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CareEdge Research Report
Despite the near-term challenges, the Indian agrochemicals industry (excluding fertiliser) is envisaged to grow by approximately 7 to 9% in FY25 led by robust domestic demand, import substitution, adoption of the “China+1” policy, India's low-cost manufacturing advantage, and opportunities arising from off-patent agrochemical products.
After recording a remarkable growth in FY22-FY23 driven by exports, FY24 saw a significant 20.3% YoY decline in exports due to channel destocking and pricing pressure from China's re-entry into the market.
To address channel destocking, major exporters offered rebates to distributors, resulting in a price reduction and pressure on operating profitability during FY24. Domestic demand also saw a decline of 19.3% due to the lower prices offered by the Chinese counterparts and impact of EL Nino.
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