"Indian crop protection market was estimated at USD 3.8 billion in fiscal 2011-12 with exports constituting 50 per cent of the market. The market is expected to grow further at 12-13 per cent to reach USD 6.8 billion," Tata Strategic Management Group and FICCI said in a report on agrochemicals.
The report was presented at Third National Agrochemicals Conclave 2013 here today.
"This report focuses on agro-chemicals and highlights the future trends with focus on opportunities and challenges along with strategic imperatives for the industry players," Tata Strategic Management Group CEO Raju Bhinge said.
The Indian crop protection market is supported by strong drivers of growth, the report said.
"Current low consumption of crop protection products in India is .60 kg/hectare against world average of 3 kg/hectare, offers immense opportunities for future growth," said Manish Panchal Practice Head Chemicals at Tata Strategic Management.
He added that to gain market share product availability and speed to market would be key to success.
The report stated that despite strong growth drivers, agro-chemicals industry faces challenges in terms of low awareness among farmers, wide geographic spread of end users, managing availability and distribution cost.
For pushing the industry growth further it recommended simpler registration norms for pesticides exports, need to encourage R&D and domestic companies tying up with multi national firms.
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