Vietnam Biopesticides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Vietnamese biopesticides market is estimated to value USD 30.7 million in 2019and is expected to register a CAGR of 6.4%, during the forecast period (2020-2025). In Vietnam, R&D activities mainly focus on breeding new crop varieties and developing appropriate production technologies for such crops based on the IPM. However, not much has been done to promote organic agriculture, which would be needed if the biopesticides market needs to grow rapidly. Currently, agricultural land occupies 80% of the country’s total area and the country, being a large agricultural producer, offers various opportunities for agrochemical companies. Moreover, Vietnam is shifting toward Hi-tech agricultural practices, for which the State provided VNĐ156.3 billion for 15 such projects. Vipesco, being a local player, is the market leader in biopesticides and is the pioneer of biopesticide manufacturing in Vietnam. 

Scope of the Report

According to the US EPA, biopesticides include naturally occurring substances (biochemical pesticides), microorganisms (microbial pesticides), and pesticidal substances produced by plants (plant-incorporated protectants). The Vietnamese biopesticides market study covers all three types of above mentioned commercial microbial, biochemical pesticides and plant-incorporated protectant products. The corporations in the biopesticides industry operate in B2B as well as B2C business format. However, to eliminate any ‘double-count’ error in the market estimations, bulk buyers procuring biopesticides for retail sale after value-addition through further processing, are not considered as part of the biopesticides market. The report defines the biopesticides market in terms of end-users who procure biopesticides for application in agricultural production only. The end-users include farmers and institutional buyers operating in the agriculture and allied production.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increase in Arable Land

In Vietnam, an increase of 0.2 million hectares of arable land per year was recorded by World-Bank and hence, the use of pesticides and fertilizers are growing in the country. The Vietnamese government has adopted land policies to bring a shift from the collectivized state-controlled agricultural production system to one based on individual farm households in the market place. The total area of agricultural land has increased by 3.2 million hectares and the increase is largely forest land (2.9 million hectares), while the land for long-day crops, such as spinach, lettuce, and some varieties of wheat has increased by 0.27 million hectares.

To understand key trends, Download Sample Report