The new report by Expert Market Research titled, ‘India Agrochemicals Market Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the India agrochemicals market, assessing the market based on its segments like major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
|Market Size in 2022||USD 6 billion|
|Revenue Forecast in 2028||USD 9.82 billion|
|Growth Rate CAGR||8.6%|
The agrochemicals in the agriculture sector are crucial for managing the ecosystem, improving crop yield, and for controlling the pest population. In this regard, the thriving agriculture sector in India, owing to the increasing domestic demand for pulses, cereal grains, and natural fibres, among others is driving the market growth.
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In addition to this, the Indian agriculture industry in the forecast period is anticipated to play a crucial role in amplifying the global food supply chain. This factor is likely to propel the demand for agrochemicals in the country. The growing expansion of the speciality chemical companies of India aimed towards bolstering their capabilities to cater to the increasing domestic and overseas demand is anticipated to provide impetus to the market growth in the coming years.
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Agrochemicals are defined as the synthetic or chemical products such as pesticides, herbicides, and fertilisers, which are used in farming to increase the land output. Agrochemicals are generally designed to perform various functions including destroying insects and similar organisms, encouraging crop growth, and adjust the pH levels of the soil, among others.
The key trends in the agrochemicals market in India include the favourable policies of the government encouraging the production of agrochemicals. For instance, Government of India is planning to introduce a production-linked incentive (PLI) scheme to motivate the domestic manufacturing of agrochemicals. The market will further be spearheaded by the increasing inflow of FDI in the chemical sector.
Moreover, the technological advancements in the agricultural sector, such as the increasing utilisation of drones in the farm sector for the sprinkling of agrochemicals are likely to be the other crucial trends in the market. The increasing investments by the major market players in the country to scale-up the manufacturing of high-value specialty chemicals in the agricultural sector are likely to aid the market growth in the coming years.
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