India Agricultural Chemical Industry- Market Analysis and Future Growth Trends
The agricultural chemical industry , a critical component of the agricultural sector , has seen significant growth due to the increasing demand for food production and the need for enhanced crop yields. The global agrochemical market size was valued at USD 235 billion in 2023 and is expected to grow at a CAGR of 3.8% from 2023 to 2028, reaching market size of USD 283 billion by 2028 . In India, the agrochemical market size was about USD 6 billion in 2023 , projected to grow at a CAGR of 5.5% to USD 8 billion by 2028 . Agriculture Chemicals Sector Current Trends in the Agrochemical Industry Increasing Adoption of Bio-based Agrochemicals With growing environmental concerns and regulatory pressures, there is a significant shift towards bio-based agrochemicals. These products, derived from natural sources, are seen as sustainable alternatives to synthetic chemicals, reducing the environmental impact while maintaining crop productivity. Precision Agriculture The adoption of preci...