An overview of the agrochemicals market in India
Technavio’s research analyst predicts the agrochemical market in India to grow steadily at a CAGR of over 9% during the forecast period. Availability of credit facilities to purchase agrochemicals is the primary driver for the market. The government of India has initiated several policy measures to enable farmers to gain access to credit facilities. These policies emphasize in providing timely and adequate credit support to all farmers. The Indian government has been focusing mostly on small and marginal farmers and the weaker sections of the society, to enable them to adopt modern technology and improved agricultural practices, thereby increasing agricultural production and productivity.
The implementation of integrated pest management (IPM) as a new method of crop protection is another trending factor driving the growth of the agrochemicals market in India. The IPM method is a sustainable approach to pest management that combines biological, mechanical, physical, and chemical methods. These methods are executed in three stages, namely prevention, observation, and intervention.
Product segmentation and analysis of the agrochemicals market in India
Technavio Announces the Publication of its Research Report – Agrochemicals Market in India 2016-2020
Technavio recognizes the following companies as the key players in the Agrochemicals Market in India: BASF, Bayer CropScience, Syngenta, Rallis and UPL
Other Prominent Vendors in the market are: Dhanuka, Dow Agroscience, Dupont, and Insecticides India.
Commenting on the report, an analyst from Technavio’s team said: “A shortage of farm labor triggered by migration and social welfare schemes such as NREGA is resulting in increased usage of herbicides in the country, which are cheaper and more economical. The rising labor wage component in the total cost of cultivation is also encouraging the use of herbicides and pesticides.”
According to the report, the government has initiated several policy measures to improve access to credit facilities for farmers. There is particular focus on small and marginal farmers and weaker sections of society to enable them to adopt modern technology and improved agricultural practices in order to increase agricultural production and productivity.
Further, the report states that with an increase in the adoption of genetically modified seeds, the use of chemical pesticides and herbicides is expected to decrease during the forecast period, thereby slowing down the growth of the market.
BASF, Bayer CropScience, Syngenta, Rallis, UPL, Dhanuka, Dow Agroscience, Dupont, Insecticides India.
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