Pakistan’s crop protection chemicals market is estimated to grow at a CAGR of XX% over 2016-2021. The market value estimated during 2015 was USD 350.23 million and it is expected that this value will reach USD XX million by 2021.
In Pakistan, the agrochemicals industry has been witnessing a relatively steady to high growth, which has been primarily attributed to advancements in the pesticides and fertilizer industries. Nearly 71% of Pakistan’s pesticides market is import dependent and annually imports approximately 80,000 tons of pesticides. In 2013, Pakistan imported pesticides of worth USD 215 million and the value is expected to increase to USD XX million by 2021, due to the implementation of agriculture development plans in the country.
Specific major drivers for the agrochemicals industry outlined in this report include growing food demand, low agricultural productivity, increase in disposable income and implementation of agriculture development plan by the government. On the negative side, restraints limiting market growth include high prices of pesticides and increase in area under BT cotton, the highest insecticide consuming crop of the country.
By segment, biopesticides are likely to witness faster growth (in double digits) in comparison to synthetic chemicals. By product type, insecticides are the largest crop protection chemicals in the region, followed by fungicides and herbicides. By application area, pesticides demand has been analyzed in terms of crop-based (including grains & cereals, oilseeds, and fruits & vegetables) and non-crop-based (including turf & ornamental grass and other non-crop-based applications).
Key Industry Players
The leading companies in Pakistan include:
The top five companies account for more than 75% of market share. Due to immense competition and introduction of generic pesticides by local companies, two multinationals, Dow Agro Sciences and DuPont, have had to wind up their operations in Pakistan and are now operating through distributors in the country. BASF has also taken the route of handing their products through distributors.
Key Deliverables in the Study