The import of herbicides, anti-sprouting products, and plant-growth regulators to India has shown significant growth over the past decade. By 2023, imports stood at 43.933 million kilograms, exhibiting a steady increase since 2013. The year-on-year variations highlight periods of substantial growth, such as in 2014 (89.81%) and 2016 (42.36%), tapering off to more modest increases in recent years, such as the 4.99% growth observed from 2022 to 2023. The CAGR has also moderated, from a peak of 45.38% in 2016 to an average of 5% over the last five years. Forecasts predict a continued upward trend, albeit at a slower pace, with a forecasted 5-year CAGR of 3.18%, leading to an overall growth rate of 16.93% by 2028.
Future trends to watch for include:
- Technological advancements in agrochemicals that could impact import volumes.
- Changes in agricultural practices driven by environmental policies that may favor or disfavor these imports.
- Potential changes in trade policies or international relations impacting import dynamics.
