Thursday, May 10, 2012: 06:42:22 AM

Food Processing News

Indian agrochemicals sector on a roll

ASSOCHAM study reveals that the Indian agrochemicals market is currently growing at a CAGR of about 15% and is valued at more than Rs 16,000 crore

In a positive development for the Indian agri industry, which would go on to benefit farmers as well, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has stated in a recently released study that the domestic agrochemicals sector is likely to cross the Rs 25,000-crore mark by the year 2015.

 
Releasing the findings of the study, ASSOCHAM secretary general D S Rawat said that rising awareness about the positive impact and benefits of agrochemicals on the agri-produce are fuelling the growth and increased usage of agrochemicals in India. Other factors that are resulting in higher usage of agrochemicals include the necessity for crop-protecting and growth-augmenting chemicals among farmers, growing shortage of farm labour, need for self-sufficiency in food grain production, growth in organised retail segment and flourishing domestic horticulture and floriculture industries, said Mr Rawat.
 
Indian agrochemicals market
 
Titled, 'Indian Market for Agrochemicals,' the ASSOCHAM study revealed that the Indian agrochemicals market is currently growing at a CAGR of about 15% and is valued at more than Rs 16,000 crore.
 
According to the study, India ranks fourth in the world after the US, Japan and China in terms of agrochemicals production. It further stated that lower availability of natural fuels plays a key role in the growth of agrochemicals as the usage of the same can help bolster agri-production.
 
Rising population in the country is constantly putting huge pressure on arable land, thereby making the use of agrochemicals inevitable to enhance farm production. With the Indian agrochemicals sector witnessing robust growth and expected to gain further momentum in the coming days, there is an urgent need to groom the farmers and explain them the usage and application of agrochemicals in terms of its quantity, depending upon the nature of crops. Only then would farm production increase to desired levels.
 
Prasenjit Das
 

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