Agrochemicals: Key market research findings
- Introduction of integrated pest management
- Increased use of insecticides
Technavio has released a new market research report on the agrochemicals market in India, which is expected to grow at a CAGR of more than 9% between 2016 and 2020. Rise in demand for food production and relative decrease in arable land has encouraged farmers to switch to cash crops that need more agrochemicals. Also, the domestic consumption of agrochemicals has increased in recent years owing to the increase in the availability of domestic pesticides.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the interesting trends that this market is witnessing is the integrated pest management (IPM), which is a new method of crop protection introduced by vendors. This pest management technique combines biological, mechanical, physical, and chemical methods in prevention, observation, and intervention stages. This method is gaining huge popularity owing to its ecological approach to reduce the use of pesticides while maintaining acceptable levels of pest growth,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Insecticides are the most-used agrochemicals in India, accounting for 56% of the overall market share. The market is witnessing the introduction of insecticide seeds, which protect crops during the early stages of development. Insecticide seeds provide targeted protection to crops against insects and reduces the need to use pesticides.
Best management practices for planting insecticide-treated seed
Source: Technavio, 2015
The key vendors in the agrochemicals market in India include BASF, UPL, Bayer, Rallis, Syngenta, and UPL. The market is highly fragmented and intense competition prevails among vendors. The favourable interest rates by governments have surged investment in the market. The global vendors are expanding their foothold in the market through strategic alliances and partnerships.
A more detailed analysis is available in the Technavio report, Agrochemicals Market in India 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Crop Protection Chemicals Market 2015-2019
- Agrochemicals Market in Brazil 2015-2019
- Global Agrochemicals Market 2014-2018
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