Report Overview

Government’s increasing efforts to prevent the rapidly growing incidences of plant-parasitic nematodes and its focus on ensuring food security through improved crop yields are projected to propel the expansion of Vietnam nematicide market during the forecast period between 2023 and 2029.

Vietnam Nematicide Market - Industry Trends & Forecast Report, 2029

Vietnam nematicide market size was estimated at USD 18.02 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam nematicide market is projected to grow at CAGR of 10.36% reaching a value of USD 35.55 million by 2029. Major growth drivers for Vietnam nematicide market include increasing environmental concerns worldwide, growing demand for food security and improved crop yields and increasing incidence of plant-parasitic nematodes. Rising consumer preference for organic food products across the globe. The market is growing faster as a result of the rising trend of bio-nematicides brought on by the push for the adoption of sustainable agricultural methods. The market is further influenced by the increased focus on integrated pest management strategies and government funding for the creation of bio-nematicides as alternatives to traditional synthetic pesticides. Also, the market for nematicides is positively impacted by the growth in pollution cases, increasing demand for high-value crops, increased usage of various biological products, rising environmental concerns, and agricultural losses from pest infestations. Likewise, the market players will have lucrative prospects because to the rise in demand for customized solutions targeted at certain pests and the use of biological to gain traction during the forecast period.

Vietnam Nematicide Market– Overview

Chemical substances called nematicides are employed to manage parasitic worms, such as threadworms and roundworms. Nematicides are among the most widely used pesticides on the planet and have been used for ages in various forms. Nematocides is another name for nematicides. Nematicides are normally administered equally across a field, however the distribution and population density of plant-parasitic nematodes are not. In addition, nematicide, a kind of chemical pesticide, is employed to eradicate worms that parasitize plants. Nematicides have a history of being highly volatile, broad-spectrum poisons that promote soil mobility. A carbamate insecticide called aldicarb (Temik) is primarily utilized in commercial nematicide. Nematicides, which are chemically produced substances that kill or harm nematodes, are another option. These products enable nematicidal or metastatic effects against nematodes. Nematicidal substances are extremely poisonous and kill exposed worms, whereas metastatic substances impede or delay the hatching of nematode eggs rather than killing nematodes.

Vietnam Nematicide Market

Growth Drivers

Growing Focus on Food Security and Improved Crop Yields

The country's expanding population and growing desire for food security for all are actively driving the expansion of the Vietnam nematicide market. Food scarcity is a worldwide problem. By 2021, the Vietnamese population surpassed 98.51 million. With the country's rising birth rate, the demand for food for all is expanding. Higher yielding crops are required in this circumstance. With 43% of its population engaged in agriculture, the country's productive capability is less than one-fifth of its overall GDP, which is just approximately 18%. As a result, in order to stabilize agricultural fields and enhance Agri product production, the demand for pesticides is increasing, propelling the expansion of the Vietnam nematicide market. Also, the spurring demand has increased pesticide manufacturing in the country, reducing the country's reliance on imported supplies. In 2020, the country's insecticide production was 169.4 thousand metric ton.

Restraints

Environmental Concerns

The expansion of Vietnam nematicide market is anticipated to be constrained by the high environmental risk associated with the use of synthetic pesticides. The use of synthetic pesticides has caused the ecosystem enormous and widespread harm. As a result, there has been an urgent call for action to minimize the use of synthetic pesticides and to improvise on conventional farming methods. Furthermore, farmers have relatively little knowledge about biologicals, such as biological pesticides. Farmers are unaware of how to apply these crop protection agents and their advantages in terms of cost-effectiveness. They are unaware of integrated pest management (IPM) strategies in developing nations.

Impact of COVID-19 on Vietnam Nematicide Market

COVID-19 had a detrimental impact on the market for nematicides. 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 workforce scarcity and a restricted supply of raw materials.

Vietnam Nematicide Market

Segmental Coverage

Vietnam Nematicide Market – By Type

By type, Vietnam nematicide market is segmented into Fumigants, Organophosphate, Carbamate, and Bio-Based. The bio-based segment is expected to hold the highest market share. Sustainable farming practices and integrated pest management techniques are becoming more popular as customers become more aware of the value of organic food. The need for biocontrol products such pheromones, bio-fungicides, biopesticides, and bionematicides has been caused by this. These elements have created the conditions for the sector of bio-based nematicides to grow at a rapid rate. The fumigant segment held the highest market share in 2022. Broad-spectrum nematicides known as fumigants transport their active ingredient through the soil and gas. In contrast to other nematicides, fumigants have a short duration of residual pesticide activity since they are not bound by soil or absorbed by plants.

Vietnam Nematicide Market – By Crop

Based on crop, Vietnam nematicide market is divided into Vegetable, Field Crops, and Fruits segments. The vegetables segment is expected to hold the highest market share due to the increasing rates of nematode infection on several vegetables, including carrots, potatoes, and tomatoes. Roots that have been infected by nematodes become deformed and injured, which lowers the product's quality and yield. Nematodes also intensify the negative effects of bacteria and fungi. Therefore, to cure nematodes and prevent product losses, vegetable crop growers utilize nematicide treatments. In the upcoming years, demand for bio-based nematicide products is anticipated to increase due to farmers' growing preference for growing organic fruits, vegetables, and grains. Similarly, the fruit segment is expected to witness growth during the forecast period due to the potential presence of plant-parasitic nematodes on the roots and leaves of fruit crops. In fruit orchards, a number of nematode species are known to produce severe root necrosis, which has a considerable negative impact on the economy. Citrus, burrowing, and root-knot nematodes are the three main nematode pests that attack different types of fruit crops. Nematode control is crucial for producing fruit with excellent yields and quality, which further fuels market expansion.

Vietnam Nematicide Market – By Formulation

Based on formulation, Vietnam nematicide market is bifurcated into Liquid and Granular. The liquid segment dominated the Vietnam nematicide market. The product's liquid formulation brought in a greater revenue share, and the segment is expected to expand significantly over the course of the projected year. Farmers all across the world have a strong demand for liquid nematode control products since they are simple to use, easy to apply, and prevent product waste or spoiling from contamination.

Vietnam Nematicide Market – By Mode of Application

Based on mode of application, Vietnam nematicide market is segmented into Drenching, Soil Dressing, Seed Treatment, and Fumigation. The soil dressing segment held the highest market share in 2022. The soil is treated wet with a slurry or liquid formulation or dry with a dry dressing. Nematicides are applied to the soil as a soil dressing close to the affected crop's root zone. Nematicides are applied as part of the soil dressing process in the shape of rings close to the root zone.

Competitive Landscape

Major players operating in Vietnam nematicide market include BASF SE, Isagro S.p.A, Corteva Agriscience, Syngenta AG, Bayer AG, UPL Limited, American Vanguard Corporation, Nufarm, FMC Corporation, Chr. Hansen, and Adama Agricultural Solutions Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2022 - Bayer Vietnam launched Routine Start 280FS, a seed germination product for rice seeds. In Vietnam, there is a growing demand for rice seed treatment products due to the spread of rice seed-borne illnesses and increased rice cropping. As a result, Bayer Vietnam strategically released a rice crop seed treatment product in Vietnam.

Scope of the Report

By Type

• Fumigants

• Organophosphate

• Carbamate

• Bio-Based

By Crop

• Vegetable

• Field Crops

• Fruits

By Formulation

• Liquid

• Granular

By Mode of Application

• Drenching   

• Soil Dressing

• Seed Treatment

• Fumigation