The Agro-Chemicals Federation of India (ACFI) and Deloitte research states that India's agrochemical exports have virtually tripled over the last ten years, from US$ 1.3 billion in FY15 to US$ 3.3 billion in FY25, placing the country as the third-largest exporter behind the US and China. The necessity of policy support to maintain this growth pace was emphasized in the report. The ACFI has called on the government to implement tax holidays and a Production Linked Incentive (PLI) program for the industry, pointing out that these steps might support the establishment of large-scale manufacturing hubs and lessen reliance on imports of essential compounds. In order to increase India's competitiveness in the global market, it also emphasized the significance of increased public-private collaboration in research and development as well as more robust assistance for MSMEs.
The value of the domestic agrochemical market in FY24 was around Rs. 69,000 crore (US$ 7.82 billion), of which 49% came from domestic formulations and 51% from exports. Multi-source generics hold an 80% market share and are predicted to increase as more items worldwide lose their patents. In FY24, insecticides made up 41% of the market, followed by herbicides (22%), fungicides (21%), and plant growth regulators, biostimulants, and seed treatment products. The fastest-growing segment was herbicides, which expanded at a compound annual growth rate (CAGR) of 10% between FY21 and FY24. Nearly 65% of domestic demand is driven by eight crops: rice, cotton, wheat, soybean, chillies, grapes, sugarcane, and gram. Maharashtra, Goa, Andhra Pradesh, Telangana, and Madhya Pradesh are the states with the highest consumption rates.
No comments:
Post a Comment