Indian biopesticides revenue to reach INR 21,300 million by FY 2018
Nov. 19, 2013
The Indian biopesticides market has showcased remarkable traction over the past few years in the industry of agro-chemicals in India. Further being an emerging trend in the country’s pesticides industry, these have been an important area of focus for some of the major existing players in the space. The market for biopesticides has recorded growth at a healthy CAGR of 26.4% from FY’2007 to FY’2013. This growth has been largely impelled by increased demand for bio-pesticides that has been observed in the backdrop of augmenting environment concerns as caused by the continued and excessive usage of the synthetic chemical pesticides. This excessive usage has in turn reported significant injuries to humans and various non target animals, further there has been a considerable degradation in the quality of the soil as witnessed on account of the heavy use of these pesticides.
The bio-pesticides market has been significantly projected to grow in the next five years, reaching revenue worth INR 21,300 million by FY’2018. This growth performance has been primarily anticipated on account of growing environmental awareness and education spreading amongst the Indian farmer fraternity as stimulated by combined efforts laid by both public and private authorities.
Another important factor that is likely to influence the market for bio-pesticides in the future is the growing incidence of organic farming in the country, which is likely to be impelled attributing to the growing consumer awareness for health and hygiene. The application of bio-pesticides has been expected to gain substantial thrust in the following years owing to the increasing demand for organic foods. Unlike the chemical pesticides, bio-pesticides carry forward no left residue as these are bio-degradable in nature and thus decompose with the time. Moreover these are non-toxic therefore ensuring safety and well-being of the farmers handling these pesticides.
More from AgroNews
Subscribe to daily email alerts of AgroNews.