Vietnam Bionematicides Market Size Booming at Robust CAGR of 16% During the Forecast Period
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam bionematicides market size at USD 1.45 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam bionematicides market size to grow at a significant CAGR of 15.9% reaching a value of USD 4.07 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam bionematicides market size at USD 1.45 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam bionematicides market size to grow at a significant CAGR of 15.9% reaching a value of USD 4.07 million by 2029. Major growth factors for Vietnam bionematicides market include increasing use of microorganisms in crops provides nutrients to crops, and the transitioning of chemical fumigant nematicides due to environmental concerns. An increase in crop quality is expected to fuel the expansion of the bionematicides market. Likewise, the massive crop infestation by nematodes, as well as sustainability initiatives and increased usage of agricultural biological products, are expected to boost the bionematicides market. Also, stringent environment regulations against chemical/traditional nematicides will create further chances for the bionematicides industry to flourish during the forecast period.
Vietnam Bionematicides Market – Overview
Bionematicides are biopesticides employed to protect plants against nematode infestation. These bionematicides are safe for the environment and have no negative effects on soil fertility or crop quality. Bionematicides are commonly utilized in agriculture to achieve the best crop quality possible. Bionematicides are produced by a variety of microorganisms, including fungi, bacteria, and inert materials. Bionematicides are available in both dry and liquid forms and can be applied at any point of the plant's life cycle. Bionematicides work best when used before planting. R&D activities in Vietnam are mostly focused on breeding novel crop types and creating appropriate production technology for such crops based on IPM. However, nothing has been done to promote organic agriculture, which is required if the biopesticides business is to expand substantially. Agricultural land currently accounts for 80% of the country's total land area, and the country, as a major agricultural producer, provides numerous prospects for agrochemical companies. Furthermore, Vietnam is transitioning towards high-tech agriculture practices, with the government investing VN 156.3 billion in 15 such initiatives. Vipesco, a Vietnam-based company, is a global leader in biopesticides and the pioneer in biopesticide manufacturing.
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Impact of COVID-19 on Vietnam Bionematicides Market
COVID-19 had a detrimental impact on the market for bionematicides. Lockdown restrictions imposed in Vietnam caused supply chain interruptions, which in turn upset the parties involved in the delivery of goods to the intended locations. Production efficiency has decreased as a result of factors including a manpower scarcity and a restricted supply of raw materials.
Vietnam Bionematicides Market – By Crop Type
Based on crop type, Vietnam bionematicides market is divided into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables segments. The fruits and vegetables segment held the highest market share in 2022. Pesticides are required during vegetable cultivation to protect against insects, fungi, weeds, and viruses. Biopesticides are required to safeguard potato crops, and this will help estimate the need for biopesticide products. Bio stimulants are used in potatoes to increase nutritional value and productivity. Increased demand for potatoes from the food industry due to their numerous end-use applications, such as chips and nuggets, will drive economic growth and benefit the biopesticide market.
Major players operating in Vietnam bionematicides market include Bayer Cropscience AG, T. Stanes and Company, Dow Agro Sciences, BASF SE, Syngenta AG, Bio Huma Netics, Monsanto, Marrone Bio Innovations, Valent Biosciences, and FMC Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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