Market Size of vietnam crop protection chemicals Industry
Icons | Lable | Value |
---|---|---|
Study Period | 2017 - 2029 | |
Market Size (2024) | USD 558.74 Million | |
Market Size (2029) | USD 682.95 Million | |
Largest Share by Function | Fungicide | |
CAGR (2024 - 2029) | 4.10 % | |
Fastest Growing by Function | Molluscicide | |
Major Players |
||
|
||
*Disclaimer: Major Players sorted in no particular order |
Vietnam Crop Protection Chemicals Market Analysis
The Vietnam Crop Protection Chemicals Market size is estimated at 558.74 million USD in 2024, and is expected to reach 682.95 million USD by 2029, growing at a CAGR of 4.10% during the forecast period (2024-2029).
558.74 Million
Market Size in 2024 (USD)
682.95 Million
Market Size in 2029 (USD)
-2.85 %
CAGR (2017-2023)
4.10 %
CAGR (2024-2029)
Largest Segment By Function
38.18 %
value share, Fungicide, 2023
The fungicide market in Vietnam is currently witnessing growth, influenced by factors such as the heavy reliance on fungicides to protect crops from fungal diseases.
Fastest-growing Segment by Function
6.81 %
Projected CAGR, Molluscicide, 2024-2029
In 2019, 33 molluscicides were authorized for use in Vietnam. The most commonly used molluscicides include Niclosamide and Metaldehyde.
Largest Segment by Crop Type
64.71 %
value share, Grains & Cereals, 2023
Grains and cereals face numerous challenges, particularly pests and diseases. To address these challenges, farmers heavily rely on crop protection chemical products.
Leading Market Player
26.14 %
market share, UPL limited, 2022
UPL entered into a long-term agreement with FMC under which FMC grants access to its insecticide active ingredient (rysynazypyr) for use in UPL's product formulations.
Second Leading Market Player
23.20 %
market share, Syngenta Group, 2022
Syngenta launched Victrato, a new seed treatment chemical to fight harmful nematodes and illnesses that affect various crops, including soybean, corn, cereal, cotton, and rice.
The demand for pesticides is driven by the need for effective control of pests and diseases
- The market for crop protection chemicals in Vietnam was valued at USD 519.4 million in 2022. The country is a significant producer and exporter of diverse agricultural commodities.
- In 2022, fungicides dominated the market with a share of 38.2% of the Vietnamese crop protection chemicals market. Farmers in the country rely on fungicides to protect crops from fungal diseases and ensure optimal yields. The market is driven by the cultivation of major crops such as grains, cereals, pulses, oilseeds, fruits, and vegetables, which are susceptible to fungal infections like rust, Fusarium wilt, root rot, powdery mildew, and common blight. Insecticides and herbicides held shares of 32.9% and 21.5% in 2022.
- Nematode infestations pose a threat to crops like rice, coffee, vegetables, and fruit orchards. Rice, which covers 80% of cultivated land, suffers annual yield losses of up to 10-20%, increasing the need for nematicide application. Such factors may lead to the growth of this segment.
- The growth of the crop protection chemicals market in Vietnam is closely linked to the ongoing agricultural development and the expansion of commercial crop cultivation in the country. Vietnam has witnessed significant progress in the agricultural sector, particularly in crops like natural rubber, for which it ranks as the third-largest global producer.
- The harvested area for natural rubber experienced a notable increase of 9.1% from 2018, reaching 752.1 thousand hectares in 2022. As the agricultural sector continues to expand, there will be a corresponding increase in the demand for various crop protection chemicals to safeguard crops and enhance yields. Thus, the market is expected to record a CAGR of 4.0% during the forecast period (2023-2029).