Vietnam Pesticides Market to Grow with a CAGR of 4.38% through 2028
Growth in research and development activities is expected to drive the Vietnam
Pesticides Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Pesticides Market – By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Pesticides Market stood at 17376.21 tonnes in 2022
and is anticipated to grow with a CAGR of 4.38% in the forecast period, 2023-2028.
The initiatives taken by government based on pesticides has led to favorable
market conditions for the Vietnam Pesticides Market. Several factors contribute
to the growth of various pesticides market products.
The government
of Vietnam is actively involved in governing the usage and trade of pesticides
to ensure the safety and well-being of its citizens. They have implemented
strict regulations and guidelines to control the importation, registration, and
sale of pesticides within the country, aiming to protect both the environment
and human health.
Despite the
availability and cheaper price of some hazardous pesticides, the government has
taken decisive steps to ban their use. For instance, in April 2019, the use of
glyphosate, a widely used herbicide, was banned in Vietnam. This move
effectively removed glyphosate-based herbicides from the list of pesticides
that are allowed to be used in the country. By implementing such bans, the
government demonstrates its commitment to promoting sustainable agricultural
practices and safeguarding the health of its people.
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According to a
research conducted by An Giang University, there is a noteworthy correlation
between the growth of rice production in Vietnam and the utilization of active
ingredients. This intriguing finding suggests that as the rice production
sector expands, the demand for effective pesticides also rises significantly,
prompting extensive research and development endeavors to meet this increasing
requirement.
The Vietnam
pesticide residue testing market is currently witnessing substantial growth,
driven by various key factors. One of the primary drivers is the
ever-increasing demand for high-quality and safe agricultural products. To
ensure the safety and quality of these products, rigorous testing initiatives
play a crucial role in the research and development efforts. These initiatives
aim to guarantee that new pesticides are not only highly effective but also
safe for use, meeting the stringent standards set for agricultural practices in
Vietnam.
The Vietnam
Pesticides Market is segmented in type, crop type, regional distribution, and company.
Based on its crop type, the grains & cereals segment
held the largest share in the market. Grains and cereals, such as rice, maize,
and wheat, play a pivotal role in Vietnam's agricultural sector, contributing significantly
to the country's food production. These crops are cultivated across expansive
areas, making them susceptible to a diverse range of pests that can jeopardize
their health and productivity. As a result, the demand for effective pesticides
is paramount to safeguarding the well-being and yield of these vital crops,
ensuring a sustainable and thriving agricultural industry in Vietnam.
Based on region, Central segment is expected to grow
during the forecast period.
The warm and humid climate of central Vietnam, with
its abundant rainfall and fertile soil, creates an ideal environment for the
proliferation of various pests. In order to protect their crops and ensure
optimal yields, farmers in this region heavily rely on the use of pesticides as
a means of managing these persistent challenges. By employing effective pest
control measures, they can safeguard their agricultural investments and
maintain the productivity of their fields.
Major
companies operating in Vietnam Pesticides Market are:
- Pesticides Joint Stock Company
Vietnam (VIPESCO)
- Baconco Vietnam Co., Ltd.
- Isagro Vietnam Co., Ltd.
- BASF Vietnam Co., Ltd.
- UPL Vietnam Co., Ltd
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“Growing application of pesticides in various end user
industries are key drivers of the pesticides market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of pesticides with every passing year
are anticipated to register an impressive growth to Vietnam Pesticides Market in
the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Vietnam Pesticides Market By Type (Herbicides, Insecticides, Fungicides, Others),
By Crop Type (Oilseeds & Pulses, Grains & Cereals, Fruits &
Vegetables, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, 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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