Favourable export climate buoys crop protection chemicals market in India
Dec. 17, 2008
These facts emerged from Frost & Sullivan's latest analysis 'Indian Crop Protection Chemicals Market' - a part of its Chemicals & Materials Growth Partnership Services programme. According to the analysis, the market earned revenues of $ 1.62 billion in 2007 and estimates that it will reach $ 2.6 billion in 2014.
V Chaitra Narayan, senior research analyst, Frost & Sullivan, said, "The per capita consumption of pesticides in India is still very low compared to the developed countries and manufacturers need a smart 'get to market' strategy to achieve better reach and acceptance of products. The demand will also be driven by the rising food grain demand and increasing awareness about pesticide usage among the farmer community."
The Indian market appears lucrative for all types of manufacturers, considering there is no clear market leader, as even the company with the maximum revenues has only 1 per cent of the market share. To maintain their stakes in the market, chemicals manufacturers have to align their products with the agriculture cycle and provide holistic solutions with innovative products. Process improvisation is expected to improve profit margins and help companies gain a greater influence on the export market.
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