Crop protection chemicals are broadly classified into the following classes:
- Insecticides: The chemicals that are used to protect plants from insects and pests are known as insecticides. 22% of the global crop protection chemicals market is constituted by the insecticides
- Fungicides: This class of crop protection chemicals is used to control the spread of fungal diseases in plants. They constitute about 27% of the global agrochemical market
- Herbicides: Herbicides are chemicals that kill or control the growth of weeds in the cultivation area. Globally, they constitute about 44% of the total agrochemical market
- Bio-pesticides: They are pesticides of biological origin i.e., derived from animals, plants, bacteria etc.
- Others: This includes plant growth regulators, nematicides, rodenticides and fumigants. They constitute 7% of the total agrochemical market
Agrochemical landscape in India
India stands fourth in agrochemicals management and its current market value is $4.1 billion. It has been estimated that the market will reach $8.1 billion by 2025. The exports market is expected to reach $4.2 billion by 2025. In spite of its huge market, India lags in terms of the agrochemical consumption that amounts to 0.65 kg per hectare approximately. Currently, the maximum use of agrochemicals is observed in paddy crops followed by cotton. The low yield per hectare of the crop is attributed to the low consumption of agrochemicals. Exponentially growing population and ever-increasing demand for food necessitate the use of more agrochemicals to increase the yield per hectare.
Key participants in the Indian agrochemical market
Indian agrochemical market is highly diverse in nature and consists of around 800 formulators. The market has beheld acquisitions of many small firms by large manufacturers and also merging of small and large firms. The key players include Bayer crop science Ltd., United Phosphorus Ltd., Syngenta India Ltd., Rallis India Ltd., Gharda Chemicals Ltd., BASF India Ltd., etc.
Current market trends in the industry
- Developing environmentally safe pesticides
- Marketing the brands by creating awareness among the farmers
- Acquisitions and mergers at the global level to expand product reach
Key challenges facing the Indian agrochemical market
- High cost involved in the research and development of a new agrochemical molecule
- Controversies over genetically modified seeds
- Lack of effective distribution systems
- Rising demand for organic products
- Marketing of spurious products
Key opportunities for Indian agrochemical market
There is a scope for increasing the usage of agrochemicals by Indian farmers by conducting workshops and special training programs. The export potential of agrochemicals can be increased by taking advantage of the low cost of production. Increasing the market for generic players is another strategy to increase the market as many agrochemical molecules have gone off patent recently. It is much expected from the manufacturers that they take into consideration the current trends like integrated pest management, organic farming etc. and broaden their product portfolio to match the requirements of its consumers.
Online Course on Agribusiness at James Lind Institute
To learn more about agrochemicals, enroll yourself in an online training program on agribusiness being launched at James Lind Institute. This module acquaints you with various aspects of agriculture and allied sectors. James Lind Institute is a pioneer in the field of online training courses in various fields such as clinical development, public health and tropical medicine, pharmaceutical medicine, medical communication and journalism and social and environmental sciences. The globally accredited and industry-specific training fine tune your skills to match the needs of the ever-growing market. James Lind Institute has launched online training programs on agribusiness. For more details, please visitwww.jliedu.com