Agrochemical Sector Outlook & Peer Analysis :Unicon

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Agrochemical Sector Outlook & Peer Analysis

ü  Indian agrochemical industry is the fourth largest market in the world with a total estimated market size of USD 1.4bn, after the United States, Japan, and China. Of this, ~50% market share is held by MNCs and the rest by Indian companies who are largely into off-patent generic formulations.

ü   Nearly 50% of the total pesticide produced is consumed by only two crops i.e. paddy and cotton.

ü  Indian agrochemical market is dominated by Insecticides with 58% market share, followed by herbicides and fungicides with 21% and 19% share respectively.

ü  40 ingredients are going off-patent by 2013, which will throw up opportunities for existing established players.

ü  Indian agrochem industry (USD 1.4bn in size) is expected to grow at 8-10% compared to 3.6% expected from global market (USD 43bn) till 2014 (Domestic industry grew by 11% in 2009).

Long term Picks
Large Cap	Rallis India, United Phosphorus, Coromandel International
Midcap	Dhanuka Agritech, Insecticides India, PI Industries, Sabero Organics

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