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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