Growing demand for food grains, rising incidences of pest attacks along with new product launches to drive India pesticide market through 2023. According to TechSci Research report, “India Pesticide Market By Product Type, By Formulation, By Crop, Competition Forecast & Opportunities, 2013 – 2023”, the country’s pesticide market is forecast to reach around $ 900 million by 2023.
Important Elements of India Pesticide Market
Pesticides are being extensively used in India’s agriculture sector to boost productivity in order to ensure adequate food availability for the country’s growing population. The growth of India pesticide market is led by the increasing need for food security and weed supervision. Moreover, farmers are now increasingly using new agricultural methods, which are augmenting the use of pesticides, thereby positively influencing the pesticide market in the country.
Browse 8 market data Tables and 39 Figures spread through 100 Pages and an in-depth TOC on “India Pesticides Market, 2023″.
India pesticide market is dominated by Bayer Crop Science, Syngenta India, BASF India, UPL, and ADAMA Agriculture Solutions. These five players cumulatively accounted for more than 60% of the market share in 2017, and their dominance is expected to continue until 2023. Rising food consumption coupled with capacity expansions by leading pesticide manufacturers such as Syngenta, Bayer, BASF, etc., are among the major factors expected to influence the country’s pesticide market in the coming years.
On the basis of product type, India pesticide market is segmented into Insecticides, Fungicides, Herbicides, Plant Growth controllers, and Others. The insecticide segment accounted for the largest market share in 2017 and is likely to continue its dominance during the forecast period as well. However, the fungicides segment is anticipated to grow at the fastest CAGR during 2018 – 2023. Fungicides are mainly used in vegetables and pulses, and production of these crops is continuously increasing in India, thereby boosting demand for fungicides.
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A large demand for pesticides emanates from South India, which includes states like Andhra Pradesh, Karnataka, Kerala, etc., that have higher production of plantation crops. West India is the largest market of insecticides due to its high cotton production capacity. “Growth of agrochemicals such as pesticides is directly related to increment in productivity of grains. Moreover, advancements in agricultural technologies are further aiding the growth of India pesticide market. Rising awareness among farmers regarding the use of pesticides would further push the demand for pesticides in India in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Pesticide Market By Product Type, By Formulation, By Crop, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of India pesticide market and provides statistics and information on market structure, size, and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in India pesticide market.
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