Use of the decontrolled fertilizers and new policies are major growth factors.
India agrochemical market to grow fast with an expected CAGR 8 %. Increasing population, decreasing per capita availability of arable land & focus on increasing agricultural yield are major factors driving India’s agrochemical market. Growing demand for food grain’s, need for increased land productivity, the government is encouraging the use of the decontrolled fertilizers, new policies are launched to encourage maximum production of fertilizers are major growth factors of India agrochemical market.
The Indian agriculture sector is currently facing critical challenges like reduction in arable land, decreasing farm size, increasing pest attacks and low per hectare yield position which is being positively impacting on India’s agrochemical market.
The insecticides segment held around 55 % share followed by fungicides and herbicides contributing 18 % and 16 % share of the agrochemicals market in India. India’s capability in low-cost manufacturing, the availability of technically trained resources, seasonal domestic demand, overcapacity, better price realization, and a strong presence in generic pesticide manufacturing are the major factor boosting the insecticide segment growth.
Cereals and pulses, fruits and vegetables are estimated to grow at 2 % per annum, and 4 % per annum contribute to the overall agricultural growth. Cereal & grains is forecasted to dominate throughout the forecast period.
Cereal & grains are traditional diets of Indian population. Total food grain production in the country is expected to reach record 277.49 m tones crop year.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology.
