BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expectsIndia crop protection chemicals market size to grow at a CAGR of 4.8% during the forecast period between 2023 and 2029. Major factors for the expansion of India crop protection chemicals market include an increasing focus on high agricultural yield to combat food insecurity, high adoption of bio pesticides and rising usage of crop protection chemicals to stop the spread of exotic pests. Crop protection chemical demand will continue to rise at a rapid pace, owing to rapid population, shrinking arable land and the pressing need to address food security. In terms of regulatory interventions for safe farming and general farming culture and practices, the agricultural sector has made significant progress around the world. Growing food demand has prompted agrochemical-based institutions to improve their products and transition to greener alternatives through research investments. Companies in the business have been commercializing bio-based chemicals derived from plants, minerals, microorganisms, and animals. Bio pesticides are one such domain where the market has progressed significantly. However, pesticides residue concerns and lack of awareness about crop protection chemicals among farmers are anticipated to restrain the growth of India crop protection chemicals market during the period in analysis.
India Crop Protection Chemicals Market– Overview
Crop protection chemicals are a type of agrochemical that is used to protect crops from deteriorating due to insect and pest infestation. The market is divided into three sections: mode of action (herbicides, insecticides, fungicides, nematicides, molluscicides, and others), origin (synthetic and bio-based), and application (grains and cereals, oilseeds, fruits and vegetables, commercial crops, and other applications). The study provides market estimates and projections in value (USD million) for the Indian crop protection chemicals market for all the key segments. Agriculture is the backbone of the Indian economy, employing almost half of the workforce and accounting for nearly 18.3% of India’s GDP in 2020. Farmers lose a big portion of their income when pests and weeds destroy their crops. Crop protection chemicals, when used wisely, can protect crops and food from pests while also enhancing farm productivity.
India Crop Protection Chemicals Market – By Mode of Application
Based on mode of application, India crop protection chemicals marketis divided into Foliar Spray, Seed Treatment, and Soil Treatment. The foliar spray segment dominates the market. This is mostly due to a rise in demand for foliar crop protection agents in a variety of end-use applications such as open field and protected cultivation, horticulture, and floriculture. Foliar fertilizer is a type of fertilizer that is administered directly to the leaves of a plant. Several companies produce foliar fertilizers ranging from organic products appropriate for use on food crops to more aggressive chemical fertilizers for ornamentals. There are several advantages of utilizing foliar fertilizer. As a result, such fertilizers are popular in various gardening applications. Crop protection chemicals are also dosed into the soil in a few end-use industries. Therefore, the soil treatment segment is projected to expand at a steady pace during the forecast period.
Impact of COVID-19 on India Crop Protection Chemicals Market
The COVID-19 had a detrimental impact on crop protection chemicals sector. The pandemic disrupted supply chain networks, causing companies and farmers to lose money. In terms of supply, a short-term shortage of migrant laborers combined with distribution constraints resulted in a large disparity between the numbers of workers required for pesticide production. However, COVID-19 pandemic had a short-term impact on market growth, and it has enhanced investment, particularly in biological, as part of a broader shift toward food security and sustainable crop production, as well as assuring more strong supply chains. With rapid expansion, shifting crop mix patterns, and environmental laws, the crop protection chemical sector has been transforming throughout the years.
Major players operating in India crop protection chemicals market include BASF SE, Bayer AG, FMC Corporation, UPL Ltd, Rallies India Limited, Nagarjuna Agrichem Ltd, Crystal Crop Protection Ltd, and Excel Crop Care Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
BlueWeave Research Blog
Phone No: +1 866 658 6826