India Agrochemicals Market by Application, Product and Type - Forecast and Analyst 2024-2028
| Published: Feb 2024 | Pages: 142 | SKU: IRTNTR77486 |
India Agrochemicals Market Forecast 2024-2028
The India Agrochemicals Market size is forecast to increase by USD 12.90 billion, at a CAGR of 10.17% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing use of herbicides, growing demand from India, and technological improvements leading to efficient methods of agriculture. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
What will be the Market Size During the Forecast Period?
Market Definition
Agrochemicals are broadly classified into two categories: fertilizer and pesticide. Fertilizers are segmented into three categories, which include nitrogenous, phosphatic, and potassic. Different segments of pesticides include insecticides, herbicides, fungicides, and others.
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Market Key Drivers, Trends, Challenges
Key Market Growth Analysis Driver
The increasing use of herbicides is notably driving the market development. Huge investments are being made in the development of new varieties of herbicides that are more effective and eco-friendly. Most modern herbicides are formulated to decompose within a short span after application. Applications of herbicides are spread across varieties of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. The shifting presence of consumers toward fruits and green vegetables, propelled by the increasing awareness regarding health and fitness, fuels the use of herbicides in agricultural applications.
Moreover, constant protests regarding the ban on harmful herbicides have been in the news. However, their presence in the agrochemicals market in India is due to cheaper rates compared with their substitute products. Many industry players are developing bio-based herbicides. These herbicides are eco-friendly but are expensive solutions for controlling weeds that are resistant to chemical-based herbicides. Such factors are expected to drive the growth of the market during the forecast period.
Significant Market Trends and Analysis
Implementation of Integrated Pest Management (IPM) as a new method of crop protection is an emerging trend shaping market growth. Pest control involves almost 35% of a farmer's crop production cost, and pests cause losses of 11%-32% currently. Pesticides play a very important role in controlling pests. However, rising pest resistance to pesticides and environmental and health concerns have led to the reduced use of chemical pesticides. IPM can be defined as a strategy involving specific procedures for pest prevention in an agricultural environment.
Moreover, it is a prevention method that creates an inhospitable environment for pests through systemic resistance and proper operation design. IPM is an integration of multiple control methods involving inspection, monitoring, and reporting, and a pesticide is only applied when it is assumed to be most effective during a pests life cycle. Such developments and innovations are expected to positively impact the growth of the market during the forecast period.
Major Challenge
Organic farming as a viable substitute is a significant challenge hindering market growth. Crop and livestock cultivation without the use of pesticides, fertilizers, antibiotics, and genetically modified organisms is termed organic farming. This method was developed given a sustainable and harmless environment. Crop rotation, cover crops, and balanced relationships between host and predator are the promotional factors of organic farming. The Permitted Substances List approves certain substances to be used as a pesticide for organic farming. Organic crops and crop-based foods have 19%-68% higher levels of antioxidants like polyphenolics compared with conventionally grown crops.
Furthermore, organic crops have fourfold less pesticide residue than conventional crops. Organic farming leads to less use of agrochemicals, which is a significant factor influencing health-conscious consumers. Increasing awareness among people will have a greater impact on the agrochemicals market in India. Such factors are expected to limit the market growth during the forecast period.
Segmentation by Application, Product, and Type
Application Analysis
The market share growth by the grains and cereals segment will be significant during the forecast years. The crop-based application includes grains and cereals, pulses and oil seeds, and fruits and vegetables. The increasing consumption of crops such as fruits and vegetables by consumers and increased demand for safe cultivation methods accelerate the demand for agrochemicals. Additionally, consumer acceptance and adoption of organic farming have gradually increased over the years, owing to better yield, productivity, and superior quality products.
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The grains and cereals segment was the largest and was valued at USD 7.15 billion in 2018. Crops such as wheat and rice need a higher supply of yield during the growth stages. The demand for high-yield value in crops increases the demand for crop protection products. Farmers around the world, especially in India, are demanding agrochemical products. This has escalated the demand for insecticides required for the cultivation of cereals and grains. Since cereals and grains are considered staple crops in India, they have an increased demand due to the rising population of the country. In addition, farmers in India are witnessing an increase in the demand for agrochemical products such as insecticides. Such factors are expected to drive the growth of the grains and cereals segment hence propelling the growth of the agrochemicals market in India during the forecast period.
Product Analysis
Based on the product, the market has been segmented into fertilizers and pesticides. The fertilizers?segment will account for the largest share of this segment.?Fertilizers can be further classified as synthetic and biofertilizers. Synthetic fertilizers are subdivided into nitrogenous, phosphatic, and potassic fertilizers. Nitrogenous fertilizers accounted for the largest share of the fertilizers segment in 2023. Nitrogen is one of the vital macronutrients required for the growth and development of crops. Further, potassium-based fertilizers increase protein content in plants. Potassium chloride, potassium nitrate, and potassium sulfate are some of the major sources of potassium for plants. The low cost and better efficiency of potassium chloride compared with traditional fertilizers are the major factors contributing to fertilizers segment growth. Potassium-based fertilizers are used to cultivate crops, including rice, cereals, grains, and tubers. Thus, the need to meet the growing demand for nutritious food is expected to drive the growth of the fertilizers segment during the forecast period.
Key Companies
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Bharat Rasayan Ltd - The company offers agrochemicals such as seeds and crop protection fertilizers, under the brand AgCelence.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Bharat Rasayan Ltd., Cargill Inc., Coromandel International Ltd., Crystal Crop Protection Ltd., Deepak Fertilisers and Petrochemicals Corp. Ltd., Dhanuka Agritech Ltd., Gharda Chemicals Ltd., Godrej Agrovet Ltd., Indian Farmers Fertilizer Cooperative Ltd., Indofil Industries Ltd., Meghmani Industries Ltd., Nagarjuna Agrochemicals Pvt. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sharda Cropchem Ltd., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, The Jhaver Group of Companies, UPL Ltd., Yara International ASA, and BASF SE
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Segment Overview
The market research and growth report predicts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- Application Outlook
- Grains and cereals
- Pulses and oilseeds
- Fruits and vegetables
- Product Outlook
- Fertilizers
- Pesticides
- Type Outlook
- Potassic
- Nitrogenous
- Phosphatic
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India Agrochemicals Market Scope |
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Report Coverage |
Details |
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Page number |
142 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Market forecasting period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.17% |
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Market Growth 2024-2028 |
USD 12.90 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.01 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bharat Rasayan Ltd., Cargill Inc., Coromandel International Ltd., Crystal Crop Protection Ltd., Deepak Fertilisers and Petrochemicals Corp. Ltd., Dhanuka Agritech Ltd., Gharda Chemicals Ltd., Godrej Agrovet Ltd., Indian Farmers Fertilizer Cooperative Ltd., Indofil Industries Ltd., Meghmani Industries Ltd., Nagarjuna Agrochemicals Pvt. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sharda Cropchem Ltd., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, The Jhaver Group of Companies, UPL Ltd., Yara International ASA, and BASF SE |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this India Agrochemicals Market Research Report?
- CAGR of the market forecast during the forecast period
- Detailed information on factors that will drive the growth of the market between 2024 and 2028
- Precise estimation of the market size and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across India
- Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 11: Market segments
- 3.3 Market size 2023
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 13: Data Table on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 14: Chart on India: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on India: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Agrochemicals market in India 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on agrochemicals market in India 2018 - 2022 ($ billion)
- 4.2 Application Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
- 4.3 Product Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – Product Segment 2018 - 2022 ($ billion)
- 4.4 Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 27: Chart on Application - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Application - Market share 2023-2028 (%)
- 6.2 Comparison by Application
- Exhibit 29: Chart on Comparison by Application
- Exhibit 30: Data Table on Comparison by Application
- 6.3 Grains and cereals - Market size and forecast 2023-2028
- Exhibit 31: Chart on Grains and cereals - Market size and forecast 2023-2028 ($ billion)
- Exhibit 32: Data Table on Grains and cereals - Market size and forecast 2023-2028 ($ billion)
- Exhibit 33: Chart on Grains and cereals - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Grains and cereals - Year-over-year growth 2023-2028 (%)
- 6.4 Pulses and oilseeds - Market size and forecast 2023-2028
- Exhibit 35: Chart on Pulses and oilseeds - Market size and forecast 2023-2028 ($ billion)
- Exhibit 36: Data Table on Pulses and oilseeds - Market size and forecast 2023-2028 ($ billion)
- Exhibit 37: Chart on Pulses and oilseeds - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Pulses and oilseeds - Year-over-year growth 2023-2028 (%)
- 6.5 Fruits and vegetables - Market size and forecast 2023-2028
- Exhibit 39: Chart on Fruits and vegetables - Market size and forecast 2023-2028 ($ billion)
- Exhibit 40: Data Table on Fruits and vegetables - Market size and forecast 2023-2028 ($ billion)
- Exhibit 41: Chart on Fruits and vegetables - Year-over-year growth 2023-2028 (%)
- Exhibit 42: Data Table on Fruits and vegetables - Year-over-year growth 2023-2028 (%)
- 6.6 Market opportunity by Application
- Exhibit 43: Market opportunity by Application ($ billion)
- Exhibit 44: Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by Product
- 7.1 Market segments
- Exhibit 45: Chart on Product - Market share 2023-2028 (%)
- Exhibit 46: Data Table on Product - Market share 2023-2028 (%)
- 7.2 Comparison by Product
- Exhibit 47: Chart on Comparison by Product
- Exhibit 48: Data Table on Comparison by Product
- 7.3 Fertilizers - Market size and forecast 2023-2028
- Exhibit 49: Chart on Fertilizers - Market size and forecast 2023-2028 ($ billion)
- Exhibit 50: Data Table on Fertilizers - Market size and forecast 2023-2028 ($ billion)
- Exhibit 51: Chart on Fertilizers - Year-over-year growth 2023-2028 (%)
- Exhibit 52: Data Table on Fertilizers - Year-over-year growth 2023-2028 (%)
- 7.4 Pesticides - Market size and forecast 2023-2028
- Exhibit 53: Chart on Pesticides - Market size and forecast 2023-2028 ($ billion)
- Exhibit 54: Data Table on Pesticides - Market size and forecast 2023-2028 ($ billion)
- Exhibit 55: Chart on Pesticides - Year-over-year growth 2023-2028 (%)
- Exhibit 56: Data Table on Pesticides - Year-over-year growth 2023-2028 (%)
- 7.5 Market opportunity by Product
- Exhibit 57: Market opportunity by Product ($ billion)
- Exhibit 58: Data Table on Market opportunity by Product ($ billion)
8 Market Segmentation by Type
- 8.1 Market segments
- Exhibit 59: Chart on Type - Market share 2023-2028 (%)
- Exhibit 60: Data Table on Type - Market share 2023-2028 (%)
- 8.2 Comparison by Type
- Exhibit 61: Chart on Comparison by Type
- Exhibit 62: Data Table on Comparison by Type
- 8.3 Potassic - Market size and forecast 2023-2028
- Exhibit 63: Chart on Potassic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Data Table on Potassic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 65: Chart on Potassic - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Potassic - Year-over-year growth 2023-2028 (%)
- 8.4 Nitrogenous - Market size and forecast 2023-2028
- Exhibit 67: Chart on Nitrogenous - Market size and forecast 2023-2028 ($ billion)
- Exhibit 68: Data Table on Nitrogenous - Market size and forecast 2023-2028 ($ billion)
- Exhibit 69: Chart on Nitrogenous - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on Nitrogenous - Year-over-year growth 2023-2028 (%)
- 8.5 Phosphatic - Market size and forecast 2023-2028
- Exhibit 71: Chart on Phosphatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 72: Data Table on Phosphatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 73: Chart on Phosphatic - Year-over-year growth 2023-2028 (%)
- Exhibit 74: Data Table on Phosphatic - Year-over-year growth 2023-2028 (%)
- 8.6 Market opportunity by Type
- Exhibit 75: Market opportunity by Type ($ billion)
- Exhibit 76: Data Table on Market opportunity by Type ($ billion)
9 Customer Landscape
- 9.1 Customer landscape overview
- Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 78: Impact of drivers and challenges in 2023 and 2028
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 79: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 80: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 81: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 82: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 83: Matrix on vendor position and classification
- 12.3 BASF SE
- Exhibit 84: BASF SE - Overview
- Exhibit 85: BASF SE - Business segments
- Exhibit 86: BASF SE - Key news
- Exhibit 87: BASF SE - Key offerings
- Exhibit 88: BASF SE - Segment focus
- 12.4 Bharat Rasayan Ltd.
- Exhibit 89: Bharat Rasayan Ltd. - Overview
- Exhibit 90: Bharat Rasayan Ltd. - Product / Service
- Exhibit 91: Bharat Rasayan Ltd. - Key offerings
- 12.5 Cargill Inc.
- Exhibit 92: Cargill Inc. - Overview
- Exhibit 93: Cargill Inc. - Product / Service
- Exhibit 94: Cargill Inc. - Key news
- Exhibit 95: Cargill Inc. - Key offerings
- 12.6 Coromandel International Ltd.
- Exhibit 96: Coromandel International Ltd. - Overview
- Exhibit 97: Coromandel International Ltd. - Business segments
- Exhibit 98: Coromandel International Ltd. - Key offerings
- Exhibit 99: Coromandel International Ltd. - Segment focus
- 12.7 Crystal Crop Protection Ltd.
- Exhibit 100: Crystal Crop Protection Ltd. - Overview
- Exhibit 101: Crystal Crop Protection Ltd. - Product / Service
- Exhibit 102: Crystal Crop Protection Ltd. - Key offerings
- 12.8 Deepak Fertilisers and Petrochemicals Corp. Ltd.
- Exhibit 103: Deepak Fertilisers and Petrochemicals Corp. Ltd. - Overview
- Exhibit 104: Deepak Fertilisers and Petrochemicals Corp. Ltd. - Business segments
- Exhibit 105: Deepak Fertilisers and Petrochemicals Corp. Ltd. - Key offerings
- Exhibit 106: Deepak Fertilisers and Petrochemicals Corp. Ltd. - Segment focus
- 12.9 Dhanuka Agritech Ltd.
- Exhibit 107: Dhanuka Agritech Ltd. - Overview
- Exhibit 108: Dhanuka Agritech Ltd. - Business segments
- Exhibit 109: Dhanuka Agritech Ltd. - Key offerings
- Exhibit 110: Dhanuka Agritech Ltd. - Segment focus
- 12.10 Gharda Chemicals Ltd.
- Exhibit 111: Gharda Chemicals Ltd. - Overview
- Exhibit 112: Gharda Chemicals Ltd. - Product / Service
- Exhibit 113: Gharda Chemicals Ltd. - Key offerings
- 12.11 Godrej Agrovet Ltd.
- Exhibit 114: Godrej Agrovet Ltd. - Overview
- Exhibit 115: Godrej Agrovet Ltd. - Business segments
- Exhibit 116: Godrej Agrovet Ltd. - Key offerings
- Exhibit 117: Godrej Agrovet Ltd. - Segment focus
- 12.12 Indian Farmers Fertilizer Cooperative Ltd.
- Exhibit 118: Indian Farmers Fertilizer Cooperative Ltd. - Overview
- Exhibit 119: Indian Farmers Fertilizer Cooperative Ltd. - Product / Service
- Exhibit 120: Indian Farmers Fertilizer Cooperative Ltd. - Key offerings
- 12.13 Indofil Industries Ltd.
- Exhibit 121: Indofil Industries Ltd. - Overview
- Exhibit 122: Indofil Industries Ltd. - Product / Service
- Exhibit 123: Indofil Industries Ltd. - Key offerings
- 12.14 Meghmani Industries Ltd.
- Exhibit 124: Meghmani Industries Ltd. - Overview
- Exhibit 125: Meghmani Industries Ltd. - Product / Service
- Exhibit 126: Meghmani Industries Ltd. - Key offerings
- 12.15 Nagarjuna Agrochemicals Pvt. Ltd.
- Exhibit 127: Nagarjuna Agrochemicals Pvt. Ltd. - Overview
- Exhibit 128: Nagarjuna Agrochemicals Pvt. Ltd. - Product / Service
- Exhibit 129: Nagarjuna Agrochemicals Pvt. Ltd. - Key offerings
- 12.16 Rashtriya Chemicals and Fertilizers Ltd.
- Exhibit 130: Rashtriya Chemicals and Fertilizers Ltd. - Overview
- Exhibit 131: Rashtriya Chemicals and Fertilizers Ltd. - Business segments
- Exhibit 132: Rashtriya Chemicals and Fertilizers Ltd. - Key offerings
- Exhibit 133: Rashtriya Chemicals and Fertilizers Ltd. - Segment focus
- 12.17 Sharda Cropchem Ltd.
- Exhibit 134: Sharda Cropchem Ltd. - Overview
- Exhibit 135: Sharda Cropchem Ltd. - Business segments
- Exhibit 136: Sharda Cropchem Ltd. - Key offerings
- Exhibit 137: Sharda Cropchem Ltd. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 138: Inclusions checklist
- Exhibit 139: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 140: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 141: Research methodology
- Exhibit 142: Validation techniques employed for market sizing
- Exhibit 143: Information sources
- 13.5 List of abbreviations
- Exhibit 144: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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agrochemicals market in india market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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