Indian Pesticides Market to Reach INR 421.7 Billion by 2032, Fueled by Expanding Agricultural Industry

April 20, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Indian Pesticides Market Report by Product Type (Synthetic Pesticides, Biopesticides), Segment (Insecticides, Fungicides, Herbicides, and Others), Formulation (Liquid, Dry), Crop Type (Cereals, Fruits, Vegetables, Plantation Crops, and Others), and State 2024-2032,” the Indian pesticides market size reached INR 245.2 Billion in 2023. Pesticides refer to a mixture of chemicals or biological agents, such as a virus, bacterium, antimicrobials, or disinfectants, intended for preventing, destroying, repelling, controlling, or eliminating pests. They consist of herbicides that kill weeds and other unwanted vegetation, insecticides that control a wide variety of insects, and fungicides that prevent the growth of molds and mildew. Apart from this, it also contains disinfectants that prevent the spread of bacteria and various other compounds used to control mice and rats. They are largely applied as the last step in agricultural operations to prevent the spoilage of crops from pests that can damage crops and livestock and reduce farm productivity.

Indian Pesticides Market Trends:

The rising need for pesticides to enhance overall agricultural production and secure adequate food availability for the continuously growing population in the country is primarily driving the Indian pesticide market growth. Besides this, decreasing availability of total arable land per capita due to increasing urbanization, expanding population, and the escalating demand for food is fuelling the need for pesticides to improve the average crop output per hectare, thus acting as another growth-inducing factor. Moreover, favorable initiatives by the Government of India (GoI) to provide credit facilities and farm loans to farmers in rural areas at low-interest rates are creating a positive outlook for the market. Along with them, private and non-governmental organizations (NGOs) are also initiating programs aimed at raising awareness and educating farmers about pesticides and their proper usage in terms of quantity, method of application, and the use of correct chemicals for identified pest issues is propelling the market growth. In addition to this, extensive investments by manufacturers in the research and development (R&D) of new variants of herbicides that are more effective and environment-friendly are presenting remunerative growth opportunities for the market. Furthermore, shifting consumer preference toward fruits and green vegetables on account of escalating awareness and consciousness about health and fitness is aiding in market expansion. Looking forward, the market value is projected to reach INR 421.7 Billion by 2032, expanding at a CAGR of 6% during 2024-2032.

Market Summary:

Based on the product type, the market has been bifurcated into synthetic pesticides and biopesticides. Currently, synthetic pesticides hold the largest market share.
On the basis of the segment, the market is segregated into insecticides, fungicides, herbicides, and others.
Based on the formulation, the market has been divided into liquid and dry pesticides.
On the basis of the crop type, the market has been categorized into cereals, vegetables, fruits, plantation crops, and others.
Based on the state, the market has been segmented into Uttar Pradesh, Punjab, Maharashtra, Rajasthan, Haryana, and others.
The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	INR Billion
Segment Coverage	Product type, Segment, Formulation, Crop Type, State
States Covered	Uttar Pradesh, Punjab, Maharashtra, Rajasthan, Haryana, Others
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Indian Pesticides Market to Reach INR 421.7 Billion by 2032, Fueled by Expanding Agricultural Industry

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