India Crop Protection Chemicals Market is projected to grow at a CAGR of 4.2%during the forecast period (2020-2025).
- Agriculture is the backbone of the India's ecnomy as it employs approximately half of the India's workforce contribution ~17% to India's GDP. Despite this, farmers in India continues to face challenges such as lack of irrigation facilities, depleting water table levels and fragmentation of land. Farmers lose a significant part of their income as their crop are being attacked by pests and weeds. Crop protection chemicals can play a vital role when judiciously applied protects the crop and produce from pests and increase the farm productivity.
Key Market Trends
Growing Need For Enhancing Agricultural Productivity
India is a largely agrarian country with more than 50% of the population depending on agriculture for their livelihood. However, the contribution of Agriculture to the country's economy is decreasing over the last few years. The primary reason behind this is the fact that crop yields in India are much lower than regions such as North America and Europe, and even similar countries such as China. The average yield of food grains in the country stood at 2.99 metric ton per hectare in the year 2016, while the global average stood at 3.97 metric ton per hectare. With the need for increasing crop yields, the demand for crop protection chemicals is expected to increase at a robust rate over the forecast period.
Increase in Adoption of Biopesticides
There is an increase in adoption of biopesticides in Indis owing to the fact that they are essentially less harmful (as compared to regular synthetic pesticides), biopesticides typically affect only the target pest and other organisms that are closely related to it, as against broad-spectrum conventional pesticides, which can be harmful to other organisms. The government of India has adopted Integrated Pest Management Practises (IPM), with more emphasis on the use f bio-pesticides and pesticides of plant origin like Neem formulations. Major agrochemical companies are investing in R&D to bring new biological products that cater to the needs of Indian farmers. Hence, the promotion of Bio-pesticides by Government coupled with investment in R&D by major companies is stimulating the market growth during the forecast period.
India crop protection chemicals market is highly competitive with major players including Bayer AG, UPL Limited, BASF SE, which are Rallies India Limited occupying a major share in the region. New product launches, mergers & acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. These companies are also focusing on making an investment in innovations, collaborations, and expansions, in order to increase their market share.
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