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ICICI Securities Report
Agriculture sector is considered as essential and was less impacted by Covid-19/ lockdown in FY21.
However, we note following trends have emerged in FY21 and are likely to continue even in FY22.
1. larger companies to continue to gain market share from smaller players in agrochemicals, animal feed and seeds. Smaller companies faced challenges due to weaker balance sheet and liquidity concerns;
2. mechanisation will continue to accelerate;
3. higher usage of products that reduce dependence on labour;
4. farming of essentials (food grains) remains largely unaffected while perishables (horticulture) and non-essentials (cotton and jute) will continue to be negatively impacted;
5. Indian agrochemical companies to continue to gain market shares in International markets.
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