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Report Overview
India agrochemicals market value reached around USD 3.10 Billion in 2023. This growth is driven by several factors, including the increasing food demand due to a rising population expected to hit 1.5 billion by 2030, which necessitates enhanced agricultural productivity. Government support through favourable policies and subsidies further propels the market, while technological advancements in agrochemical formulations and precision farming techniques improve application efficiency and crop yields. The industry is expected to grow at a CAGR of 4.10% during the forecast period of 2024-2032 to attain a value of USD 4.45 Billion by 2032. India's status as a net exporter of agrochemicals is strengthened by rising global demand for herbicides and fungicides, creating potential for sustained growth in the agrochemicals sector.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The Indian agrochemical industry has demonstrated significant growth, with total production capacity rising from over 1.4 million metric tons in fiscal year 2019 to nearly 1.5 million metric tons in fiscal year 2022. This increase reflects the industry's commitment to enhancing agricultural productivity and meeting the growing demands of both domestic and international markets.
- As the fourth-largest producer of agrochemicals globally, India has established itself as a key player in the sector, bolstered by its capabilities in low-cost manufacturing and a strong emphasis on generic pesticide production. This competitive advantage has enabled India to become the 12th largest exporter of pesticides and disinfectants, with exports reaching INR 43,223 crore in the 2022-23 fiscal year.
- Furthermore, India emerged as the second-largest exporter of agrochemicals globally in 2022, driven by a strategic focus on post-patent products and a growing demand for affordable, high-quality agrochemical solutions across more than 140 countries.
India Agrochemicals Market Trends
The Indian government's support for the agrochemical industry is evident through initiatives like the Production Linked Incentive (PLI) scheme for the agrochemical sector. Companies like Rallis India and Insecticides India have benefited from such policies, which incentivise domestic manufacturing and promote self-reliance in agrochemical production.
Additionally, government initiatives focusing on agriculture, such as doubling farmer income by 2022, significant public spending on rural infrastructure, crop insurance coverage, and agricultural credit, are boosting domestic consumption. The rise in disposable income of farmers through schemes like PM-KISAN is increasing the demand of India agrochemicals market.
India Agrochemicals Market Report Snapshots
India Agrochemicals Market Size
India Agrochemicals Market Growth
India Agrochemicals Market Trends
India Agrochemicals Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.10 Billion.
The market is assessed to grow at a CAGR of 4.10% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 4.45 Billion by 2032.
The major drivers of the market include, growing population, regional economic growth, increased government initiatives to assist farmers, and create awareness among them regarding modern agricultural practices, and rapid technological advancements.
The key guiding the growth of the market in India include increasing investment in the protection of crops, and the development of integrated farming practices and their growing acceptance among the farmers in the region.
Regions considered in the market are north region, east and central region, west region, and south region.
Based on crop application, the market is divided into grains and cereals, pulses and oilseeds, fruits and vegetables, and turf and ornamentals, among others.
Key players in the market are Corteva Agriscience AG, UPL Limited, Bayer AG, Syngenta Crop Protection AG, BASF SE, PI Industries Limited, Sumitomo Chemical Co., Ltd, Dhanuka Agritech Limited, Meghmani Organics Ltd, Tata Chemicals Ltd, and Coromandel International Limited, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124