New Delhi [India], June 22 (ANI): India's agrochemicals industry remains resilient and is projected to grow to USD 14.5 billion by 2027-28, with a CAGR of 9 per cent, despite global headwinds, according to a report by Rubix Data Sciences -- a leading provider of risk management and monitoring solutions.

CAGR is Compound Annual Growth Rate.

According to the report, India's agrochemical industry is valued at USD 11.2 billion in 2024-25, having grown 8.7 per cent year-on-year despite a challenging global environment.

Exports saw a sharp 22 per cent decline in 2023-24, 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 2024-25, 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 per cent CAGR from 2019-20 to 2024-25. Their share in India's total agrochemical exports rose from 31 per cent to 37 per cent over this period.

According to the report released this week, 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.

'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. The sector is resilient, 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,' Mohan Ramaswamy added. (ANI)