SML — A New Hope for the Crop Protection and Crop Health Markets for 2024
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What trends do you see happening in your sector for 2024?
Agriculture is very dynamic in nature as well as the plant protection and plant nutrition industry. Any changes in weather patterns have a direct bearing on the sector as well.
2023 has not been a very good year for the industry as whole owing to a number of factors. It seems that this phase will drag till the first half of 2024, but the situation would improve in the second half of 2024. Key trends happening in the industry would be inventory correction in the market. The market will be more assertive in terms of demand for agrosolutions both in crop protection and crop nutrition.
The prices are expected to stabilize but demand has been low in many products. The manufacturers are facing large issues with extra capacities built up during the shortage and high pricing years. The year 2024 will be a fresh start for the agrobusiness industry as a whole after a long turbulence of 2021 to 2023.
The trend of biologicals usage will continue to increase. We see this segment growing. However, the right biosolution, which gives the right effect is the key.
What is the biggest opportunity in 2024? How will this impact the industry as a whole?
The biggest opportunity in 2024 will be the demand created as a result of the inventory correction in the market in 2023. This will give industry the much-needed breather after a couple of tough years post-COVID-19.
Backward integration will continue to be a key driver in Indian agchem industry. Indian companies have also been investing in the production of off-patent molecules and reducing their dependence on China. They have also focused on registering off-patent products and boosting distribution networks to push volumes at affordable prices.
What are some new product launches or major developments within your company?
At SML, we are poised to launch new products in both crop protection and crop nutrition portfolios. We are continuously striving to provide better, innovative, and cost-effective solutions to the farming community across the globe. We have strong R&D pipeline (most of the products protected by IP) in crop protection, crop nutrition, and biologicals.
We are working on the discovery of new biorationals which would see the light of the day in the coming future. We are further expanding our operations across LATAM, Europe, and Southeast Asia for our crop nutrition portfolio. We are expanding our local operations with local teams set ups in Turkey, Brazil, and Indonesia to name a few. We are also expanding our production capacities for some of our key formulations. •
Sulphur Mills Limited
www.sulphurmills.com
Bimal Shah, Managing Director
[email protected]
+91-22-43452222