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Vietnam pesticides market projected to reach $1.2 bn by 2020
Apr. 8, 2016
The Vietnam pesticides market is projected to grow at a CAGR of 4.4% from 2015 to reach a projected value of USD 1.2 billion by 2020. The market for pesticides in Vietnam is further driven by factors such as rising trade of agricultural products such as rice, coffee, and pepper; technological advancement in the pesticides industry; introduction of innovative pesticides to avoid pest resistance and environment hazards; and changing farmers’ knowledge and perception regarding crop health and quality.
On the basis of crop type, the Vietnamese pesticides market is led by the cereals & grains segment, followed by the fruits & vegetables and oilseeds & pulses segments. Cereals & grains is also the fastest-growing crop type in the Vietnamese pesticides market. Vietnam is the one of the largest producers of rice resulting in the highest utilization of pesticides, mainly insecticides in rice cultivation. Also, the production of fruits and vegetables in the country is high leading to an increased usage of pesticides.
On the basis of type, synthetic pesticides accounted for the largest market share in 2014, followed by bio-pesticides. Synthetic pesticides play a vital role in the agricultural sector in Vietnam and are extensively used by farmers. Among synthetic pesticides, insecticides are the most frequently used pesticides in Vietnam. Since Vietnam is one of the largest producers of rice, most pesticides used in Vietnam are related to the rice crop. Since insects are the major pests infecting rice cultivation, insecticides are the highest used pesticides in the country.
Along with pesticide toxicity and residual issues, the weak functioning of statutory authorities managing the pesticide use and application has affected the pesticides market in Vietnam.
The key players identified in the Vietnamese pesticides market include BASF, Arysta LifeScience, Bayer CropScience, Vietnam Fumigation Joint Stock Company, and HAI Agrochem Joint Stock Company. Along with these companies, the local players having a strong presence this market include Tan Thanh Biochem company, Golden Rice Agrochemical company limited, ADC Group, Sai Gon Plant Protection Joint Stock Company, MAP Pacific Company Limited, Hop Tri Agrochemicals Co., Ltd, and Phu Nong Co., Ltd.
Source: MicroMarketMonitor
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