NEW DELHI, May 9: India’s agrochemicals market is likely to be over Rs 25,000 crore by 2015 as increasing awareness about their positive impact and benefits on agri- produce is fuelling growth of the sector, Assocham said today.
Currently, the market size is over Rs 16,000 crore.
“Growing awareness about the positive impact and benefits of agrochemicals on the agri-produce and the need for crop protection and thriving domestic horticulture and floriculture industries are fuelling the growth and increased usage of agrochemicals in India,” the chamber said in a release.
It said that there is a huge growth potential for foreign investments in the sector.
“The (market size of) agrochemicals sector in India is likely to cross Rs 25,000 crore mark by 2015,” it said.
Considering the big growth prospects of agrochemicals, Assocham said there is an urgent need to inform farmers about its usage and application.
It also said that abundance of low-cost agrochemical products from China and counterfeit products are some of the key problems faced by India’s highly-fragmented agrochemicals market.
In terms of production, India ranks fourth in the world after the UA, Japan and China.
The global agrochemicals industry is growing at about 12 per cent and is likely to cross Rs 13 lakh crore mark from the current level of about Rs 8.5 lakh crore in the near future, it added.
“As per an estimate, crops worth about USD 20 billion is lost due to lower usage of pesticides each year,” it said. (PTI)
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