide Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Nematicide 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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