Date: August 27, 2021 | 3:00 PM - 4:30 PM IST
The global agrochemical market size is estimated to grow from US $208.6 billion in 2020 and is projected to reach US $246.1 billion by 2025, at a CAGR of 3.4%, as per report by ResearchAndMarkets.com. The Asia Pacific agrochemicals market is estimated to grow significantly as the region has the highest rate of population growth, increasing the need for food production and economic growth.
While the demand for food products is increasing in the developing countries of Asia Pacific and the available land mass for agriculture shrinking due to the increased effect of urbanization, propels farmers to use various agrochemicals to maintain soil health and increase land productivity.
India is the fourth largest manufacturer and the 13th largest exporter of agrochemicals to the world and the market has the potential to reach US$7.5 billion by 2026 from present market size of US$4.5 billion as the market is expected to grow at a CAGR of 8.6% between 2021 and 2026.
India has certain inherent advantages. The per hectare consumption of agrochemicals is around 0.34 kg compared to 11.84 for the USA. This opens up huge opportunities in the domestic market. A large majority of Indian farmers are at the mercy of the monsoon and efficient use of agrochemicals can help improve yields. Around close to 25 per cent of the total crop produced in India are destroyed due to pest attack.
Exports have increased from US $3.4 bn in FY 2019-20 to US $3.6 bn in FY 2020-21, registering a growth rate of 6%. The industry needs to improve its product offering and do not depend on generic molecules as only value addition can help drive exports to double digit. For this the focus should be on increasing the R&D quotient. The policy environment should also be made conducive so that we attract leading agrochemical companies and at the same time protect the interest of small and medium players who have their presence in India.
Entry to the e-conference is extended only to professionals based on merit, please submit your registration form to apply for complimentary registration.
Key Discussion Points
- Making farmers self-reliant and improving their income
- Likely impact of Pesticides Management Bill 2020
- Taking advantage of China +1 strategy for agrochemicals
- Safeguards that need to be in place when we attract large MNCs
- Should the government introduce the PLI scheme to reduce import dependence
- Increasing demand for agrochemicals
- Increased usage of biopesticides
- Expanding basic research and intellectual property protection