Vietnam Crop Protection Chemicals Market Size

Vietnam Crop Protection Chemicals Market Analysis

The Vietnam Crop Protection Chemicals Market size is estimated at 2.34 billion USD in 2024, and is expected to reach 2.81 billion USD by 2029, growing at a CAGR of 3.74% during the forecast period (2024-2029).

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2.34 Billion

Market Size in 2024 (USD)

2.81 Billion

Market Size in 2029 (USD)

6.37 %

CAGR (2017-2023)

3.74 %

CAGR (2024-2029)

Largest Segment By Function

66.19 %

value share, Insecticide, 2023

Due to climate change, insect pests are increasingly posing a significant threat to Vietnam's agriculture sector, these factors are driving the insecticide market.

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

6.21 %

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

5.51 %

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

Vietnam Crop Protection Chemicals Industry Segmentation

Fungicide, Herbicide, Insecticide, Molluscicide, Nematicide are covered as segments by Function. Chemigation, Foliar, Fumigation, Seed Treatment, Soil Treatment are covered as segments by Application Mode. Commercial Crops, Fruits & Vegetables, Grains & Cereals, Pulses & Oilseeds, Turf & Ornamental are covered as segments by Crop Type.

• The market for crop protection chemicals in Vietnam was valued at USD 2.2 billion in 2022. The country is a significant producer and exporter of diverse agricultural commodities.
• In 2022, fungicides is the second largest segment with a share of 16.7% 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 66.4% and 15.1% 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 3.7% during the forecast period (2023-2029).