According to the latest report by IMARC Group, titled “Indian Pesticides Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the pesticides industry in India reached a value of INR 197 Billion in 2018, growing at a CAGR of 10% during 2011-2018. Pesticides are toxic substances designed to eliminate, reduce or control the infestation of insects, weeds, rodents, fungi and other organisms in crops or plants. These insects and pests cause severe damage to the crops and impact the overall agricultural production. Depending upon their application, different types of pesticides include avicide, herbicide, insecticide, fungicide, piscicide and rodenticide. In India, crop protection chemicals have gained immense popularity over the past few years due to increasing awareness among farmers regarding the impact of pest infestation on crop yields.
With the rising population in India, the focus has shifted towards enhancing farm productivity and efficiently using the available arable land. Apart from this, the increasing adoption of modern agricultural approaches, such as Integrated Pest Management and contract farming, are positively influencing the India pesticides market. Moreover, there has been an increase in the number of investments made in the industry owing to a major shift towards the development of eco-friendly pesticides. However, the overall consumption of pesticides in the countries is still lower than their production, owing to which India has emerged as one of the largest pesticide exporters in the world. Looking forward, the pesticide market size in India is projected to reach INR 316 Billion by 2024, expanding at a CAGR of 8.1% during 2019-2024.
- The report has segmented the market on the basis of product types which mainly include synthetic pesticides and bio-pesticides. Currently, synthetic pesticides represent the most popular product used across India.
- On the basis of segments, the market has been categorized into insecticides, fungicides and herbicides. Amongst these, insecticides exhibit a clear dominance, accounting for the largest market share.
- Based on formulations, the market has been segregated into liquid and dry pesticides.
- On the basis of crop types, the market has been segmented into plantation crops, cereals, fruits and vegetables. Amongst these, pesticides are mostly used for protecting plantation crops.
- The report has analyzed the Indian pesticides market across six states which include Uttar Pradesh, Punjab, Maharashtra, Rajasthan and Haryana. Currently, Uttar Pradesh is the largest market for pesticides in India, holding the majority of the total share.
- The competitive landscape of the market has also been examined in the report with the profiles of the major players. The leading companies are currently engaged in research and development activities to expand their product portfolios.
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