Vietnam Plant Growth Regulators Market Moving Ahead at the Right Pace: Growing at a CAGR of 7.3% by 2027
Published | 22 November 2021
Plant growth regulator market is thriving in Vietnam and is gearing up for a prosperous future. Plant growth regulators support the rapid growth of various types of plants, including fruits and vegetables, cereals and grains, oilseeds and pulses, which helps meet growing consumer demand for various food items. The myriad benefits offered by plant growth regulators is driving the growth of the Vietnam plant growth regulators market….
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam plant growth regulators market is estimated to grow at a CAGR of 7.3% during the forecast period (2021-2027). Whether it's fruits and vegetables, cereals and grains, oilseeds and pulses, or oilseeds and pulses, plant growth regulators promote rapid plant development, which helps meet rising consumer demand for a variety of foods. This is one of the essential factors contributing to the market's demand. Moreover, soil quality is deteriorating by the day due to various factors, including overgrazing, agricultural operations, deforestation, over exploitation of land for fuelwood production, and industrialization. Plant growth regulators regulate plant cell, tissue, and organ growth and differentiation, thus, facilitating the growth process of plants.
The Increasing Use of Organic Fertilizers is Pushing the Market Forward
Vietnam has a natural area of 33.1 million hectares on the mainland, making it the 65th-largest country in the world. There are 27.3 million hectares of agricultural production land, of which 11.5 million hectares (42.2%) are for agricultural production. 54.7% of land is for forestry, and 3% is water surface area for aquaculture. On the other hand, the agricultural production area is fragmented by small sections, with about 70% being less than 0.5 ha and 25% being between 0.5-2 ha. From north to south, Vietnam is separated into seven agricultural ecological zones. Each ecological zone has its own set of advantages and focuses on certain commodities including aquaculture, fruits, vegetables, flowers, livestock, and industrial crops. Crop production is scattered around the country on different scales depending on the location. There is a requirement for fertilizers and plant protection chemicals at the same time.
According to data presented at a conference held by the Ministry of Agriculture and Rural Development of Vietnam in late August 2021, the number of mineral and organic fertilizers registered has increased dramatically over the last three years, by over 500% for organic fertilizer and less than 50% for mineral fertilizer, while the use of plant protection chemicals has decreased. The average usage in the Mekong River Delta is determined to be greater than the national average. Thus, the increased use of organic fertilizers is propelling the demand for for plant growth regulators.
Vietnam Plant Growth Regulators Market: By Product Type
The Vietnam plant growth regulators market is categorized as cytokinins, auxins, gibberellins, ethylene, abscisic acid, vitamins, and others. Among these, the gibberellins segment witnessed the highest CAGR during the forecast period. There are 80 distinct gibberellin compounds; however, only gibberellic acid (GA3) and GA4+7 molecules are the most commonly employed. Gibberellins are found in 126 different forms in plants, fungi, and bacteria. Because of the improved availability and effectiveness of stimulating growth in smaller quantities, it is the fastest-growing market.
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Vietnam Plant Growth Regulators Market: By Formulations
The Vietnam plant growth regulators market is categorized into water-dispersible & water-soluble, wettable powders, and solutions. Among these, the water-dispersible & water-soluble granules segment held the largest market share in 2020 and is likely to dominate the segment during the forecast period. In the agricultural industry, they are the most common type of plant growth regulators. There are many advantages to using these types of products, including their ease of handling, non-toxicity, and stability during storage and transportation. Furthermore, as they can be transported and shipped in solid packets, water-dispersible and water-soluble granules are gaining popularity in the market.
Impact of COVID-19
The import and export of agricultural products from Vietnam have been hampered by an acute respiratory infection caused by a novel strain of coronavirus (Covid-19). To secure domestic food security and expand exports, the agriculture sector focused on applying synchronized solutions to boost productivity in the coming years.
According to the Ministry of Agriculture and Rural Development, the industry's export turnover hit USD 5.34 billion in the first two months of 2020, down 2.8% same period the previous year due to the heavy impact of the Covid-19 epidemic. The value of agriculture, forestry, and fishery imports was anticipated to be USD 4.3 billion, down 6.7% from the same period the previous year. The two-month trade surplus was USD 1.02 billion, up 18.4 % from the same period last year. Therefore, it can be stated that the agriculture industry of Vietnam has been affected significantly due to novel coronavirus.
Vietnam Plant Growth Market - Competitive Landscape
As a result of the numerous Vietnam players involved in this market, the Vietnam plant growth regulators market is highly fragmented. Companies that develop new products, expand, and acquire generally stay competitive. Moreover, some of the leading players are increasing their global footprint by purchasing overseas producers. Some key players in the Vietnam plant growth regulators market are Zhengzhou Delong Chemical, The DOW Chemical Company, Syngenta AG, Tata Chemicals, Bayer Cropscience AG, FMC Corporation, Arysta Lifescience, Adama Agricultural Solutions Ltd, BASF SE, Nufarm Ltd, Nippon Soda and Other Prominent Players.
In August 2021, Vietnam witnessed a surge in agricultural innovation as a result of companies participating in the GRAFT Challenge. In August 2021, nine scale-ups began receiving GRAFT’s 15-week program of tailored support, during which a network of in-market experts provided bespoke consultation to help the scale-ups validate their technologies. This phase of the program is likely to culminate with the scale-ups presenting their solutions to Vietnamese agricultural corporations at an intensive week-long roadshow.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam plant growth regulators market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam plant growth regulators market, along with market insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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