Indian agrochemical industry is estimated at USD 4.25 billion in FY14 and is expected to grow at 12-13 per cent per annum to reach USD 7.5 billion by FY'19, says a report.
"Indian crop protection industry is estimated at USD 4.25 billion in FY14 of which 50 per cent are exports. The crop protection industry has experienced strong growth in the past and is expected to grow further at 12-13 per cent per annum to reach USD 7.5 billion by FY2018-19.
"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," Tata Strategic Management Group said in its 'Agro Chemicals' report.
Tata Strategic Management Group and FICCI presented the report at the Fourth National Conference on Agrochemicals 2014.
The report highlights the changing food consumption patterns in India, demand patterns and future growth potential of crop protection industry in India, besides highlighting the need of agrochemicals to overcome the challenges faced by domestic agriculture in ensuring food and nutritional security of the nation.
The report showcases the key imperatives for agrochemical companies, government and regulatory bodies to promote judicious use of genuine agrochemicals.
Announcing the findings of the 2014 report, Manish Panchal, Practice Head - Chemicals & Energy, Tata Strategic Management Group said, "Agrochemicals play a critical role in ensuring food and nutrition security of the nation.
"Lower per hectare yield at 3 tonne/ha in India as compared to global average of 4 tonne/ha highlights the need of agrochemicals for Indian agriculture. In order to realise true potential, industry, government and regulatory bodies need to work in tandem.
