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The year 2022 will be critical for agriculture and its allied industries to get government support, as agriculture continues to play a vital part in fuelling India's GDP growth. With a market size of around Rs 30000 Cr, the agrochemicals industry will play a critical role in improving India's agricultural capability.
According to a recent analysis by Reports and Data, the global agrochemicals market is estimated to reach USD 281.88 billion in 2028, with a revenue CAGR of 3.8 percent over the forecast period. With higher research and development spending, 2022 will undoubtedly be the year of new products and collaborations, propelling market revenue growth throughout the forecast period.
As three proposed agricultural regulations are abolished and tens of thousands of farmers return to the field, the government will also soon consider the long-pending seed bill and the pesticides bills which have been hanging for almost two decades now. The industry looks forward to promotion and support for the Indian manufacturers who will manufacture the technical as well as formulations for the domestic consumption as well as the exports. Indian agrochemical manufacturers have a lot of potentials and they can prove their might if the regulations encourage them.
Rural incomes revolve around agriculture. Around 70% of the rural householdsand roughly 56% of the total Indian populationdepend on agriculture…
The agrochemical industry survives on a scientific foundation that meshes well with traditional farming techniques. While collaboration was an important part of this scientific journey in the beginning, with the pandemic, Indian enterprises are increasingly interested in boosting their research and development capacities and facilities so that they may harness its power on their own. They are not only boosting Indian manufacturing but are also reorienting themselves from producer to solution provider in the process. While collaborations have been important in bringing world-class agrochemicals to India, next-generation formulations developed in India have also proven to be equally efficient and cost-effective. They're simple to spray or broadcast, with a low dosage and better efficacy. As a result, it is clear that agrochemical businesses will increasingly focus on incorporating next-generation formulations into their R&D capabilities and product mix in order to gain a competitive advantage. In the aftermath of Covid 19, when their main exporter China had to stop down operations, Indian agrochemical companies are also making great progress in finding new avenues to export. This is a significant step toward the industry's self-sufficiency.
THE SOPs for the use of drones in agriculture have been released by the government. These SOPs will serve as guidance for all parties involved in the use of chemicals for pest and disease control. Drones are already being tested for their deployment in the cotton-growing region of the country to spray pesticides to control pests that would otherwise be treated by agricultural labourers, which takes a long time and uniform spray is also an issue. Drones not only reduce the risk of inadvertent fume inhalation but also speed up the pest management process by covering larger regions in less time. The key benefit of deploying a drone is that it will use less pesticide and provide more precision throughout the application procedure.
As per the directives, pesticide companies must submit phytotoxicity studies, and trials are likely to begin soon across India. This will greatly add to research which in turn will lead to greater productivity in the coming years. Though the commercial use will take some time, it is good that Government is working in this new direction.
Major agrochemical businesses, such as Insecticides (India) Limited (IIL), are already raising awareness among farmers by providing sufficient training, as well as information and insights on the judicious use of agrochemicals. With more government support and joint work in this direction can make these awareness programs reach a wider audience in all parts of the country, this will really help the farmers to increase their productivity by reducing the damages.
The agrochemical industry contributes heavily towards food security and provides employment to a large workforce and has been a Champion Sector for decades. The need of the hour is that the sector is provided its due share in ‘Ease of Doing Business’ while removing bottlenecks and introducing progressive regulatory measures to safeguard the environment.
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