India’s agrochemical experts declined sharply in fy2024, by Nearly 22 per cent compared to the Previous year, Primarily due to Global Inventory Destocking, Heightenad Price Competen from, and Subdued Demand in Key Export Markets.
The report says that distributors worldwide reduced procurement to manage excess stock amid Falling Prisies. At the same time, Chinese Suppliers Re-Intered The Market With Aggressively Priceed Products, Making Indian Exports Less Competitive.
Additional, ERATIC Weather Patterns Impacted Agricultural Activity in Importing Countries, Further Dampening Demand.
However, experts are expected to recover in the coming years as global inventories stabilise, demand picks up with improved Agricultural Cycles, and Indian manufacturers adapt with Cost-EFFCICITION PrOFCICITION Diversified portfolios.
As a result, The Trade Surplus (Difference Between Exports and Imports) Came Down from USD 3.6 Billion in Fy2023 and UsD 2.8 Billion in FY2024 to UsD 2.3 Billion in Fy2025 (Aprich 2024-7 Billion in Fy2025 2025).
Highlighting the factors that support expenses, the report added that herbicides have emerged as the leading expenses, experience the fastest green at 20 per cent 20 per cent 20 to 2020 to 202025.
The share of herbicides in total agroochemical experts Increased from 31 per cent to 37 per cent during the same timeframe.
As per the report, this growth is driven by India’s cost-effective manufacturing, rising global demand for affordable herbicides, and the Increasing Scarcity and Cost of Cost of Agricultural Labor, Making Weed control a more viable choice for farmers.
The expense landscape reviews a growing concentration in key markets, as the top five expenses account for more than 50 per cent share for insecticides and fungicides and near 71 per cent.
Notably, the US and brazil have mained their positions as the top expenses for insecticides and fungicides over the past five years.
However, in FY2025, Japan Displaced Brazil as the Second-Larget Export Destination for Herbicides. (Ani)