The Agrochemicals Market in India is being driven by Increasing use of herbicides
The Agrochemicals Market in India is expected to grow at a CAGR of 11.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 16839.8 million. In the agricultural sector of India, pest control accounts for approximately 35% of farmers' production costs, resulting in losses ranging from 11% to 32%. Traditional pesticides have long been a primary solution for managing pests; however, the emergence of pest resistance and growing concerns regarding environmental and health implications have necessitated a shift towards more sustainable methods. Integrated Pest Management (IPM) is an effective strategy that combines various pest prevention techniques, including inspection, monitoring, reporting, and the judicious application of pesticides based on the pest's life cycle. By focusing on creating an inhospitable environment for pests through systemic resistance and proper operation design, IPM offers a proactive, eco-friendly approach to pest control.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Grains and cereals, Pulses and oilseeds, Fruits and vegetables) Product (Fertilizers, Pesticides) Type (Potassic, Nitrogenous, Phosphatic) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Agrochemicals Market in India Research Report
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Agrochemicals, also known as agrichemicals or agro-inputs, play a crucial role in Indian agriculture by controlling pests, diseases, and pathogens that threaten crops. These chemical compounds and natural substances protect agricultural produce, enhance crop quality and increase yield quantity. Farmers invest in agrochemicals to improve soil fertility, address nutrient deficiencies, and boost plant growth. The market includes pesticides like insecticides, herbicides, and fungicides, as well as fertilizers, soil conditioners, and algaecides.
The global fertilizers and agrochemicals industry encompasses organizations engaged in the production of fertilizers and agricultural chemicals, encompassing insecticides, herbicides, fungicides, nematicides, and various types of fertilizers, including nitrogenous, phosphatic, potassic, and biofertilizers. Market expansion is primarily driven by the continuous launch of innovative products, as industry players focus on broadening their offerings to cater to diverse agricultural needs. This trend is instrumental in protecting crops from pests and disease attacks, enhancing soil fertility, improving crop yields, and ensuring superior crop quality. Consequently, farmers' investments in agrochemicals continue to rise, fueling market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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