The agrochemical industry has played a crucial role in meeting the increasing food demands of the rapidly growing population across the world. Over the years, the Indian agrochemical sector has experienced significant growth as farmers rely on agrochemicals to improve the productivity of crops. India is the fourth-largest producer of agrochemicals in the world.
Which Were the leading Indian Agrochemical Companies From FY 2017-18 to 2021-24?
1) UPL Ltd.
United Phosphate Limited is one of the largest agrochemical company worldwide. It engages in the production and distribution of pesticides, plant growth regulators, industrial and specialty chemicals, nutrient feeds, and other agricultural-related products.
The company has experienced rapid growth over the last 5 years, its revenue climbed from USD 2,304.72 million in FY 2017–18 to USD 5,556.08 million in FY 2021–22. Among the major Indian agrochemical companies, UPL was ranked number one, far ahead of competitors, with a growth of 19.53% CAGR between FY 2020 and FY 2021. The possible reasons for growth could be:
- Availability of a wide variety of products in the market
- Better product realisation by the customers
- Currency impact
2) PI Industries:
It is into the manufacturing and sales of insecticides, fungicides, herbicides, and specialty products like biovita granules, biovita liquid, super spreader, humesol, etc. Additionally, the company provides R&D services, CSM services, and distribution services.
With revenue of USD 347.15 million in FY 2018–2019, USD 373.09 million in FY 2019–20, and USD 489.82 million in FY 2020–21, PI Industries has shown significant growth over the years. As per estimates, the company had revenue of USD 572.35 million in FY 2021–22, ranking it in second place among the leading Indian agrochemical companies.
3) Gharda Group:
Gharda Group produces and sells plant protection products, intermediates, public health products, high-performance polymers, veterinary products, and pigments. The company was in third place among major agrochemical companies in India, with revenue of USD 543.93 million in FY 2021–22. The company’s CAGR was 24.87% between the fiscal years 2020 and 2021.
4) Sharda Cropchem:
Sharda Cropchem is involved in the manufacturing and export of agrochemicals, conveyor belts, industrial chemicals, pharmaceuticals, and intermediates. The company was in second place in terms of growth rate, in between FY 2020 and FY 2021, the revenue of the company increased from USD 283.50 million to USD 403.20 million, with a 45.92% CAGR.
5) Tagros Chemicals:
It is involved in the manufacturing of crop protection products, intermediates, industrial chemicals, veterinary products, household insecticides, seed treatments, and synthetic pyretheroids. The company holds fifth place among the leading Indian agrochemical companies, with revenue of USD 350.09 million in FY 2021–22.
6) Coromandel International:
It is the second-largest phosphatic fertilizer company in India. It is involved in the manufacturing of plant nutrition and crop protection products. The company has opened around 750 outlets across Andhra Pradesh, Karnataka, and Telangana, to provide products and farming services like soil testing, farm mechanization, and crop advisory to farmers. Between FY 2020 and FY 2021, the company grew by 20.47% CAGR, and its revenue was reported at USD 337.01 million in FY 2021–2022.
7) Meghmani Group:
It is involved in the manufacturing of a variety of products, including agrochemicals, pigments, dyes, intermediates, basic chemicals, additives, etc. Meghmani Group gave tough competition to other companies with a tremendous growth of 52.72% CAGR between FY 2020 and FY 2021 and maintained seventh place with revenue of USD 324.21 million in FY 2021–22.
8) Bharat Group:
It has various subsidiaries, each of which focuses on a specific industry including pharmaceuticals, agrochemicals, intermediates, specialty chemicals, textiles, real estate, etc. Bharat Group was placed in eighth place among the leading Indian agrochemical companies. In the past few years, the company has experienced consistent growth, its revenue was USD 240.79 million, USD 264.88 million, and USD 279.05 million in FY 2017–18, FY 2018–19, and FY 2019–20, respectively. With a growth of 6.19% CAGR, the revenue of the company in FY 2021–22 was estimated at USD 311.60 million.
9) Indofil Industries:
It manufactures agrochemicals, specialty polymers, industrial chemicals, and intermediates for a variety of industries such as agriculture, textile, personal care, etc. As per data, the revenue of the company increased from USD 295.41 million in FY 2020-21 to USD 307.95 million in FY 2021-22 with a growth of 6.95% CAGR.
10) Crystal Crop Protection:
It produces an extensive variety of crop protection, seed, and fertilizer products. The company took tenth place by generating revenue of USD 299.89 million in FY 2021-22.
The other players among the leading Indian agrochemical companies include Krishi Rasayan, Rallis India, Willowood Chemicals, SML Group, NACL Industries, etc.
