Vietnam Biopesticides Market Size, Share, Trends | 2022–27

 

Market Overview

The Vietnamese biopesticides market is predicted to be worth USD 30.7 million in 2019 and to grow at a CAGR of 6.4% during the forecast period (2020–2025). 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 toward high-tech agriculture practices, with the government investing VN156.3 billion in 15 such initiatives. Vipesco, a local company, is the industry leader in biopesticides and is the pioneer of biopesticide manufacturing in Vietnam.

Scope of The Report

The US Environmental Protection Agency defines biopesticides as naturally occurring compounds (biochemical pesticides), microorganisms (microbial pesticides), and pesticidal substances produced by plants (plant-incorporated protectants). The Vietnamese biopesticides market analysis includes all three categories of commercial microbiological, biochemical pesticides, and plant-incorporated protectant products stated above. Companies in the biopesticides market engage in both B2B and B2C business models. To avoid any ‘double-count’ error in market estimations, bulk customers acquiring biopesticides for retail sale following value-addition through further processing are not included in the biopesticides market. The study defines the biopesticides market in terms of end-users that solely purchase biopesticides for agricultural production. Farmers and institutional buyers in agriculture and allied production are among the end-users.

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