Agrochemical Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Top Indian Agrochemical Companies and is segmented by Product Type (Fertilizers, Pesticides, Adjuvants, and Plant Growth Regulators) and Application (Crop-based and Non-crop-based). The report offers market size and forecasts for the market in terms of value (USD million) for all the above segments.

India Agrochemical Market Size

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India Agrochemicals Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 8.22 Billion
Market Size (2029) USD 13.08 Billion
CAGR (2024 - 2029) 4.00 %
Market Concentration Low

Major Players

India Agrochemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Agrochemical Market Analysis

The India Agrochemicals Market size is estimated at USD 8.22 billion in 2024, and is expected to reach USD 13.08 billion by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).

  • The rising population in India, accompanied by rising affluence, is creating a shift in consumption patterns. There is a need to not just increase production to meet demand but also to ensure that the nutritional needs of an increasingly affluent population are met. Shrinking arable land and loss of crops due to pest attacks lead to wastage, posing a critical challenge to ensuring food and nutritional security. The agrochemical market is an important agriculture support industry, which boosts the agriculture output. These factors support the growth of the market.
  • In India, about 15-25% of potential crop production is lost due to pests, weeds, and diseases. The need for improving crop productivity with a focus on the effective use of pest control measures and the adoption of weed management practices has been recognized as an important factor in increasing agricultural output. These factors are aiding the use of agrochemicals in agriculture to increase output.
  • Pesticide usage is high among other chemicals. Price premiums and innovative eco-friendly production methods are emerging steadily in the agrochemical market. There is an increasing need to balance the judicious use of the best chemicals and minimize the impact of that use. As the Central Government focuses on promoting sustainable agriculture practices, there is an increase in the use of biopesticides which now accounts for 15% of the market.
  • According to the Federation of Indian Chambers of Commerce and Industry, the Indian government recognizes the agrochemical industry as one of its top 12 industries to achieve global leadership, growing at 8-10% through 2025. Thus, the agrochemical sector in India is projected to witness growth during the forecast period.

India Agrochemical Market Trends

This section covers the major market trends shaping the India Agrochemicals Market according to our research experts:

Increasing Population Leads to Increased Food Demand

  • The population is showing a great increase in India. According to World Bank, India's population was 1.39 billion in 2021, and it is expected to reach 1.66 billion by 2050.
  • About 50% of the Indian population is still dependent on agriculture for their livelihood. The increasing population creates a huge demand for food products to feed the population.
  • The higher temperatures and moisture lead to a higher possibility of infestation from pests which leads to a decrease in productivity. According to the India Council of Agriculture Research (ICAR) scientists, nearly 30-35% of annual crop yield in India gets wasted because of pests. To tackle these problems and to increase production, the use of crop protection chemicals is anticipated to increase.
  • Agrochemicals also play a vital role in crop growth, showing improved performance and noticeable results. They are highly important in obtaining increased yields as these are necessary to prevent pests and diseases in the field. Supplying adequate plant nutrients is essential for the healthy growth and production capacity of plants, thereby catering to the increased food supply.
  • The companies in the market are investing in production and storage facilities to cater to the increasing demand. In 2022, Indian agrochemical companies increased backward integration and use of international storage warehouses to continue producing and expanding to meet the increasing demand. For instance, Meghmani Organics Limited invested USD 100 million in capital expenditure on expansion and new production facilities while introducing nine new molecules.
  • In short, the need to enhance productivity to cater to the food demand of the growing population has been the key factor driving the use and application of agrochemicals in India.
India Agrochemicals Market: Total population, in millions, India, 2018-2021

Increasing Government Initiatives in Agriculture

  • The agricultural sector contributes a major portion of the Indian economy. Most of the people in the country are dependent on agriculture. For instance, according to the Ministry of Statistics and Programme Implementation, Government of India, the contribution of agriculture and allied sectors in the gross value added (GVA) of India for the financial year 2020-21 was 20.2%. This is due to the increased government initiatives with respect to the agriculture sector.
  • However, the agricultural land in India is decreasing day by day, and the demand for agricultural products is increasing. In order to enhance productivity on its 174 million hectares of arable land and meet the country's high domestic demand for agricultural goods, the Indian government wants to double the incomes of farmers over the next five years. This increase in production can be achieved by the usage of agrochemicals to prevent pests and raise the yield per hectare.
  • According to the Federation of Indian Chambers of Commerce and Industry, the Indian government recognizes its agrochemical industry as one of its top 12 industries to achieve global leadership growing at 8% to 10% through 2025. The government also made some initiatives to give farmers access to crop protection products to increase their crop productivity. For instance, the Government of India created a network of 729 Krishi Vigyan Kendras established at the district level across India to ensure growers access to improved seed varieties, crop protection chemicals, and AG technology.
  • In 2022, the government invested a huge amount in subsidizing potash and making it more affordable for farmers as it is the most imported fertilizer. According to the Department of Fertilizers, the government allocated USD 14 million to its fertilizer subsidy program.
  • Learning from the lessons of the COVID-19 pandemic, the government has brought forward a production-linked incentive program for agrochemicals in 2020 by creating a digitally-led, robust agrochemicals supply chain that ensures that Indian farmers have access to the right products at the right time.
  • The increased government initiatives increased the consumption of chemical pesticides. According to the Ministry of Agriculture and Farmers Welfare, the consumption of chemical pesticides reached 44,700 metric tons in 2021. Therefore, the increasing government initiatives in the agrochemical sector to boost the production of major crops are expected to aid the growth of the market in the coming years.
India Agrochemicals Market: Consumption volume, in metric ton, Chemical Pesticides, 2020 and 2021

India Agrochemical Industry Overview

The agrochemicals market is fragmented in India. Major players include (in no particular order) Bayer CropScience, Syngenta AG, UPL Limited, BASF SE, National Fertilizer Limited, and TATA Rallies. New product launches, mergers and acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. These companies are focusing on making an investment in innovations, collaborations, and expansions to increase their market share.

India Agrochemical Market Leaders

  1. Bayer Crop Science

  2. Syngenta AG

  3. UPL Limited

  4. BASF SE

  5. National Fertilizers Limited

*Disclaimer: Major Players sorted in no particular order

India Agrochemicals Market Concentration
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India Agrochemical Market News

  • March 2022: FMC India Introduced Corprima,' a New Insecticide for Tomato & Okra Crops. Corprima is a novel insecticide that provides higher pest control and improved flower and fruit retention, resulting in larger, higher-quality harvests.
  • February 2022: Crystal Crop Protection Limited launched its new product HOLA, a post-emergent herbicide to protect sugarcane crops from weeds across the country.
  • March 2021: FMC Corporation collaborated on a long-term strategic partnership with UPL Limited to supply Rynaxypr active (insecticide) for use in its product formulations.

India Agrochemical Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Fertilizers

      2. 5.1.2 Pesticides

      3. 5.1.3 Adjuvants

      4. 5.1.4 Plant Growth Regulators

    2. 5.2 Application

      1. 5.2.1 Crop-based

        1. 5.2.1.1 Grains and Cereals

        2. 5.2.1.2 Oil Seeds

        3. 5.2.1.3 Fruits and Vegetables

      2. 5.2.2 Non-crop-based

        1. 5.2.2.1 Turf and Ornamental Grass

        2. 5.2.2.2 Other Non-crop-based

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Bayer Crop Science

      2. 6.3.2 BASF SE

      3. 6.3.3 YARA International

      4. 6.3.4 Indian Farmer Fertilizer Cooperative

      5. 6.3.5 Syngenta AG

      6. 6.3.6 National Fertilizers Limited

      7. 6.3.7 Rastriya Chemicals and Fertilizers Ltd

      8. 6.3.8 Coromandel International Limited

      9. 6.3.9 UPL Limited

      10. 6.3.10 Potash Corporation of Saskatchewan

      11. 6.3.11 Sumitomo Chemical India Ltd

      12. 6.3.12 TATA Rallies

      13. 6.3.13 Nagarjuna Fertilizers and Chemicals Limited

      14. 6.3.14 Dhanuka Agritech

      15. 6.3.15 Deepak Fertilizers

      16. 6.3.16 Crystal Crop Protection Limited

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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India Agrochemical Industry Segmentation

Agrochemicals are products used to prevent the deterioration of crops from insects and pest infestation and disease. The study on the Indian agrochemicals market offers the latest trends, growth factors, industry competitiveness, investment opportunities, and a detailed profile of the top players in the market.

The Indian agrochemicals market is segmented by product type (fertilizers, pesticides, adjuvants, and plant growth regulators) and application (crop-based and non-crop-based). The report offers market size and forecasts for the market in terms of value (USD million) for all the above segments.

Product Type
Fertilizers
Pesticides
Adjuvants
Plant Growth Regulators
Application
Crop-based
Grains and Cereals
Oil Seeds
Fruits and Vegetables
Non-crop-based
Turf and Ornamental Grass
Other Non-crop-based
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India Agrochemical Market Research FAQs

The India Agrochemicals Market size is expected to reach USD 8.22 billion in 2024 and grow at a CAGR of 4% to reach USD 13.08 billion by 2029.

In 2024, the India Agrochemicals Market size is expected to reach USD 8.22 billion.

Bayer Crop Science, Syngenta AG, UPL Limited, BASF SE and National Fertilizers Limited are the major companies operating in the India Agrochemicals Market.

In 2023, the India Agrochemicals Market size was estimated at USD 7.90 billion. The report covers the India Agrochemicals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Agrochemicals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Agrochemical in India Industry Report

Statistics for the 2024 Agrochemical in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Agrochemical in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Agrochemical Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)