Agrochemicals market cross $4.5 billion mark by 2015: ASSOCHAM

Agrochemicals market to cross $4.5 billion mark by 2015: ASSOCHAM

6:17 AM, 24th May 2012
Agrochemicals market to cross $4.5 billion mark by 2015: ASSOCHAM

DELHI, INDIA: Growing at a compound annual growth rate (CAGR) of about 15 per cent, the agrochemicals sector in India is likely to cross Rs 25,000 crore ($4.5 billion) mark by 2015, said ASSOCHAM, the apex industry body. The Indian agrochemicals market is currently poised at over Rs 16,000 crore ($2.9 billion), according to a study titled, ‘Indian Market for Agrochemicals,’ released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“Growing awareness about benefits of agrochemicals on agri-produce and need for crop protecting and growth augmenting chemicals amid farmers together with growing shortage of farm labour, need for self-sufficiency in food grain production, growth in organized retail segment and thriving domestic horticulture and floriculture industries are fuelling increased usage of agrochemicals in India,” said D S Rawat, Secretary General, ASSOCHAM.

“There is a huge potential for foreign investments in India’s agrochemicals market. Multinational companies operating in the sector can witness five to ten times more annual growth in India as compared to that in other countries thereby making India a global hub for agrochemicals,” said Rawat. Considering potential of agrochemicals, there is an urgent need to inform farmers about their usage in terms of its quantity depending upon the nature of crops. Besides, Indian companies in the sector should also increase their investment in research from current level of about two per cent to at least eight to 10 per cent to spur exports and be more competitive globally.

In terms of agrochemicals production, India ranks fourth in the world after USA, Japan and China respectively. Besides, global agrochemicals industry is growing at about 12 per cent CAGR and is likely to cross Rs 13 lakh crore ($0.23 trillion) mark from the current level of about Rs 8.5 lakh crore ($0.15 trillion). On an estimate, crops worth about $20 billion is lost due to lower usage of pesticides each year, according to the ASSOCHAM study.

© WOC News

(For calculation purposes $1= Rupees 56)

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