India Pesticides market is expected to reach INR 484.0 billion by FY’2020: Ken Research

The market leader, Bayer Crop Science is expected to maintain focus on investing in production capacities, whereas Insecticides India Limited would be focusing on renewing its product portfolio.

Ken Research announced its latest publication on “India Pesticides Market Outlook to 2020 – Rising Awareness among Farmers and Advent of Bio Pesticides to Shape Future Growth” which provides a comprehensive analysis of the pesticides market in India. The report covers various aspects such as market size of India technical and formulations Pesticides market, segmentation on the basis of type of pesticides, crops, industry structure-Organized and Unorganized, regional consumption, import and indigenous pesticides and others. The report also covers market in different aspects such as market size, segmentation of market on the basis of generic and patented pesticides import and export of pesticides in the market. The report will help industry consultants, pesticide producing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.

The India pesticides market has witnessed remarkable growth in terms of volume of pesticides produced over the last seven years. 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. In terms of production, the market for technical grade pesticide inclined at a CAGR of 6.3% during FY’2010-FY’2015. Factors such as growing awareness among the Indian farmers, several measures adopted by the public authorities to stimulate the country’s crop yield and production, have positively contributed to revenue and production of technical pesticides in India.

According to the research report, the India technical grade pesticides market will grow at a considerable CAGR rate reaching INR 484.0 billion by FY’2020 due to augmenting level of population, growing food demand coupled with the declining farmland, increased awareness amongst Indian farmers, rising product innovation and declining prices of pesticides. Biopesticide market is also expected to witness several new products launch in the next 5 years.

“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”.