New Delhi, May 22, 2023: For the fiscal year 2022–2023, India's export of agrochemicals increased to a record high of $5.4 billion (Rs 43,223 crores), up from $4.9 billion (Rs 36,521 crores) the previous fiscal year.
According to
Export Import Data, India's agrochemical exports were $2.6 billion in 2017–18 and are expected to increase by a factor of two over the next six years to reach $5.4 billion in 2022–23.
The exports have experienced one of the highest CAGRs in the manufacturing sector, at 13%. Experts in the field claim that, excluding the EU, India is currently the third-largest exporter of agrochemicals in the world, behind China and the United States.
Agrochemicals' domestic market in India is much less than its export market. Globally, the market for agrochemicals is thought to be worth $74 billion. About 80% of this is made up of post-patent agrochemicals.
Speaking on this, Mr. Deepak Shah, Chairman of the Crop Care Federation of India (CCFI), said: "All new investments and projects need to be put on a fast track and the Indian agrochemicals business needs to be recognized as an export intensive industry.
Within the next three to four years, the export of agrochemicals may easily reach $10 billion. The increase is significantly aided by capacity expansion, backward integration, and new registrants.
According to Mr. S. Ganesan, Advisor to CCFI, the government of India's policy of not providing TRIPS-Plus Measures (such as data exclusivity, patent term extension, etc.) considerably aids the local manufacture of post-patent items. In addition, he said that between now and 2030, more than 20 pesticide compounds would lose their patent protection.
