Southern Asia: Herbicide Market 2024

Herbicide Market Size in Southern Asia

After four years of growth, the South Asian herbicide market decreased by -17.9% to $X in 2021. Overall, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market reached the peak level at $X in 2020, and then declined dramatically in the following year.

Herbicide Production in Southern Asia

In value terms, herbicide production stood at $X in 2021 estimated in export price. In general, production, however, showed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 33% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Herbicide Exports

Exports in Southern Asia

For the seventh consecutive year, Southern Asia recorded growth in shipments abroad of herbicides, which increased by 43% to X tons in 2021. Overall, exports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 53%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, herbicide exports skyrocketed to $X in 2021. In general, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 54% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

The shipments of the one major exporters of herbicides, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the herbicides exports, with a CAGR of +19.6% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest herbicide supplier in Southern Asia.

In India, herbicide exports expanded at an average annual rate of +24.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, shrinking by -8.5% against the previous year. Over the last nine years, it increased at an average annual rate of +4.3%. The pace of growth appeared the most rapid in 2013 an increase of 26% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +4.3% per year.

Herbicide Imports

Imports in Southern Asia

In 2021, supplies from abroad of herbicides decreased by -2.7% to X tons for the first time since 2011, thus ending a nine-year rising trend. In general, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. As a result, imports reached the peak of X tons, and then dropped slightly in the following year.

In value terms, herbicide imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of 33% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

India represented the key importer of herbicides in Southern Asia, with the volume of imports amounting to X tons, which was approx. 67% of total imports in 2021. It was distantly followed by Bangladesh (X tons) and Pakistan (X tons), together creating a 28% share of total imports. Sri Lanka (X tons) and Nepal (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to herbicide imports into India stood at +22.1%. At the same time, Nepal (+50.5%), Bangladesh (+19.9%) and Pakistan (+7.2%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +50.5% from 2012-2021. By contrast, Sri Lanka (-11.5%) illustrated a downward trend over the same period. While the share of India (+30 p.p.), Bangladesh (+6 p.p.) and Nepal (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Pakistan (-8.5 p.p.) and Sri Lanka (-29 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported herbicides in Southern Asia, comprising 78% of total imports. The second position in the ranking was held by Pakistan ($X), with a 9.7% share of total imports. It was followed by Bangladesh, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value in India totaled +14.8%. In the other countries, the average annual rates were as follows: Pakistan (+9.1% per year) and Bangladesh (+15.7% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, with an increase of 33% against the previous year. In general, the import price, however, continues to indicate a mild decrease. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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