In earlier days, just stepping onto the outskirt of the city, you would start seeing plush green agricultural fields spread over acres and acres. But nowadays, this spread has become restricted and is getting positioned in between residential locations. Inspite of the growth in infrastructure, industrialization, IT, manufacturing among others, agriculture continues to form the backbone of the Indian economy. The sector accounts for about 15 percent of the country’s GDP.
Thus, it is no surprise that the scope of agrochemicals is set to firm up in the coming years.
Added to this, the rising population and urbanization have intensified the demand for quality food grains. All this is happening against the backdrop of declining agricultural land and reduced crop production due to pest attacks and irregular monsoons. These situations have thus justified that agrochemicals are set of becoming critical for our future growth. In the agrochemicals sector too, crop protection is the need of the hour.
The agrochemicals market in India is expected to become $6.3 billion by 2020, growing annually at 7.5 percent, from $4.4 billion in 2015, according to a report by Tata Strategic Management Group (TSMG) and FICCI.
In the agrochemicals sector, we also take a look at the pesticides market - the insecticides, herbicides and fungicides. The Indian pesticide industry is 4th largest in the world after US, Japan and China and in Generic Pesticides production in India stands at No 2 in the world after China. To know more details about the agrochemicals sector, have a look at our in-depth coverage in the sector view.
Read More: Healthy crops for a healthy nation
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