Indian crop protection industry is estimated to grow by 7.5 per cent per annum to reach USD 6.3 billion by 2020, according to a report by Tata Strategic Management Group.
The report 'Next Generation Indian Agriculture - Role of Crop Protection Solutions' was released today by Hukumdev Narayan Yadav, Chairman, Standing Committee of Parliament on Agriculture and Farmers Welfare.
"As per the report, Indian crop protection Industry is estimated at USD 4.4 billion in FY 2014-15 of which 47 per cent are exports. The crop protection industry is expected to grow further at 7.5 per cent per annum to reach USD 6.3 billion by FY 2019-20," the report said.
The industry is dominated by insecticides which contribute to 60 per cent of the overall demand, followed by fungicides and herbicides which account for 18 per cent and 16 per cent of the demand respectively, the company said in a statement.
"Agrochemicals play a critical role in ensuring food and nutrition security of the nation. With estimated 355 million tonnes per annum food grain requirement by 2030 from current 253 million tonnes, efficient usage of crop protection products and solutions for Indian agriculture are the need of the hour," said Manish Panchal, Sr. Practice Head - Chemicals & Energy at Tata Strategic Management Group.
In order to realise the true potential, Industry, Government and Regulatory bodies need to work in tandem and embrace digital technologies to further improve farmer connect, he added.
The report highlights that the Indian agriculture sector is facing critical challenges like reduction in arable land, decreasing farm size, increasing pest attacks, low per hectare yield and a shift towards animal products consumption, all of which are leading to demand outpacing supply in the country's food chain.
"Agrochemicals could play a significant role in overcoming this imbalance," the report said.
