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The India Agrochemicals Market size is forecast to increase by USD 12.90 billion, at a CAGR of 10.17% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing use of herbicides, growing demand from India, and technological improvements leading to efficient methods of agriculture. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Agrochemicals are broadly classified into two categories: fertilizer and pesticide. Fertilizers are segmented into three categories, which include nitrogenous, phosphatic, and potassic. Different segments of pesticides include insecticides, herbicides, fungicides, and others.
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The increasing use of herbicides is notably driving the market development. Huge investments are being made in the development of new varieties of herbicides that are more effective and eco-friendly. Most modern herbicides are formulated to decompose within a short span after application. Applications of herbicides are spread across varieties of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. The shifting presence of consumers toward fruits and green vegetables, propelled by the increasing awareness regarding health and fitness, fuels the use of herbicides in agricultural applications.
Moreover, constant protests regarding the ban on harmful herbicides have been in the news. However, their presence in the agrochemicals market in India is due to cheaper rates compared with their substitute products. Many industry players are developing bio-based herbicides. These herbicides are eco-friendly but are expensive solutions for controlling weeds that are resistant to chemical-based herbicides. Such factors are expected to drive the growth of the market during the forecast period.
Implementation of Integrated Pest Management (IPM) as a new method of crop protection is an emerging trend shaping market growth. Pest control involves almost 35% of a farmer's crop production cost, and pests cause losses of 11%-32% currently. Pesticides play a very important role in controlling pests. However, rising pest resistance to pesticides and environmental and health concerns have led to the reduced use of chemical pesticides. IPM can be defined as a strategy involving specific procedures for pest prevention in an agricultural environment.
Moreover, it is a prevention method that creates an inhospitable environment for pests through systemic resistance and proper operation design. IPM is an integration of multiple control methods involving inspection, monitoring, and reporting, and a pesticide is only applied when it is assumed to be most effective during a pests life cycle. Such developments and innovations are expected to positively impact the growth of the market during the forecast period.
Organic farming as a viable substitute is a significant challenge hindering market growth. Crop and livestock cultivation without the use of pesticides, fertilizers, antibiotics, and genetically modified organisms is termed organic farming. This method was developed given a sustainable and harmless environment. Crop rotation, cover crops, and balanced relationships between host and predator are the promotional factors of organic farming. The Permitted Substances List approves certain substances to be used as a pesticide for organic farming. Organic crops and crop-based foods have 19%-68% higher levels of antioxidants like polyphenolics compared with conventionally grown crops.
Furthermore, organic crops have fourfold less pesticide residue than conventional crops. Organic farming leads to less use of agrochemicals, which is a significant factor influencing health-conscious consumers. Increasing awareness among people will have a greater impact on the agrochemicals market in India. Such factors are expected to limit the market growth during the forecast period.
The market share growth by the grains and cereals segment will be significant during the forecast years. The crop-based application includes grains and cereals, pulses and oil seeds, and fruits and vegetables. The increasing consumption of crops such as fruits and vegetables by consumers and increased demand for safe cultivation methods accelerate the demand for agrochemicals. Additionally, consumer acceptance and adoption of organic farming have gradually increased over the years, owing to better yield, productivity, and superior quality products.
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The grains and cereals segment was the largest and was valued at USD 7.15 billion in 2018. Crops such as wheat and rice need a higher supply of yield during the growth stages. The demand for high-yield value in crops increases the demand for crop protection products. Farmers around the world, especially in India, are demanding agrochemical products. This has escalated the demand for insecticides required for the cultivation of cereals and grains. Since cereals and grains are considered staple crops in India, they have an increased demand due to the rising population of the country. In addition, farmers in India are witnessing an increase in the demand for agrochemical products such as insecticides. Such factors are expected to drive the growth of the grains and cereals segment hence propelling the growth of the agrochemicals market in India during the forecast period.
Based on the product, the market has been segmented into fertilizers and pesticides. The fertilizers?segment will account for the largest share of this segment.?Fertilizers can be further classified as synthetic and biofertilizers. Synthetic fertilizers are subdivided into nitrogenous, phosphatic, and potassic fertilizers. Nitrogenous fertilizers accounted for the largest share of the fertilizers segment in 2023. Nitrogen is one of the vital macronutrients required for the growth and development of crops. Further, potassium-based fertilizers increase protein content in plants. Potassium chloride, potassium nitrate, and potassium sulfate are some of the major sources of potassium for plants. The low cost and better efficiency of potassium chloride compared with traditional fertilizers are the major factors contributing to fertilizers segment growth. Potassium-based fertilizers are used to cultivate crops, including rice, cereals, grains, and tubers. Thus, the need to meet the growing demand for nutritious food is expected to drive the growth of the fertilizers segment during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Bharat Rasayan Ltd - The company offers agrochemicals such as seeds and crop protection fertilizers, under the brand AgCelence.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Bharat Rasayan Ltd., Cargill Inc., Coromandel International Ltd., Crystal Crop Protection Ltd., Deepak Fertilisers and Petrochemicals Corp. Ltd., Dhanuka Agritech Ltd., Gharda Chemicals Ltd., Godrej Agrovet Ltd., Indian Farmers Fertilizer Cooperative Ltd., Indofil Industries Ltd., Meghmani Industries Ltd., Nagarjuna Agrochemicals Pvt. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sharda Cropchem Ltd., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, The Jhaver Group of Companies, UPL Ltd., Yara International ASA, and BASF SE
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report predicts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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India Agrochemicals Market Scope |
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Report Coverage |
Details |
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Page number |
142 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Market forecasting period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.17% |
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Market Growth 2024-2028 |
USD 12.90 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.01 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bharat Rasayan Ltd., Cargill Inc., Coromandel International Ltd., Crystal Crop Protection Ltd., Deepak Fertilisers and Petrochemicals Corp. Ltd., Dhanuka Agritech Ltd., Gharda Chemicals Ltd., Godrej Agrovet Ltd., Indian Farmers Fertilizer Cooperative Ltd., Indofil Industries Ltd., Meghmani Industries Ltd., Nagarjuna Agrochemicals Pvt. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sharda Cropchem Ltd., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, The Jhaver Group of Companies, UPL Ltd., Yara International ASA, and BASF SE |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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