SWOT Analysis of Agrochemical Industry In India
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For the Indian economy, the agrochemical industry is very important. Though facing a decline in cultivable land resources, India must ensure food security for 1.21 billion people. As the world’s population grows, so does the demand for food crops, which is growing faster than supply. Pesticides must be used to do this.
Furthermore, the non-use of crop safety products results in a substantial loss of crop yield per year. As a result, the market is expected to expand at a steady pace in the coming years.
After the United States, Japan, and China, India is the world’s fourth-largest manufacturer of agrochemicals. The agrochemical industry makes up just 2% of India’s overall chemical industry. Until FY15, the domestic market is forecast to expand at an annual rate of 8%. During the same time frame, exports are expected to rise at a CAGR of 15%.
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Significant factors driving India’s agrochemical industry include growing population, declining per capita supply of arable land, and an emphasis on increasing agricultural yield. Growing demand for food grains, the need for increased land productivity, the government’s encouragement of the use of unrestricted fertilizers, and new policies to promote full fertilizer output are all contributing to India’s agrochemical market‘s development.
Increased organic farming activities, on the other hand, restrict the demand due to shrinking farmland. Farmers are now spending more on seed treatment agrochemicals, which help ensure pest tolerance as well as stronger and more uniform germination, enabling them to bring their crops to market quicker.
The Indian agriculture sector is currently confronted with crucial challenges such as reduced arable space, smaller farm sizes, increased insect attacks, and poor per hectare yields, all of which are positively influencing the Indian agrochemical industry.
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The India agrochemicals industry is being powered by the country’s growing population, which has resulted in the country retaining sufficiency in agricultural practises, thus increasing the use of Indian agrochemical products for farming activities. India’s agrochemical industry will expand rapidly, with an estimated CAGR of 8%. The Indianization of the agrochemical sector has had a positive effect on the industry, as it has increased sales of agrochemical products. Other factors influencing the development of India’s agrochemical industry include increasing population, increased demand for food production, and economic growth.
As the market for food products grows, the landmass available for cultivation shrinks as a result of the increased impact of urbanisation, creating an incentive for farmers to use various agrochemicals to improve land productivity and sustain soil quality. The country’s optimistic trend and incorporating farming practises are projected to propel the industry growth rate of agrochemicals in India during the forecast period. However, the industry may be hampered by the farming community’s lack of knowledge of the benefits of agrochemicals, as well as their lack of approval of modern-day farming practises.
The global agrochemical and pesticide market’s growth dynamics are influenced by a wide variety of regional and global factors and developments, which the study delves into in-depth. The report provides in-depth analyses of different trends, recognizes large opportunities, and provides granular analysis of the factors affecting the growth of a significant segment.
An overview of the current operational and macroeconomic situation in different regions is included in the detailed report on the global agrochemical and pesticide market. It reflects on recent developments in government legislation and assesses their consequences for current investment patterns.
Key players in the Indian Agrochemical Market:
- Bayer Crop Science
- BASF
- Potash Corporation of Saskatchewan
- Yara International
- Indian Farmers Fertiliser Cooperative
- I. Du Pont De Nemours & Company
- Adama Industries.
- Excel Crop Care Limited (Sumitomo Chemical)
- Syngenta AG.
- Arysta LifeScience (Japan)
- National Fertilizers Limited
- Coromandel International Limited
- Rashtriya Chemicals and Fertilizers Ltd.
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