Indian Pesticides Market to Flourish to Cross USD 4 billion by 2028
India pesticides market is flourishing due to a growing focus on food security, aiming for high yield from the limited availability of arable land, increased food exports, high growth in horticulture and floriculture.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Pesticides Market at USD 2.49 billion in 2021. During the forecast period between 2022 and 2028, the size of India pesticides market is projected to grow at a CAGR of 7.4%, to reach a value of USD 4.08 billion by 2028. Pesticides are compounds or mixtures of substances used to prevent, eradicate, repel, or mitigate pests that spoil crops. Pesticide use in the country has expanded to raise agricultural production, meet the growing food demand, and provide financial help to rural farmers, which have been a primary driver of the India pesticides market. However, alternative techniques, such as integrated pest management (IPM) and crop rotation could restrict the market growth.
India Pesticides Market - Overview
Pesticides have been increasingly important in recent decades, driven by the need to improve total agricultural production and provide adequate food availability for the country's rapidly growing population. Pests and illnesses consume approximately 20-25% of the entire food produced in India. Over the last few years, Indian farmers and consumers have become much more conscious of the harmful consequences of chemical pesticide use. Chemical pesticides have significantly lowered the quality of crops grown in Asian countries. Furthermore, crops with significant levels of harmful chemical residues are unable to meet export quality criteria in several countries, particularly in the European Union. This has prompted farmers to look for more environmentally friendly pesticide alternatives and reduce their dependence on traditional pesticides.
Total arable land per capita has been declining in recent years as a result of expanding urbanization and is expected to continue to drop in the coming years. Food demand is predicted to surge further in the coming years as the country's population grows. Pesticides are anticipated to have a major impact on agricultural yields per hectare. The pesticides industry is expected to benefit significantly from the government's efforts to give funding to farmers in rural areas. Farmers are increasingly willing to use pesticides to boost crop yields when agricultural loans become more readily available and have lower interest rates. Moreover, they are currently being educated on the proper use of pesticides in terms of quantity, application process, and appropriate compounds to utilize for identified pest problems, among other things.
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India Pesticides Market – Technological Advancements
Pesticide penetration in India is substantially lower than in other major countries such as the United States and China. This shows that the pesticide business is still substantially untapped, with plenty of possibility for future expansion. The market has been divided into synthetic pesticides and biopesticides based on the product type; into insecticides, fungicides, herbicides, and others based on the segment section; into liquid pesticides and dry pesticides based on the formulation. Currently, synthetic pesticides under the product type category dominates the market, accounting for a majority of share.
Farmers are trying with the support of local organizations to locate and use non-chemical insecticides to control pests. Neem has long been utilized in India to combat pests and bacterial illnesses in many kinds. In addition, several Indian enterprises are working with academic institutions and government agencies to develop novel biopesticide formulations for various crop kinds. This aspect has resulted in a significant growth in the manufacturing of biopesticides in India. In order to enhance the adoption of such items among farmers, the corporations are also engaging in marketing initiatives. To raise awareness among farmers, the government has created digital portals that provide information about biopesticides and how to use them. This is also a crucial driver driving the market's long-term expansion.
Impact of COVID 19 on India Pesticides Market
The realm of Indian pesticides has witnessed a severe impact in the process of production and consumption. From restricted movement to a downfall in demand from farmers to closing of production units, the market was impacted by COVID-19 pandemic. Due to lockdowns, the market has also experienced less-availability of labor resources and trading, resulting in not as great demand from prominent markets.
Prominent players in India pesticides market include Dhanuka Agritech Ltd., Insecticides India Ltd., Bharat Group, BASF SE, UPL Ltd., Rallis India Ltd., Sumitomo Chemical Co. Ltd., Bayer AG, Meghmani Industries Ltd., and PI Industries Ltd. These companies use R&D, expansions, acquisitions, and new product releases to improve their market position.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Pesticides Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Pesticides Market and industry 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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