India’s Agrochemical Market Hits $11.2 Billion in FY2025, Eyes $14.5 Billion by 2028: Rubix Data Sciences

22 June 2025, Mumbai: Rubix Data Sciences has released its latest industry report on India’s agrochemical sector. Despite global headwinds and a 22% dip in exports in FY2024, the sector remains resilient and is projected to grow to USD 14.5 billion by FY2028, with a CAGR of 9%. The report provides data-backed analysis on trade patterns, product performance, and innovation strategies that are shaping the next chapter of Indian agrochemicals.

According to the report, India’s agrochemical industry is valued at USD 11.2 billion in FY2025, having grown 8.7% year-on-year despite a challenging global environment. Exports saw a sharp 22% decline in FY2024, driven by global inventory destocking, aggressive price competition from China, and weak demand in major markets. As global supply chains stabilise and agricultural activity rebounds, a moderate recovery is projected in FY2025, supported by improved demand and cost-competitive manufacturing by Indian players. One of the key trends highlighted in the report is the rapid growth of herbicide exports, which recorded a 20% CAGR from FY2020 to FY2025. Their share in India’s total agrochemical exports rose from 31% to 37% over this period. The shift reflects both rising global demand fueled by the growing cost of agricultural labour—and India’s strength in producing affordable, effective crop protection solutions. Japan has now overtaken Brazil as the second-largest export destination for herbicides, while the US and Brazil continue to lead as key markets for insecticides and fungicides.

Key Mergers / Acquisitions / JVs

Company	Brief Details
Crystal Crop Protection	In May 2025, Crystal Crop Protection Limited announced the global acquisition of the active ingredient Ethoxysulfuron from Bayer AG for sales in certain Asian countries.
PI Industries Ltd	In February 2025, PI Industries Ltd. (PI) entered into a strategic partnership with the Centre for  Cellular  and  Molecular  Platforms  (C-CAMP),  under  which  C-CAMP  has  successfully transferred two breakthrough biocontrol technologies to PI on an exclusive basis.In September 2024, PI’s arm completed the acquisition of Plant Health Care Plc for nearly INR 3,582 million, enabling PI Industries to offer integrated agri-solutions across both chemicals and biological industries.
Dhanuka Agritech Ltd	In  January  2025,  Dhanuka  Agritech  Limited  successfully  concluded  its  INR  1,650  million strategic acquisition deal with Bayer AG for international rights to foray into global markets and distribution of its two prominent fungicides, Iprovalicarb and Triadinenol.
Insecticides (India) Ltd	In November 2024, the Board of Insecticides (India) Limited approved to make an investment in Kaeros Research by acquiring to equity share capital of 100% of the Issued and paid-up share capital of the Target Company from its existing shareholders.In December 2024, Insecticides (India) Limited signed a Memorandum of Understanding (MoU) with BioPrime Agro Solutions Pvt. Limited, to bring Relieve, BioPrime’s exclusive biological product, which is a unique, innovative, pure concentrate seaweed and botanical extract-based product, to the Indian market.
UPL Ltd	In November 2024, UPL Ltd. announced that it had signed definitive agreements with Alpha Wave Global, under which the latter will invest USD 350 million to acquire approximately a 12.5% stake in its seeds business, Advanta Enterprises.In November 2024, UPL Ltd. signed a strategic partnership agreement with CH4 Global to distribute a methane-reducing feed supplement for cattle across major livestock markets.

“The drop in agrochemical exports over the past year has definitely been a setback, but it’s also part of a larger global reset,” said Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences. “What we are seeing now is Indian manufacturers adapting fast, whether it’s by improving cost efficiency, diversifying portfolios, or tapping into new markets. There’s resilience in the sector, and we believe the recovery underway will be steady and sustainable. At Rubix, we are committed to helping businesses make sense of these shifts through data-led insights that support smarter decisions and long-term growth.

Key Initiatives by Major Players

Company	Initiative	Details
BAYER CROPSCIENCE LIMITED	Forward Farms concept	In September 2024, Bayer introduced its “Forward Farms” concept in India, establishing  an 18-hectare demonstration farm in Panipat, Haryana, to promote sustainable agriculture through innovation, collaboration, and knowledge sharing tailored to smallholder farmers.
DHANUKA AGRITECH LIMITED	Launch of solutions specially formulated for apple cultivation	In April 2025, Dhanuka Agritech launched an integrated portfolio of science-driven solutions specially formulated for apple cultivation, using sophisticated Japanese technology and adapted to local orchard conditions.
INSECTICIDES (INDIA) LIMITED	Launch of a new product for tackling stem borers in paddy	In January 2025, Insecticides (India) Limited launched a new Insecticide, Centran, for tackling stem  borers  in  paddy  to  effectively  control  stem  borers  and  help  farmers  achieve  healthier crops and better productivity.
INSECTICIDES (INDIA) LIMITED	Launch of herbicide using SPF technology	In October 2024, Insecticides (India) Limited launched Torry Super, a post-emergence herbicide designed  to  ensure  crop  safety  by  leveraging  Suspension  Polymerization  Formulation  (SPF Technology) to deliver unparalleled efficacy.
RALLIS INDIA LIMITED	Completion of a pilot project for a new insecticide	In September 2024, Rallis India and Bio-Gene Technology completed the pilot-scale production of Flavocide, a new nature-identical insecticide, which will be commercialised globally, with Bio-Gene holding all related intellectual property.
UPL LIMITED	Expansion into the specialty chemicals sector	In  May  2025,  UPL  Limited  announced  a  significant  expansion  into  the  specialty  chemicals sector through its group company, Superform Chemistries Ltd (formerly known as UPL Specialty Chemicals), which will cater to some of the world’s most dynamic and diverse sectors, including agriculture, lubricants, flame retardants, mining, healthcare, food and beverages.

Also Read: India’s Agricultural Sector on Track to Triple: McKinsey Highlights $3.1 Trillion Potential by 2047

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