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Huge Untapped Market Offering Growth Potential in India’s Crop Protection Industry: Ken Research

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Title: Huge Untapped Market Offering Growth Potential in India’s Crop Protection Industry: Ken Research


1
Huge Untapped Market Offering Growth Potential in
Indias Crop Protection Industry Ken Research
2
Increasing pressure on agriculture and
deteriorating global climate has led to the need
of specialized protection and management tools
for crops. Crop protection aims at using an
interdisciplinary approach towards managing and
protecting crops from diseases, weeds and pests.
Apart from growing demand for food, rapidly
increasing population means that additional land
will be needed to cater the requirement of animal
food and for growing energy crops. Land being
largely constant is a scarce resource. Here, crop
protection helps in optimal use of land. . Also,
by protecting crops from diseases and weeds, it
avoids crop damage, hence playing a vital role in
increasing crop yield and future availability of
food. It would be very apt to say that crop
protection has become crucial for overall
sustainable development of agriculture system all
over the world.
3
As a result, global crop protection industry has
emerged as a fastest growing industry,
emphasizing on innovation and application of more
advance methods to achieve greater and effective
control. Within the crop protection industry,
agrochemical industry producing synthetic
pesticides such as insecticides, herbicides
fungicides, dominates. While Asia-Pacific stands
as one of the largest market for crop protection
chemical products, countries like China, India
South-East Asia has huge untapped market for the
industry driven basically byrapid population
growth reduction in arable land. Here, looking
at the Indian Crop Protection Chemical Industry
would be interesting as Indian society is
predominantly agriculture-based. Indian Crop
Protection Industry is of enormous importance,
not only to Indian farmers but also to the Indian
economy as agriculture is a significant part of
it employing majority of the workforce in India.
As per the reply of Department of Chemicals and
Petrochemicals, to a query related to the use of
pesticides, by the Parliamentary Standing
Committee (2012-2013), every year in India, pests
and diseases eat away on an average 20-30 of
food produced.
4
Also, a study conducted by ASSOCHAM and Yes Bank
in Feb, 2014 says that pests and diseases have
resulted into annual crop losses worth about Rs
50,000 crore. These research reports show the
importance of increasing the use of agrochemical
productsby Indian farmers. Unfortunately due to
poverty, lack of awareness and limited reach, per
capita consumption of crop protection products in
India is much lower compared to other countries
in the world.The per-hectare usage of
agrochemicals is only 0.6 kg in India, while for
UK it is 7 kg and for China and Japan it is 13 kg
and 17 kg, respectively. This creates huge
untapped market offering tremendous growth
potential in Indias Crop Protection
Industry. Despite having second largest crop
protection chemicals industry in Asia, after
Japan, with a size of above Rs 26,000 crore, use
of these crop protection products have been very
less by Indian farmers. Almost 50 of these
products are exported. As per the report of
Indian Journal of Ecology, crop losses due to
non-usage of crop protection products were about
17.5 per cent of the yield amounting to Rs 90,000
crore per annum.Consequently, lack of awareness
regarding the use of crop protection products
among Indian farmers have been a serious
challenge for the industry.
5
Despite having second largest crop protection
chemicals industry in Asia, after Japan, with a
size of above Rs 26,000 crore, use of these crop
protection products have been very less by Indian
farmers. Almost 50 of these products are
exported. As per the report of Indian Journal of
Ecology, crop losses due to non-usage of crop
protection products were about 17.5 per cent of
the yield amounting to Rs 90,000 crore per
annum.Consequently, lack of awareness regarding
the use of crop protection products among Indian
farmers have been a serious challenge for the
industry. Apart from lack of awareness among
Indian farmers, Indian crop protection chemicals
industry faces other challenges as well such as
influx of spurious crop protection products,
affecting crop yield, health and environment.
Around 25 of the Indian pesticides market is
constituted of fake pesticides. Also, the RD in
this industry is hampered by the lead period of
3years between a product is applied for patent
and the time it is placed in the market, which is
actually around 10-12 years between a product is
conceptualized and placed in the market.
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Hence, developing a crop protection product
considering market conditions, challenges and
regulations 10-12 years ahead is tough and
ambiguous task. However, going by the positive
side of the Crop Protection Industry in India,
i.e. huge untapped market offering tremendous
growth opportunities with collaborative efforts
of government and manufacturers, the scenario can
be improved. Manufacturers should try to come
closer to Indian farmers and try to understand
their problems and need before strategizing their
production plans. Also, through stringent
regulations the growth of spurious pesticides in
Indian pesticides market can be prevented. To
know more on coverage, click on the link
below https//www.kenresearch.com/agriculture-an
d-animal-care/crop-protection/SC-104-18.html
7
Contact Ken Research Ankur Gupta, Head
Marketing Communications query_at_kenresearch.com
91-124-4230204
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