Report Overview

Vietnam Crop Protection Chemicals Market - Industry Trends & Forecast Report, 2029

Vietnam crop protection chemicals market size was estimated at USD 1.93 billion in 2022. During the forecast period between 2023 and 2029, the size of Vietnam crop protection chemicals market is projected to grow at CAGR of 4.85% reaching a value of USD 2.68 billion by 2029. Major growth drivers for 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.

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.

Vietnam Crop Protection Chemicals Market

Growth Drivers

Rise in Application of Biopesticides

With rising affluence, Vietnamese consumers are placing a greater emphasis on purchasing high-quality and healthful items, particularly organic ones. Because of the increased demand for organic products, farmers are converting their farmlands to organic, which necessitates the usage of biopesticides. Because of their greater application in rice production, bio-insecticides are the largest and fastest-growing segment of the biopesticides market in Vietnam. The International Rice Research Institute (IRRI) has previously recommended for a restriction on some insecticides in rice cultivation as part of its new Action Plan to prevent plant hopper damage to Asia's rice harvest, including Vietnam. All of this has resulted in an increase in the use of bioinsecticides. Resistance to chemical insecticides, as well as worries about the harmful effects of chemicals on the environment and human safety, have provided a strong impetus for the development of microbial control agents in integrated pest management in Vietnam.

Restraints

Pesticide Residue Problems

Pesticides are of particular concern because of their persistent nature, poisonous characteristics, bioaccumulation, lipophilicity, and negative effects on human health. These pesticides enter the human body via tainted fruits and vegetables. Cancers, birth defects, neurological diseases, endocrine disruption, and reproductive consequences are among the major health concerns associated with pesticide residue. The time of exposure and the toxicity of a pesticide influence the effect of a pesticide. There are two types of consequences that can occur: acute and chronic. Continuous monitoring of fruits and vegetables during farming is needed due to the potential health hazards connected with pesticide intake. Glyphosates, Difenoconazole, Imidacloprids, and Bifenthrin are some typical pesticides discovered in fruits and vegetables that are sold to customers.

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

Segmental Coverage

Vietnam Crop Protection Chemicals Market – By Type

By type, Vietnam crop protection chemicals market is segmented into Herbicides, Insecticides, and Fungicides. The herbicides segment is expected to hold the highest market share. Herbicides are compounds that kill or prevent the growth of undesirable plants. They are commonly employed in weed control, which aids in increasing agricultural yield and output quality. Herbicides have been shown to reduce soil erosion while increasing soil fertility and crop productivity. They are sometimes referred to as weed killers since they are used to manage or kill undesired vegetation. Herbicide use in agricultural areas may alter the composition of weed populations. 

Vietnam Crop Protection Chemicals Market – By Source

Based on source, Vietnam crop protection chemicals market is bifurcated into Natural and Biopesticide segments. The biopesticide segment is expected to hold a higher market share during the period in analysis. Because of their greater application in rice production, bio-insecticides are the larger and faster-growing segment of the biopesticides market in Vietnam. The International Rice Research Institute (IRRI) has previously recommended for a restriction on some insecticides in rice cultivation as part of its new Action Plan to prevent plant hopper damage to Asia's rice harvest, including Vietnam.

Vietnam Crop Protection Chemicals Market – By Form

Based on form, Vietnam crop protection chemicals market is bifurcated into Dry and Liquid segments. 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.

Vietnam Crop Protection Chemicals Market – By Application

Based on application, Vietnam crop protection chemicals market is divided into Foliar Spray, Seed Treatment, and Soil Treatment segments. The foliar spray segment dominates the market. The foliar spray is widely utilized for administering crop protection chemicals, but due to expanding demand for crop protection chemical-treated seeds, the seed treatment method of application is expected to be the fastest-growing market in the coming years.

Vietnam Crop Protection Chemicals Market – By Crop Type

Based on crop type, Vietnam crop protection chemicals market is divided into Cereals and Grains, Oilseeds & Pulses, and Fruits & Vegetables segments. The cereals and grains segment holds the highest market share. Pesticide demand is motivated by its ease of availability and effectiveness in pest management. According to a Ministry of Agriculture and Rural Development study, Vietnam spent USD 989 million on imported pesticides and materials in 2017, an increase of 36.4% over 2016. In Vietnam, paddy field rice agriculture accounts for around half of crop protection requirements. Major companies such as Sumitomo chemical offers crop protection range in Vietnam market that mainly includes paddy applications. As the second-largest rice exporting country after Thailand, its demand for paddy pesticides, in particular, is projected to grow appreciably which in turn will boost the growth of Vietnam crop protection market during the forecast period.

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.

Recent Developments

• In February 2022 - InBody released the BP 170 automatic blood pressure monitor, which allows users to self-record and manage vital health parameters at home.

• In February 2022 - AliveCor launched KardiaMobile Card, the slimmest, most convenient portable ECG gadget that fits neatly into any wallet and provides a medical-grade, single-lead ECG in 30 seconds.

​​​​​​​Scope of the Report

By Type

• Herbicides

• Insecticides

• Fungicides

By Source

• Natural

• Biopesticide

By Form

• Dry

• Liquid

By Application

• Foliar Spray

• Seed Treatment

• Soil Treatment

By Crop Type

• Cereals & Grains

• Oilseeds & Pulses

• Fruits & Vegetables

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Crop Protection Chemicals Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rise in Application of Bio pesticides is Driving the Market
         2. High Adoption of Pesticides in Grains & Cereals is Driving the Market
         3. Increasing in need for food security owing to the rise in population
      2. Restraints
         1. Pesticide residue problems
         2. Stringent government regulation
      3. Opportunities
         1. Organic farming and bio pesticides sectors are expanding quickly
      4. Challenges
         1. Environmental effects leading to modifications of regulatory practices
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Crop Protection Chemicals Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Herbicides
         2. Insecticides
         3. Fungicides
         4. Others
      2. By Source
         1. Natural
         2. Biopesticide
      3. By Form
         1. Dry
         2. Liquid
      4. By Application
         1. Foliar Spray
         2. Seed Treatment
         3. Soil Treatment
         4. Others
      5. By Crop Type
         1. Cereals & Grains
         2. Oilseeds & Pulses
         3. Fruits & Vegetables
         4. Others Crops
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Crop Protection Chemicals Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Vietnam Crop Protection Chemicals Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
   1. Adama Ltd
   2. BASF SE
   3. The Dow Chemical Company
   4. Bayer Cropscience AG
   5. Sumitomo Chemical Co., Ltd
   6. Bayer Crop Science
   7. Novozymes A/S
   8. UPL Ltd
   9. Baconco Vietnam
   10. Vipesco
   11. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumptions & Limitations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figure

Figure 1   Vietnam Crop Protection Chemicals Market Segmentation

Figure 2   Vietnam Crop Protection Chemicals Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2022

Figure 4   Vietnam Crop Protection Chemicals Market Share, By Type, By Value, 2019–2029

Figure 5   Vietnam Crop Protection Chemicals Market Share, By Source, By Value, 2019–2029

Figure 6   Vietnam Crop Protection Chemicals Market Share, By Form, By Value, 2019–2029

Figure 7   Vietnam Crop Protection Chemicals Market Share, By Application, By Value, 2019–2029

Figure 8   Vietnam Crop Protection Chemicals Market Share, By Crop Type, By Value, 2019–2029

List of Tables

Table 1     Vietnam Crop Protection Chemicals Market Size, By Type, By Value, 2019–2029

Table 2     Vietnam Crop Protection Chemicals Market Size, By Source, By Value, 2019–2029

Table 3     Vietnam Crop Protection Chemicals Market Size, By Form, By Value, 2019–2029

Table 4     Vietnam Crop Protection Chemicals Market Size, By Application, By Value, 2019–2029

Table 5     Vietnam Crop Protection Chemicals Market Size, By Crop Type, By Value, 2019–2029

Table 6     Adama Ltd Company Overview

Table 7     Adama Ltd Financial Overview

Table 8     BASF SE Company Overview

Table 9     BASF SE Financial Overview

Table 10   The Dow Chemical Company Overview

Table 11   The Dow Chemical Company Financial Overview

Table 12   Bayer Cropscience AG Company Overview

Table 13   Bayer Cropscience AG Financial Overview

Table 14   Sumitomo Chemical Co., Ltd Company Overview

Table 15   Sumitomo Chemical Co., Ltd Financial Overview

Table 16   Bayer Crop Science Company Overview

Table 17   Bayer Crop Science Financial Overview

Table 18   Novozymes A/S Company Overview

Table 19   Novozymes A/S Financial Overview

Table 20   UPL Ltd Company Overview

Table 21   UPL Ltd Financial Overview

Table 22   Baconco Vietnam Company Overview

Table 23   Baconco Vietnam Financial Overview

Table 24   Vipesco Company Overview

Table 25   Vipesco Financial Overview