Vietnam Biopesticides Market Outlook
The Vietnam Biopesticides Market size was valued at USD 48.61 Million in 2022 and is expected to surpass USD 191.12 Million by 2031, expanding at a CAGR of 16.43% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing adoption of eco-friendly agricultural inputs.
Biopesticides are not harmful to non-targeted organisms, including beneficial wildlife and insects. They decompose quickly and don't negatively impact surface water and groundwater. Biopesticides are typically used on plants and crops.
As consumers are progressively becoming concern regarding utilization of synthetics in food production and the possible risk of substance buildup on food, they are supporting compound free chemical alternatives, pushing the cultivators for natural cultivation, driving the interest for biopesticides.
The International Rice Research Institute (IRRI) in the past had required a restriction on specific insecticides in rice production as a feature of its new action plan to reduce plant hopper harm to the rice crop in Asia, including Vietnam. All of this has prompted a shift toward expanded utilization of bioinsecticides.
The improvement of protection to chemical insecticides and worries over the harmful impacts of synthetic substances on environmental and human safety has provided a strong impetus for the development of microbial control agents in integrated pest management in Vietnam.
The biopesticides market remains to be challenged by the logistical and associated economic impacts of the pandemic. The sudden outbreak of the coronavirus pandemic has affected the global market as the governments are implementing lockdown actions and limiting the movement of the masses.
These actions are having a significant effect on biopesticides production as factories are facing supply chain interruptions and workers’ unavailability. However, the acceleration in vaccination drive can positively stimulate the market growth.
Vietnam Biopesticides Market Trends, Drivers, Restraints and Opportunities
- Rising demand for biopesticides and increasing adoption of new farming practices are key factors estimated to positively influence the market growth during the forecast period.
- Growing demand for food safety and high-quality food products is one of the key drivers of the market expansion.
- Stringent regulations regarding chemical residue is projected to limit the market growth.
- High synthetic pesticides demand and low product availability is a major restraining factor projected to hamper the market growth during the forecast period.
- Availability of adoption of sustainable and cost-effective measures for development of effective biopesticides acts as a key factor offering several growth opportunities for the market growth.
Scope of Biopesticides Market Report
The report on the Vietnam biopesticides market includes an assessment of the market, trends, segments, and markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Biopesticides Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types, (Bio-Insecticides, Bio-Herbicides, and Bio-Fungicides, Others), Crop-types (Grains and Cereals, Oilseeds, Fruits and Vegetables, and Others)
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Country
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Vietnam
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Marrone Bio Innovations; Vipesco; UPL; Certis USA; and Valent BioSciences.
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Vietnam Biopesticides Market Segment Insights
Bio-fungicides segment is expected to expand at a rapid pace
Based on types, the market is divided into bio-insecticides, bio-herbicides, and bio-fungicides, others. The bio-fungicides segment is expected to grow at a rapid pace during the forecast period owing to wide demand for improved farming practices.
Moreover, industrial growth has prompted the improvement of exceptionally productive bio-fungicides to reduce the harm caused by fungicide and disease-causing bacteria. On the other hand, the bio-herbicides segment is anticipated to account a significant market share in the projected timeline.
Grains and cereals segment is anticipated to constitute a key market share
Based on crop types, the Vietnam biopolymer market is categorized as grains and cereals, oilseeds, fruits and vegetables, and others. The grains and cereals segment is expected to grow at a sustainable rate during the forecast period. However, farmers are trying to maintain the crop yield and increase their returns. This sustained approach from developed and developing countries in agricultural practices is estimated to hold a robust rate due to rapid growth in the market.
Segments
The Vietnam biopesticides market has been segmented on the basis of
Types
- Bio-Insecticides
- Bio-Herbicides
- Bio-Fungicides
- Others
Crop-types
- Grains and Cereals
- Oilseeds
- Fruits and Vegetables
- Others
Country
Key Players
Competitive Landscape
Key players competing in the Vietnam biopesticides market Marrone Bio Innovations; Vipesco; UPL; Certis USA; and Valent BioSciences.
Some of these players have adopted several business development or market expansion strategies such as partnerships, collaborations, expansion of production units, and acquisitions to increase their market share and expand their consumer base globally.
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