The technical pesticides Market for India will continue to grow at a considerable pace in the next few years with addition of new players and continuous support from government. The market is predicted to grow at a CAGR of 14.5% from FY’2016-FY’2020. Factors such as augmenting level of population, growing food demand coupled with the declining farmland have provided a major thrust to the need for improving the agrarian yield and avoiding the pests resulting loss in crop have impelled the scope for crop protection industry in India for several years in the past and the trend is expected to continue in the future years as well owing the industry innovations, improved penetration of the companies, organized distribution channel, increasing awareness amongst the farmers and others.
India pesticides industry is an effervescent market in the world, valued at INR~ billion as witnessed in FY’2015. Over the last five years from FY’2010-FY’2015, the industry has observed an average annual growth of 12.1% in value terms. The growth in the Indian pesticides market over the period FY’2010-FY’2015 was primarily supplemented by the remarkably rising population and inflating agricultural commodity prices.
The Indian pesticides industry has experienced favorable growth on account of impelling demand due to research and development activities being carried out in companies, emergence of new and innovative pesticides as well as by declining prices due to augmenting competition in the market. Another important factor that is influenced the market for pesticides during FY’2010-FY’2015 has been the growing incidence of organic farming in the country, which has impelled attributing to the growing consumer awareness for health and hygiene. Additionally, that favorable government policies provided support the growth of Indian pesticides industry in the over the period FY’2010-FY’2015.
“According to Research Analyst at Ken Research, the players need to place increased focus on delivering quality products and should invest greater amount in research and development in order to produce innovative and productivity enhancing pesticides. At Government level, proper Redressal system, revision in old structures and mandatory checking of spurious pesticides is need of an hour. The industry, however, is expected to face major challenges in terms of unpredictable weather which may affect the pest occurrences in the short term”.
The report titled “India Pesticides Market Forecast to FY’2020” provides a comprehensive analysis of the pesticides market in India and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, pesticide manufacturing companies, suppliers, retail chains, new players and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Ankur Gupta, Head Marketing & CommunicationsAnkur@kenresearch.com
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