Report Overview

Vietnam plant growth regulators market is likely to be driven by increased demand from the organic food and textile industries. Cotton is an important raw material for the textile industry, and plant growth regulators, such as cytokinins, stimulate cotton production, which in turn drives the growth of plant growth regulators in the Vietnam plant growth regulators market..

Vietnam Plant Growth Regulators Market- Industry Trends & Forecast Report 2027

Vietnam plant growth regulators market is estimated to grow at a CAGR of 7.3% during the forecast period (2021-2027). The market is likely to be driven by increased demand from the organic food and textile industries. Cotton is an important raw material in the textile industry, and plant growth regulators such as cytokinins boost cotton production. The organic food business is expected to be driven by a growing population and a preference for organic foods. The rise of the herbs and medicinal plants industry, which is likely to boost the cytokinins market, is being fueled by demand for herbal goods in pharmaceuticals and cosmetics. A growing population and a preference for organic foods are expected to drive the organic food business. Moreover, herbal products are increasingly being used in pharmaceuticals and cosmetics, which will fuel the growth of the herbal and medicinal plants market over the forecast period.

Vietnam Plant Growth Regulators Market Overview

Plant growth regulators (PGRs) are substances used for regulate plant growth in ways like boosting branching, limiting shoot growth, increasing return bloom, eliminating surplus fruit, and changing fruit maturity. The amount of chemical absorbed by the plant, tree vigor and age, dose, timing, cultivar, and weather conditions before, during, and after application are all factors that influence PGR efficacy. Substances related to auxins, gibberellins, and inhibitors of gibberellin production, cytokinins, abscisic acid, and compounds altering the ethylene state are the five types of plant growth regulators. There are additional products on the market that prevent plant hormones (Apogee, Retain).

Vietnam Plant Growth Regulators Market Trend

Growth Drivers

Increasing Investment in the Agriculture Sector

In Vietnam, agriculture accounts for 14.9% of the country's GDP. The most important crop is rice, which is grown primarily in the Mekong and Red rivers deltas. Sugarcane, cassava (manioc), corn (maize), sweet potatoes, and almonds are essential food crops. Agriculture is a highly labor-intensive industry in Vietnam, and the State Bank of Vietnam (SBV) has announced a US$4.37 billion funding package to assist Vietnamese firms utilizing technology in farming. Vietnam's agriculture technology sector presents several opportunities for investors, owing to which government and commercial banks are investing in the growing agriculture industry in Vietnam. Due to the factors mentioned above, the need for plant growth regulators has increased in the region.

Restraints

The Lack of Awareness among Farmers Restricting Market Growth

Due to multi-location field experiments and residual effects, the approval process for plant growth regulators takes a long time. Due to the lengthy regulatory clearance procedure, bringing a new crop protection product to market can take more than ten years and cost more than USD 100 million. Patent protection and exclusivity are crucial in assisting companies in recouping their R&D costs and incentivizing them to make future investments that are anticipated to result in continuing industry growth.

Product development costs as well as a longer regulatory period decreased growers' net profits. Reduced profit margins will not assist plant growth regulators in gaining market share in the agrochemicals market. The regulatory organizations lack the necessary resources and infrastructure to complete product registrations on schedule. Even for generic products, the registration process might take up to five years. The guidelines aren't always clear, which makes it difficult for regulatory authorities to interpret them, causing misunderstanding and adding to the complications for crop protection chemical companies.

Impact of COVID-19

Despite the difficulties caused by the COVID-19 pandemic, exports of agricultural, forest, and fishery products increased in Vietnam's agriculture industry in the first half of 2021. Exports of agriculture, forestry, and fisheries items brought in USD 24.23 billion in the first half of 2021, up 28.2% over the previous year. The COVID-19 pandemic affected the material supply systems worldwide at this time, causing adverse effects on agricultural output, consumption, and exports. On the other hand, agriculture in Vietnam has made significant efforts to fulfill two goals: preventing and controlling COVID-19, while also preserving output and commercial growth. Exports of primary agricultural products totaled USD 10.40 billion, fishery items totaled USD 4.05 billion, and forestry products totaled USD 8.7 billion, representing increases of 13.3%, 12.5%, and 61.5%, respectively, year over year. Therefore, with rising government support, the market is likely to witness an upward trend during the forecast period.

Vietnam Plant Growth Regulators Market: By Crop Type

Based on crop types, the Vietnam plant growth regulators market is segmented into fruits &  vegetables, turf & ornamentals, cereals & grains, oilseeds & pulses, and others. Among these, the cereals & grains segment will likely witness the highest CAGR during the forecast period. The country's growing demand for organic cereals and grains is compelling farmers to cultivate organic crops, likely increasing demand for plant growth regulators from cereal and grain manufacturers. Plant growth regulators (PGRs) are also commonly used in cotton crop management because they assist in controlling vegetative growth and boost output and fiber quality.

Source: BlueWeave Consulting

Vietnam Plant Growth Regulators Market: By Function

Based on functions, the Vietnam plant growth regulators market is segmented into  plant growth promoters, and plant growth inhibitors.The plant growth inhibitors segment is estimated to witness the highest CAGR during the forecast period. Plant Growth Inhibitors inhibit growth and promote dormancy and abscission in plants. An example of a plant growth inhibitor is abscisic acid. Abscisic acid (ABA) is a phytohormone that regulates plant development, growth, and stress responses. It's involved in a variety of plant physiological processes, including stomatal closure, cuticular wax buildup, leaf senescence, bud dormancy, seed germination, osmotic regulation, and growth inhibition, to name a few. Through transcriptional and posttranscriptional pathways, abscisic acid regulates downstream responses to abiotic and biotic environmental changes. Therefore, the rising use of plant growth inhibitors due to their advantages is fuelling the demand for the market during the forecast period.

Competitive Landscape

The plant growth regulators market is highly fragmented due to the presence of limited domestic and international players. Additionally, the emergence of new players has resulted in healthier competition among long-established service providers in the industry. Some key players in the Vietnam plant growth regulators market are Zhengzhou Delong Chemical, The DOW Chemical Company, Syngenta AG, Tata Chemicals, Bayer Cropscience AG, FMC Corporation, Arysta Lifescience, Adama Agricultural Solutions Ltd, BASF SE, Nufarm Ltd, Nippon Soda, and other prominent players.

 

Recent Developments:

• In July 2021, Ho Chi Minh-based Kamereo, a B2B platform with its own warehouse and delivery network for the last mile secured USD 4.6 million in a round headed by CPF Group, Quest Ventures, and Genesia Ventures. The funds will be utilized for hiring additional employees, constructing a new warehouse management system, enhancing the user interface, and expanding into Hanoi next year.

 

• In February 2020, Sojitz Corporation purchased a stake in RYNAN Holdings Joint Stock Company, a Vietnamese agri-tech firm, through a third-party share allotment. Sojitz will use its existing network in Vietnam and abroad to expand the farming platform's business, as well as pave the way for the fourth industrial revolution ("Industry 4.0") and contribute to the Vietnamese government's vision of adopting advanced, smart technologies in priority sectors, through this investment in RYNAN.

 

Scope of the Report

Attribute	Details
Years Considered	Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027
Facts Covered	Revenue in USD Billion
Product/Service Segmentation	By Product Type, By Crop Type, By Formulations, and By Function
Key Players	Key Players for the market Some of the key players include Zhengzhou Delong Chemical, The DOW Chemical Company, Syngenta AG, Tata Chemicals, Bayer Cropscience AG, FMC Corporation, Arysta Lifescience, Adama Agricultural Solutions Ltd, BASF SE, Nufarm Ltd, Nippon Soda and Other Prominent Players.

 

• By Product Type
• · Cytokinins
• · Auxins
• · Gibberellins
• · Ethylene
• · Abscisic acid
• · Vitamins
• · Others
• By Crop Type
• · Fruits and vegetables
• · Turf and ornamentals
• · Cereals & grains
• o Wheat
• o Rice
• o Corn
• o Others
• · Oilseeds & Pulses
• o Cotton seed
• o Soya bean
• o Sunflower
• o Others
• · Others
• By Formulations
• · Water-Dispersible & Water Soluble
• · Wettable Powders
• · Solutions
• By Function
• · Plant Growth Promoters
• · Plant Growth Inhibitors

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research Application
      2. Secondary Research
      3. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Vietnam Plant Growth Regulators Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development
   4. Technological Advancements
   5. Regulatory Framework
   6. Porter’s Five Forces Analysis
      1. Bargaining Application of Suppliers
      2. Bargaining Application of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Vietnam Plant Growth Regulators Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)        
   2. Market Share & Forecast
      1. By Product Type
         1. Cytokinins
         2. Auxins
         3. Gibberellins
         4. Ethylene
         5. Abscisic acid
         6. Vitamins
         7. Others
      2. By Crop Type
         1. Fruits and vegetables
         2. Turf and ornamentals
         3. Cereals & grains
            1. Wheat
            2. Rice
            3. Corn
            4. Others
         4. Oilseeds & Pulses
            1. Cotton seed
            2. Soya bean
            3. Sunflower
            4. Others
         5. Others
      3. By Formulations
         1. Water-Dispersible & Water Soluble
         2. Wettable Powders
         3. Solutions
      4. By Function
         1. Plant Growth Promoters
         2. Plant Growth Inhibitors
6. Competitive Landscape
   1. Company Market Share Analysis, 2020
   2. Competitive Benchmarking, By Product Offerings
   3. List of Key Players and their Offerings
7. Impact of COVID-19 across Industry
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Zhengzhou Delong Chemical
   2. The DOW Chemical Company
   3. Syngenta AG
   4. Tata Chemicals
   5. Bayer Cropscience AG
   6. FMC Corporation
   7. Arysta Lifescience
   8. Adama Agricultural Solutions Ltd
   9. BASF SE
   10. Nufarm Ltd
   11. Nippon Soda
   12. Other Prominent Players
9. Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in final deliverable

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

 

List of Figures

 

Fig 1: Vietnam Plant Growth Regulators Segmentation

Fig 2: Vietnam Plant Growth Regulators Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 3: Vietnam Plant Growth Regulators Market Size, By Value (USD Billion), 2017-2027

Fig 4: Vietnam Plant Growth Regulators Market Share, By Product Type, By Value, 2017-2027

Fig 5: Vietnam Plant Growth Regulators Market Share, By Crop Type, By Value, 2017-2027

Fig 6: Vietnam Plant Growth Regulators Market Share, By Formulations, By Value, 2017-2027

Fig 7: Vietnam Plant Growth Regulators Market Share, By Function, By Value, 2017-2027

 

List of Tables

 

Table 1: Vietnam Plant Growth Regulators Size, By Form, By Value, 2017-2027

Table 2: Vietnam Plant Growth Regulators Market Size, By Type, By Value, 2017-2027

Table 3: Vietnam Plant Growth Regulators Market Size, By Crop Type, By Value, 2017-2027

Table 4: Vietnam Plant Growth Regulators Market Size, By Formulations, By Value, 2017-2027

Table 5: Vietnam Plant Growth Regulators Market Size, By Function, By Value, 2017-2027

Table 6: Zhengzhou Delong Chemical Business Overview

Table 7: Zhengzhou Delong Chemical Financial Analysis

Table 8: The DOW Chemical Company Business Overview

Table 9: The DOW Chemical Company Financial Analysis

Table 10: Syngenta AG Business Overview

Table 11: Syngenta AG Financial Analysis

Table 12: Tata Chemicals Business Overview

Table 13: Tata Chemicals Financial Analysis

Table 14: Bayer Cropscience AG Business Overview

Table 15: Bayer Cropscience AG Financial Analysis

Table 16: FMC Corporation Business Overview

Table 17: FMC Corporation Financial Analysis

Table 18: Arysta Lifescience Business Overview

Table 19: Arysta Lifescience Financial Analysis

Table 20: Adama Agricultural Solutions Ltd Business Overview

Table 21: Adama Agricultural Solutions Ltd Financial Analysis

Table 22: BASF SE Business Overview

Table 23: BASF SE Financial Analysis

Table 24: Nufarm Ltd Business Overview

Table 25: Nufarm Ltd Financial Analysis

Table 26: Nippon Soda Business Overview

Table 27: Nippon Soda Financial Analysis