Agrochemicals Agrochemicals Boom in India
The Indian agrochemicals market is currently poised at over Rs 160 billion (roughly three billion US $), according to a study titled, ‘Indian Market for Agrochemicals,’ released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). According to the study, growing at a Compound Annual Growth Rate (CAGR) of about 15 per cent, this agrochemicals sector is likely to cross Rs 250 billion (US $ 4.6 billion) mark by 2015.
“Growing awareness about the positive impact and benefits of agrochemicals on the agri-produce and the need for crop protecting and growth augmenting chemicals amid farmers together with growing shortage of farm labour, need for self-sufficiency in food grain production, growth in organized retail segment and thriving domestic horticulture and floriculture industries are fuelling the growth and increased usage of agrochemicals in India,” said D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the study.
India Global Number Four in Agrochemicals
In terms of agrochemicals production, India ranks fourth in the world after USA, Japan and China respectively. Besides, the global agrochemicals industry is growing at about 12 percent CAGR and is likely to cross US $ 239 billion from the current level of about US $ 156 billion, according to the ASSOCHAM study.