Bayer Crop, Syngenta and BASF to Continue Leading India Pesticide Market until 2023
Growing demand for food grains,
rising incidences of pest attacks along with new product launches to drive
India pesticide market through 2023
According to TechSci Research
report, “India
Pesticide Market By Product Type, By Formulation, By Crop, Competition
Forecast & Opportunities, 2013 – 2023”, the country’s pesticide market is
forecast to reach around $ 900 million by 2023. Pesticides are being extensively
used in India’s agriculture sector to boost productivity in order to ensure
adequate food availability for the country’s growing population. Growth of
India pesticide market is led by increasing need for food security and weed
supervision. Moreover, farmers are now increasingly using new agricultural
methods, which are augmenting use of pesticides, and thereby positively
influencing the pesticide market in the country.
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India pesticide
market is dominated by Bayer Crop Science, Syngenta India, BASF India, UPL and
ADAMA Agriculture Solutions. These five players cumulatively accounted for more
than 60% of the market share in 2017, and their dominance is expected to
continue until 2023. Rising food consumption coupled with capacity expansions
by the leading pesticide manufacturers such as Syngenta, Bayer, BASF, etc., are
among the major factors expected to influence the country’s pesticide market in
the coming years. On the basis of product type, India
pesticide market is segmented into Insecticides, Fungicides, Herbicides, Plant
Growth Controller and Others. Insecticide segment accounted for the largest
market share in 2017 and is likely to continue its dominance during forecast
period as well. However, fungicides
segment is anticipated to grow at the fastest CAGR during 2018 - 2023.
Fungicides are mainly used in vegetables and pulses, and production of these
crops is continuously increasing in India, thereby boosting demand for
fungicides.
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A large demand for pesticides emanates from South India, which includes states
like Andhra Pradesh, Karnataka, Kerala, etc., that have higher production of
plantation crops. West India is the largest market of insecticides due to its
high cotton production capacity. “Growth of
agrochemicals such as pesticides is directly related to increment in
productivity of grains. Moreover, advancements in agricultural technologies is
further aiding the growth of India pesticide market. Rising awareness among
farmers regarding the use of pesticides would further push the demand for
pesticides in India in the coming years.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India
Pesticide Market By Product Type, By Formulation, By Crop, Competition Forecast
& Opportunities, 2013 – 2023”
has evaluated the future growth potential of India pesticide market and
provides statistics and information on market structure, size and trends. The
report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in India pesticide market.
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