India Agricultural Products 191068

MarketLine Industry Profile
Agricultural Products in India

November 2023
Reference Code: 0102-2000
Publication Date: November 2023
Primary NAICS: 1111
Secondary NAICS: 1112,1113,111930,111991,111998
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian agricultural products market grew by 7.7% in 2022 to reach a value of $300.9 billion.
1.2. Market value forecast

In 2027, the Indian agricultural products market is forecast to have a value of $373.8 billion, an increase of
24.2% since 2022.
1.3. Market volume

The Indian agricultural products market grew by 2.2% in 2022 to reach a volume of 1,071.4 million tonnes.
1.4. Market volume forecast

In 2027, the Indian agricultural products market is forecast to have a volume of 1,190.8 million tonnes, an
increase of 11.1% since 2022.
1.5. Category segmentation

Cereals is the largest segment of the agricultural products market in India, accounting for 22.7% of the
market's total value.
1.6. Geography segmentation

India accounts for 18.8% of the Asia-Pacific agricultural products market value.
1.7. Market rivalry

Plans to significantly increase the value of agricultural exports and diversify India’s export basket and
destinations will help to reduce rivalry within the Indian agricultural products industry. Individual operators
in this industry compete primarily for supply contracts, especially those with large supermarkets. The
importance of these large buyers to industry players increases rivalry in this industry further.

Industry Profiles
1.8. Competitive landscape

There are many agricultural enterprises within the Indian agricultural products industry. Sugar, rice, and
cotton remain some of the nation’s leading agricultural exports, which have allowed manufacturers of
these commodities to establish dominant positions within the domestic market. However, with numerous
players, competition is rife, and players must innovate if they are to maintain their industry position. The
leading players in the market are EID Parry, BBTC, BHSL, and SRSL.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Category segmentation................................................................................................................................2
1.6. Geography segmentation.............................................................................................................................2
1.7. Market rivalry...............................................................................................................................................2
1.8. Competitive landscape.................................................................................................................................3
2. Market Overview 8
2.1. Market definition .........................................................................................................................................8
2.2. Market analysis ............................................................................................................................................8
3. Market Data 10
3.1. Market value ..............................................................................................................................................10
3.2. Market volume...........................................................................................................................................11
4. Market Segmentation 12
4.1. Category segmentation..............................................................................................................................12
4.2. Geography segmentation...........................................................................................................................14
5. Market Outlook 15
5.1. Market value forecast ................................................................................................................................15
5.2. Market volume forecast.............................................................................................................................16
6. Five Forces Analysis 17
6.1. Summary ....................................................................................................................................................17
6.2. Buyer power...............................................................................................................................................18
6.3. Supplier power ...........................................................................................................................................20
6.4. New entrants .............................................................................................................................................22

Industry Profiles
6.5. Threat of substitutes ..................................................................................................................................24
6.6. Degree of rivalry.........................................................................................................................................25
7. Competitive Landscape 27
7.1. Who are the key players in this sector? .....................................................................................................27
7.2. What strategies do the leading players follow?.........................................................................................27
7.3. What have been the most significant mergers/acquisitions over the past few years? .............................28
8. Company Profiles 30
8.1. Advanta India Limited ................................................................................................................................30
8.2. E.I.D.-Parry (India) Ltd. ...............................................................................................................................31
8.3. Bajaj Hindusthan Sugar Ltd ........................................................................................................................35
8.4. Shree Renuka Sugars Ltd............................................................................................................................39
9. Macroeconomic Indicators 42
9.1. Country data ..............................................................................................................................................42
Appendix 44
Methodology ...........................................................................................................................................................44
9.2. Industry associations..................................................................................................................................45
9.3. Related MarketLine research .....................................................................................................................45
About MarketLine....................................................................................................................................................46

Industry Profiles
LIST OF TABLES
Table 1: India agricultural products market value: $ billion, 2017–22 10
Table 2: India agricultural products market volume: million tonnes, 2017–22 11
Table 3: India agricultural products market category segmentation: % share, by value, 2017–2022 12
Table 4: India agricultural products market category segmentation: $ billion, 2017-2022 12
Table 5: India agricultural products market geography segmentation: $ billion, 2022 14
Table 6: India agricultural products market value forecast: $ billion, 2022–27 15
Table 7: India agricultural products market volume forecast: million tonnes, 2022–27 16
Table 8: Advanta India Limited: key facts 30
Table 9: E.I.D.-Parry (India) Ltd.: key facts 31
Table 10: E.I.D.-Parry (India) Ltd.: Annual Financial Ratios 33
Table 11: E.I.D.-Parry (India) Ltd.: Key Employees 34
Table 12: Bajaj Hindusthan Sugar Ltd: key facts 35
Table 13: Bajaj Hindusthan Sugar Ltd: Annual Financial Ratios 37
Table 14: Bajaj Hindusthan Sugar Ltd: Key Employees 38
Table 15: Shree Renuka Sugars Ltd: key facts 39
Table 16: Shree Renuka Sugars Ltd: Annual Financial Ratios 40
Table 17: Shree Renuka Sugars Ltd: Key Employees 41
Table 18: India size of population (million), 2018–22 42
Table 19: India gdp (constant 2005 prices, $ billion), 2018–22 42
Table 20: India gdp (current prices, $ billion), 2018–22 42
Table 21: India inflation, 2018–22 42
Table 22: India consumer price index (absolute), 2018–22 42
Table 23: India exchange rate, 2018–22 43

Industry Profiles
LIST OF FIGURES
Figure 1: India agricultural products market value: $ billion, 2017–22 10
Figure 2: India agricultural products market volume: million tonnes, 2017–22 11
Figure 3: India agricultural products market category segmentation: $ billion, 2017-2022 13
Figure 4: India agricultural products market geography segmentation: % share, by value, 2022 14
Figure 5: India agricultural products market value forecast: $ billion, 2022–27 15
Figure 6: India agricultural products market volume forecast: million tonnes, 2022–27 16
Figure 7: Forces driving competition in the agricultural products market in India, 2022 17
Figure 8: Drivers of buyer power in the agricultural products market in India, 2022 18
Figure 9: Drivers of supplier power in the agricultural products market in India, 2022 20
Figure 10: Factors influencing the likelihood of new entrants in the agricultural products market in India, 2022 22
Figure 11: Factors influencing the threat of substitutes in the agricultural products market in India, 2022 24
Figure 12: Drivers of degree of rivalry in the agricultural products market in India, 2022 25

Industry Profiles
2. Market Overview
2.1. Market definition

The agricultural products industry includes the production of various crops such as cereals (like wheat, rice, and
barley), oil crops (including cottonseed, groundnuts, and olives), sugar (from sugar cane and sugar beet), pulses
(such as beans, peas, and lentils), roots & tubers (like potatoes, sweet potatoes, and cassava), vegetables
(including cabbages, tomatoes, and onions), fruits (such as bananas, citrus fruits, and berries), as well as other
crops include nuts (such as almonds, hazelnuts, and pistachios), spices, and stimulants like coffee, hops, and dry
chilies.
Market volumes include production volumes, and all values are calculated by multiplying market volume with the
producer prices.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation). All currency
conversions in this report have been calculated using constant 2022 annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The Indian agricultural products market experienced strong growth during the historic period between 2017 and
2022. The market achieved a strong growth rate of 7.7% in 2022. The market is anticipated to grow at a healthy
rate over the forecast period.
The growth in the Indian agricultural products market is influenced by several macroeconomic factors, such as
rising GDP and growing business confidence. For instance, according to the Organisation for Economic Co-
operation and Development (OECD), the business confidence index in India reached 103.55 in February 2022, up
from 101.21 in April 2021. Moreover, the real GDP annual growth rate of India in 2022 stood at 7.2%, according to
GlobalData. Taking these factors into consideration, the market is poised for sustained growth.
The Indian agricultural products market had total revenues of $300.9 billion in 2022, representing a compound
annual growth rate (CAGR) of 8.1% between 2017 and 2022. In comparison, the South Korean and Chinese
markets grew with CAGRs of 1.2% and 4.7%, respectively, over the same period to reach respective values of $17.6
billion and $936.5 billion in 2022.
India's agriculture products market is diverse and significant to the country's economy, with a significant portion of
the population engaged in agriculture. Key crops include staple grains like rice and wheat, fruits, vegetables,
pulses, and spices, contributing to the country's culinary diversity and global exports. The sector is transforming
with technology adoption and government initiatives, but challenges like land fragmentation and climate-related
uncertainties still impact its dynamics. Despite these challenges, the market plays a crucial role in ensuring food
security and rural livelihoods, playing a vital role in India's economy. The growth of the market in recent years can

Industry Profiles
be partly attributed to the rise in the real GVA in agriculture, coupled with a rising producer price index. For
instance, according to GlobalData, the real GVA in agriculture, hunting, forestry, and fishing annual growth in India
stood at 4.8% in 2022. Moreover, the producer price index in agriculture (2014–2016 = 100) in India stood at 126.2
in 2022, up from 122.3 in the previous year.
Market production volume increased with a CAGR of 2.1% between 2017 and 2022, reaching a total of 1,071.4
million metric tons in 2022. The market's volume is expected to rise to 1,190.8 million metric tons by the end of
2027, representing a CAGR of 2.1% over 2022–2027.
The growing market production volume can be attributed to technological advancements, favorable weather
conditions, adequate water resources, government support, and irrigation innovations. These factors have led to
an increase in agricultural harvests. For instance, according to GlobalData, the total area harvested for cereals in
India stood at 104.5 million hectares in 2022, an increase of 2% from the previous year. Additionally, the total area
harvested for roots and tubers in India stood at 2.5 million hectares in 2022, an increase of 0.2% from the previous
year.
The cereals segment accounted for the market's largest proportion in 2022, with total revenues of $68.2 billion,
equivalent to 22.7% of the market's overall value. The fruit segment contributed revenues of $61.3 billion in 2022,
equating to 20.4% of the market's aggregate value.
Cereals, such as wheat, rice, and maize, are the dominant agricultural segment due to their demand, versatility,
and resource efficiency. They serve as staple food sources and are used in various diets, animal feed, and industry.
Cereals also have higher yields per unit of land, making them more resource-efficient. Indian dietary patterns and
population growth also contribute to their demand. The widespread cultivation practices and established supply
chains further solidify their central role in the agriculture market.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 4.4% over 2022–27, which is
expected to drive the market to a value of $373.8 billion by the end of 2027. Comparatively, the South Korean and
Chinese markets will grow with CAGRs of 1.5% and 3.2%, respectively, over the same period to reach respective
values of $18.9 billion and $1,098.9 billion in 2027.
The Indian agricultural products market is expected to experience significant growth due to the increasing
popularity of organic foods, an expanding trade relationship, and government investment and support in
agriculture. For instance, according to GlobalData, the total agricultural product exports of India stood at $42.2
billion in 2022 and are expected to reach $55.2 billion in 2030. Moreover, the Indian organic food market is
expected to reach $348.5 million in 2030. Additionally, innovations in agricultural technology, including precision
farming, the use of drones, and advanced machinery, will reshape modern farming, enhancing the market for
agricultural products.

Industry Profiles
3. Market Data
3.1. Market value

The Indian agricultural products market grew by 7.7% in 2022 to reach a value of $300.9 billion.
The compound annual growth rate of the market in the period 2017–22 was 8.1%.
Table 1: India agricultural products market value: $ billion, 2017–22
Year $ billion Rs. billion € billion % Growth

2017 204.0 16,037.6 194.0
2018 224.2 17,622.4 213.1 9.9%
2019 242.3 19,047.5 230.4 8.1%
2020 259.0 20,359.1 246.2 6.9%
2021 279.4 21,957.1 265.6 7.8%
2022 300.9 23,653.9 286.1 7.7%
CAGR: 2017–22 8.1%

Source: MARKETLINE MARKETLINE
Figure 1: India agricultural products market value: $ billion, 2017–22

Industry Profiles
3.2. Market volume

The Indian agricultural products market grew by 2.2% in 2022 to reach a volume of 1,071.4 million tonnes.
The compound annual growth rate of the market in the period 2017-22 was 2.1%.
Table 2: India agricultural products market volume: million tonnes, 2017–22
Year million tonnes % Growth

2017 966.2
2018 988.4 2.3%
2019 1,001.1 1.3%
2020 1,023.9 2.3%
2021 1,047.9 2.3%
2022 1,071.4 2.2%
CAGR: 2017–22 2.1%

Figure 2: India agricultural products market volume: million tonnes, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Cereals is the largest segment of the agricultural products market in India, accounting for 22.7% of the market's
total value.
The Fruit segment accounts for a further 20.4% of the market.
Table 3: India agricultural products market category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Cereals 28.7% 27.8% 26.2% 25.0% 23.7% 22.7%
Fruit 21.1% 20.5% 20.4% 20.4% 20.4% 20.4%
Vegetables 15.0% 15.1% 15.6% 15.7% 16.1% 16.4%
Sugar 8.6% 9.0% 9.1% 9.2% 9.3% 9.2%
Oilcrops 6.7% 7.2% 7.1% 7.0% 6.9% 6.7%
Roots & Tubers 1.7% 1.6% 1.7% 1.8% 1.8% 1.6%
Other 18.2% 18.8% 19.9% 20.9% 21.9% 23.0%
Total 100% 100% 100% 100% 100% 100%

Table 4: India agricultural products market category segmentation: $ billion, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Cereals 58.6 62.2 63.4 64.7 66.2 68.2 3.1%
Fruit 43.0 46.0 49.5 52.8 57.0 61.3 7.3%
Vegetables 30.6 33.9 37.8 40.5 44.8 49.5 10.1%
Sugar 17.6 20.1 22.0 23.9 26.0 27.6 9.4%
Oilcrops 13.7 16.2 17.3 18.2 19.2 20.2 8.0%
Roots & Tubers 3.4 3.7 4.1 4.7 4.9 5.0 7.8%
Other 37.1 42.1 48.2 54.2 61.2 69.3 13.3%
Total 204 224.2 242.3 259 279.3 301.1 8.1%


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Figure 3: India agricultural products market category segmentation: $ billion, 2017-2022

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4.2. Geography segmentation

India accounts for 18.8% of the Asia-Pacific agricultural products market value.
China accounts for a further 58.5% of the Asia-Pacific market.
Table 5: India agricultural products market geography segmentation: $ billion, 2022
Geography 2022 %
China 936.5 58.5
India 300.9 18.8
Japan 23.3 1.5
South Korea 17.6 1.1
Taiwan 5.1 0.3
Rest of Asia-Pacific 316.2 19.8
Total 1,599.6 100%

Figure 4: India agricultural products market geography segmentation: % share, by value, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the Indian agricultural products market is forecast to have a value of $373.8 billion, an increase of 24.2%
since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 4.4%.
Table 6: India agricultural products market value forecast: $ billion, 2022–27
Year $ billion Rs. billion € billion % Growth

2022 300.9 23,653.9 286.1 7.7%
2023 308.4 24,242.2 293.2 2.5%
2024 317.8 24,976.1 302.1 3.0%
2025 336.0 26,407.0 319.4 5.7%
2026 354.9 27,895.8 337.4 5.6%
2027 373.8 29,381.0 355.3 5.3%
CAGR: 2022–27 4.4%

Figure 5: India agricultural products market value forecast: $ billion, 2022–27

Industry Profiles
5.2. Market volume forecast

In 2027, the Indian agricultural products market is forecast to have a volume of 1,190.8 million tonnes, an increase of
11.1% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 2.1%.
Table 7: India agricultural products market volume forecast: million tonnes, 2022–27
Year million tonnes % Growth

2022 1,071.4 2.2%
2023 1,094.4 2.1%
2024 1,117.2 2.1%
2025 1,141.3 2.2%
2026 1,165.7 2.1%
2027 1,190.8 2.2%
CAGR: 2022–27 2.1%

Figure 6: India agricultural products market volume forecast: million tonnes, 2022–27

Industry Profiles
6. Five Forces Analysis

The agricultural products market will be analyzed taking farming practices and producers as players. The key
buyers will be taken as grocery retailers and food processing companies, and fertilizer and machinery providers as
the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the agricultural products market in India, 2022
Plans to significantly increase the value of agricultural exports and diversify India’s export basket and destinations will
help to reduce rivalry within the Indian agricultural products industry. Individual operators in this industry compete
primarily for supply contracts, especially those with large supermarkets. The importance of these large buyers to
industry players increases rivalry in this industry further.
Most agricultural products in India are purchased by supermarkets, food processors, and manufacturers, while food
processors and manufacturers are the major buyers of industrial crops. Other agricultural products, including cereals,
grains, and oil crops, need to be processed into food products fit for human consumption; therefore, these products
are usually purchased by large food processing or manufacturing companies. Agricultural co-operatives help to reduce
buyer power by unifying SMEs to create an organization with greater bargaining power. Forward integration from large
agricultural organizations reduces buyer power by selling directly to consumers through integrated supply chains.
A growing organic industry in India will help to reduce the power wielded by suppliers of agrichemicals and GM crops.
However, the organic industry only accounts for a small proportion of Indian agriculture, therefore supplier power is
strong at present.
Strong economic and industry growth, as well as an abundance of natural agricultural resources, help to attract new
entrants to the Indian agricultural products industry. New entrants may be discouraged by the volatility of industry
conditions and the high upfront and operational costs associated with running an agricultural business.
The only substitute in this industry is home-grown produce. This is a legitimate possibility; however, it takes time, land,
and expertise, along with significant amounts of work. The quality of this produce may also not be comparable to
professionally produced goods.

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6.2. Buyer power
Figure 8: Drivers of buyer power in the agricultural products market in India, 2022
Most agricultural products in India are purchased by supermarkets, food processors, and manufacturers. Ready-for-
industry produce can be purchased directly by supermarket chains such as Carrefour, City Super, JUSCO, and Wal-Mart;
these usually consist of products such as fresh fruit and vegetables, sugar, and some roots and tubes. Other crops
produced on a mass scale in India consist of Cereals, grains, and oil crops; these are usually bought by food wholesale
dealers, processors, and manufacturers that develop agricultural commodities into higher-value food products.
Industrial crops, also known as non-food crops, are a group of agricultural products that aren’t used for human
consumption, such as cotton, hemp, and rubber. These products can attract buyers from a variety of industries, for
example, cotton is used to manufacture cloth, while natural rubber can be used in the chemical, transportation,
agriculture, and aerospace industries, among many more.
Numerous buyers are present in the agricultural products industry owing to the wide range of produce available. Some
of the major buyers of industry-ready produce, such as fruit and vegetables, include supermarkets such as Metro,
More, and Reliance Retail. The major buyers of products requiring processing, such as cereal grain, are wholesale
dealers and food processing companies.
India's food retail industry is still dominated by traditional methods, with modern retail's share negligible but increasing.
As such, buyer power is more constrained in this industry.
Through bulk purchasing, large supermarket chains can negotiate low prices. Contractual arrangements between
industry players and the large supermarkets they supply typically favor the interests of the latter; buyer power is
enhanced considerably by the resultant low switching costs. As buyers have several options to choose from for their
produce, this increases the buyer power as they can negotiate their prices. Buyers who can obtain the most produce for
the lowest price are able to produce greater profits.
Agricultural co-operatives weaken buyer power by bringing small independent farming businesses together to increase
their agricultural capabilities. Small producers often form associations or co-operatives to obtain better prices, improve
post-harvest production handling, and cooperate on more effective marketing strategies. The more sophisticated of
these associations have financial institutions that provide producer loans, which partially subsidize production costs
through technical assistance aimed at improving crop quality and yields. Co-operatives will industry production directly
or through traders.
A relatively low level of product differentiation also drives up buyer power, although producers might offer fair-trade,
organic, or locally sourced products to mitigate this effect to some extent. Buyer power is also limited somewhat

Industry Profiles
because the prices for many agricultural commodities are set on global exchanges. Here, producers can hedge to
cushion the impact of price fluctuations and therefore limit buyers' leverage over them in the face of downward price
pressure.
Forward integration may also be possible for farmers who sell fresh fruit and vegetables directly to consumers through
a farm-store outlet. In many industries, consumers are willing to pay higher prices for local and organic produce as it is
seen as more ethical and beneficial for the environment. As these practices currently operate on a small scale,
however, they are unlikely to have any significant effect on large buyers.
The buyer is in essence dictating this industry, as they have the power to not purchase from specific players in the
industry. This in turn reduces their profits and financial power, which then means they are less able to purchase new
equipment from the suppliers. If players grow produce that is not deemed to be ‘customer worthy’, this will not be
taken by the buyers and could cause the buyers to reconsider their contracts with the supplier, thereby strengthening
buyer power. Larger agricultural organizations often suppress buyer power by establishing vertically integrated value
chains, which manage their products from their cultivation to marketing, including processes such as food processing.
By doing so, agricultural companies maximize their profits by reducing the amount lost through intermediaries and
reducing their reliance on food processors for the purchase of their goods.
Buyer power is limited in India due to the extent of control the government can wield over the industry. Export bans
have been criticized for causing unpredictability in trade, and hurting farmer incomes. Plans to double the income of
farmers suggest buyers for leading cereal crops are unlikely to regain power anytime soon. India stands as a key player
in the global agriculture sector, serving as the primary source of livelihood for 55% of its population. The country boasts
the world's largest cattle herd (buffaloes), the largest cultivated areas for wheat, rice, and cotton, and holds the
position of the world's leading producer of milk, pulses, and spices. According to the India Brand Equity Foundation
(IBEF), in terms of exports, the agricultural sector has experienced substantial growth in the previous year, with India's
agricultural and processed food products exports reaching $53.12 billion in the fiscal year 2022-23.
Overall, buyer power is assessed as strong.

Industry Profiles
6.3. Supplier power
Figure 9: Drivers of supplier power in the agricultural products market in India, 2022
Strong demand for farming in India has led to growing demand for agricultural machinery, fertilizers, and other inputs
to the agricultural products industry, driving up supplier power.
Large chemical companies manufacture and supply most fertilizer products. Producers' size, and the high demand for
such products, both work to increase supplier power. As suppliers are required to pass on their product, they are to an
extent at the mercy of the buyers; as such, supplier power is reduced. Players in the industry need to balance the
pressure from suppliers for their products and also the buyers who have the right to reject their produce if they deem it
to not be ‘customer worthy’. This puts the players at risk and therefore could rebound back to the suppliers who are
attempting to sell their products; if the players are not profiting enough from selling their produce to the buyers, they
have less financial backing to support purchases from the suppliers.
On the other hand, fertilizer products typically lack differentiation and are relatively simple chemicals; a consistent
quality is available from a large number of suppliers. Moreover, production costs for fertilizers are highly dependent on
input prices, and these can be volatile. For example, the price of nitrogen-based fertilizers, such as ammonia and
ammonium nitrate, has fluctuated recently in line with natural gas prices. These trends work to undermine supplier
power.
Industry players have some alternatives to traditional suppliers. Organic farming practices eliminate the use of artificial
fertilizer products, for example. In many Western countries, the popularity of organic products and production
processes is rising, increasing the pressure felt by traditional chemical companies supplying the agricultural products
industry. As of March 31, 2023, the total area undergoing the organic certification process, registered under the
National Programme for Organic Production, is 10.17 million hectares for the fiscal year 2022-23. This comprises
5,391,792.97 hectares of cultivable land and an additional 4,780,130.56 hectares designated for wild harvest collection,
as reported by the Agricultural & Processed Food Products Export Development Authority (APEDA). India produced
around 2.9 million MT (2022-23) of certified organic products which include all varieties of food products namely oil
seeds, fiber, sugar cane, cereals & millets, cotton, pulses, aromatic & medicinal plants, tea, coffee, fruits, spices, dry
fruits, vegetables, and processed foods.
As a percentage of the total available arable land in India, just 1% is dedicated to organic farming practices, meaning
the demand for agricultural inputs such as fertilizers, pesticides, and GM crops remains high. The chemical and fertilizer
industry has experienced strong growth in recent years, indicating strong supplier power; however, India is emerging as
a key player in the global organic industry; India is the largest exporter of organic cotton and houses the largest number

Industry Profiles
of organic producers in the world. As the industry increases in size, the demand and supplier power wielded by
agrichemical and GM crop producers will decrease.
Seeds remain a crucial input for agricultural processes. Although it is possible for agricultural producers to breed their
own seed varieties, this can take time, resources, and expertise to produce varieties of the highest quality. Companies
such as DuPont Pioneer and Bayer, who recently completed a $63 billion purchase of US-based genetic agriculture giant
Monsanto to achieve significant scale and gain a larger global seed industry share, provide agricultural producers with
high-quality seeds that allow farmers to cultivate higher yields, which in turn increases the profitability of a seasonal
harvest. As a result of the superiority of seed varieties produced by producers of genetically superior crops, and the
need to purchase these varieties to stay competitive, buyer power is increased.
Suppliers of heavy machinery wield significant power. These consist of large corporations with high specialisms in the
manufacture of complicated agricultural machinery. Companies such as Agco, John Deere, and Kuhn Group maintain
leading positions in agriculture machinery markets, and their branded equipment maintains reputations of quality and
reliability. In developed agricultural product industries where industrial-scale farming is prominent there is a strong
reliance on machinery providers. The scarcity of machinery manufacturers and strong brand images gives these
suppliers significant power.
New technologies are constantly emerging, including agricultural automation, digital analytics, and advanced irrigation
systems; these products are increasing in demand as they offer farmers an opportunity to improve the sustainability,
efficiency, and productivity of their businesses. The implementation of these technologies is becoming essential to stay
competitive in modern-day agriculture; consequently, supplier power has increased.
Overall, supplier power in the agricultural products industry is strong.

Industry Profiles
6.4. New entrants
Figure 10: Factors influencing the likelihood of new entrants in the agricultural products market in India, 2022
Agriculture is one of India’s leading industries responsible for 18.3% of its GDP. With 157.35 million hectares under
agriculture, India holds the second-largest agricultural land area in the world making it an attractive market for
agriculture investment.
The purchase of arable land, machinery, and the provision of working capital to sustain initial operations are typically
needed to enter the agricultural products industry. High operating costs pose a significant entry barrier; large-scale
operations leverage economies of scale in order to remain profitable, but due to the high cost of land and equipment, it
is difficult for small-scale farmers to develop into fully-fledged agribusinesses.
The government of India, under the National Agricultural Policy, promotes private sector participation in the
agricultural sector through the concept of contract farming and land leasing. This allows large multinational
agribusinesses to conduct business in India which has helped accelerate the adoption of modern farming techniques
and technology acquisition, stimulate capital inflow, and ensure the market for crop production, especially that of
oilseeds, cotton, and horticultural crops.
The entrance of players deemed suitably qualified is eased somewhat by the existence of loans, which can be obtained
due to the lucrative nature of the agricultural products industry. The low level of differentiation between most
agricultural products means it is relatively easy for new entrants to get their products into the industry. Additionally,
brand loyalty is low, meaning industry players are free to source products from an array of suppliers. New entrants
might also choose to focus on a particular product or crop in order to ease their move into the industry. All this
increases the likelihood of new entrants.
India ranks second in terms of farm output, behind China. With such a large industry, this could be seen as a key area
for new entrants. The export of agricultural products in India places it within the top 10 worldwide. There is still the
issue of supermarkets having the ability to reject produce; therefore, the Indian agricultural products industry is heavily
controlled and key legislation is in place to ensure the risk of produce rejection is minimized. Agricultural land is divided
up, with space for non-agricultural purposes. This could be seen to deter new entrants as it could indicate the industry
is shifting away from agriculture.
In India, the main exports include rice, wheat, mangoes, and cotton, each of which is used worldwide. As the global
population rises, the requirement for food resources will also increase. To this end, more efficient food production is
needed to ensure sufficient supplies are present in the future.

Industry Profiles
India, as is the case in many other countries, has legislation specific to food and agricultural produce; this could deter
new entrants into this industry. It is also a strong possibility that new entrants will be deterred from entering this
industry as legislation and financial requirements are potentially going to become stricter owing to the introduction of
GM crops. India was expected to approve its second GMO in 2017, a transgenic mustard seed called Dhara Mustard
Hybrid-11 (DMH-11). It would have been the first food crop to reach India’s farmers but, for the time being, activists
would appear to have been successful in preventing approval. In 2004, India allowed the commercial cultivation of GM
cotton, and it now accounts for more than 90% of the nation’s harvest. The government recently finalized a more
liberal agriculture trade policy to bring about predictability and enable exports to more industries. Staples is not
believed to be in the plans to free products from export bans, making the industry less attractive for foreign players,
which are likely to seek to sell abroad. The Agriculture and Allied industry sector in India has experienced significant
advancements, investments, and governmental support in recent times. From April 2000 to June 2023, Foreign Direct
Investment (FDI) in agriculture services amounted to $4.75 billion. The government has established a dedicated fund
known as the Food Processing Fund (FPF), with a sum of around $265 million allocated to the National Bank for
Agriculture and Rural Development (NABARD). This fund aims to provide accessible credit to designated food parks and
food processing enterprises situated within these designated food parks.
The Indian agricultural products market has grown consistently during the historic period and will be viewed by foreign
investors as a key growth market.
Overall, the threat from new entrants is assessed to be strong.

Industry Profiles
6.5. Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the agricultural products market in India, 2022
There are no truly threatening substitutes for agricultural producers. Produce such as fruit, vegetables, wheat, sugar,
potatoes, and rice form a stable and important part of most people’s diets. As such, buyers can be confident that
consumer demand will remain strong.
That being said, on a small scale, some end users might choose to grow their own fruit and vegetables and become self-
sufficient. This process is costly, has a high labor demand, and is also difficult to manage when inexperienced. However,
switching costs are high here. If individuals want to switch to self-sufficient farming, this is generally completed on a
much smaller scale, so the benefits from this in relation to the work input could be significantly lower than a large-scale
process, allowing both self-sufficiency and the selling of produce for a profit.
Subsistence-level farming is time-consuming, requires some degree of specialist knowledge, and brings with it the cost
of purchasing seeds, fertilizer, gardening products, and so on. Moreover, many people do not have the land required to
make this a viable option, particularly with widespread urbanization. The quantity and quality of the product is not
guaranteed.
Even those who make a success of this approach are unlikely to be able to grow all of the food they need; other crops
and products which depend on different environments, or more complex or labor-intensive production processes will
still have to be bought.
Dairy products, meat, and eggs can be substitutes to some extent. However, these meat food options are only
consumed by the non-vegetarian population, lowering their intensity to serve as a complete substitute for agricultural
products. While meat food options are more costly than agricultural products, these meat foods are cooked in
conjunction with agricultural products. The relative high price of meat products decreases the strength of substitutes.
Overall, the threat from substitutes is weak in this industry.

Industry Profiles
6.6. Degree of rivalry
Figure 12: Drivers of degree of rivalry in the agricultural products market in India, 2022
Although large cooperative farming companies do exist in many countries, most players within the agricultural products
industry are independent farms, rated as small- to medium-sized businesses.
Players within the Indian agricultural products industry range from small, individually owned farms, to large
consolidated corporations. The presence of large incumbent industry players works to drive up the rivalry. Individual
operators in this industry compete primarily for supply contracts, especially those with large supermarkets. The
importance of these large buyers to industry players increases rivalry in this industry further.
Rivalry is increased by the low differentiation between producers; where differentiation does exist, it is typically down
to the quality of produce. India’s agrarian culture and varied regional climate have resulted in the country establishing a
vibrant portfolio of a variety of agricultural products which has helped offset rivalry; however, the nation’s top
agricultural products such as rice, wheat, sugar, and cotton have a low level of differentiation.
By 2025, Indian agritech companies are likely to witness investments worth $30-35 billion. The adoption of agritech is
expected to accelerate the growth and productivity of the Indian industry, thereby weakening the rivalry between
producers. In August 2022, a dedicated Special Food Processing Fund amounting to INR 20,000 million ($242.72 million)
was established in collaboration with the National Bank for Agriculture and Rural Development (NABARD). This fund is
designed to offer cost-effective credit for investments in the establishment of Mega Food Parks (MFP) and processing
units within these MFPs. The Department of Agriculture, Cooperation, and Farmers’ Welfare has been allocated INR
1,240 billion ($15.9 billion) in the Union Budget for the fiscal year 2023-24.
India has largely achieved self-sufficiency in terms of the production of food grains, elevating the degree of rivalry in the
domestic industry. As a result of self-sufficiency, producers must rely on exports, resulting in a large amount of
competition with other foreign food grain providers.
The Agriculture Export Policy (AEP) is an incentive formulated by the Ministry of Commerce & industry that involves
doubling the agricultural exports from India and integrating Indian farmers and agricultural products into the global
value chain. Recent growth rates show that agri-food production is rising faster than growth in domestic demand; to
ease rivalry, the AEP aims to double agricultural exports from the present $30bn to $60bn by 2022 and reach $100bn in
the next few years thereafter. It also aims to diversify its export basket, and export destinations and boost its high-value
and value-added agricultural exports, focusing in particular on perishables. By increasing the nation’s geographical
industry, Indian agricultural producers will compete less over single industries.

Industry Profiles
The land, machinery, equipment, and other inputs into the agricultural products industry can be expensive. Operating
and exit costs are therefore high, particularly at the upper end of the industry. This drives up the rivalry between
players.
Rivalry abated in response to strong industry revenue growth exhibited by the Indian industry during the pandemic
when revenues grew 18.6%. The industry demonstrated strong resilience during the pandemic which will ease pressure
on producers by raising farmers' income and reducing competition. The development of India’s food processing
industry will continue to fuel demand for agricultural products over the forecast period. Massive investment is expected
in food processing over the coming years. The Union Cabinet granted approval to the Production Linked Incentive
Scheme for the Food Processing Industry (PLISFPI) on March 31, 2021, with a budget of INR 109 billion ($1.5 billion).
The scheme was set to be implemented from 2021-22 to 2026-27 and comprises three key components: incentivizing
manufacturing in four major food product segments, promoting Innovative/Organic products of Small and Medium
Enterprises (SMEs), and facilitating support for branding and marketing of Indian brands abroad.
Overall, rivalry in this industry is assessed as strong.

Industry Profiles
7. Competitive Landscape
There are many agricultural enterprises within the Indian agricultural products industry. Sugar, rice, and cotton
remain some of the nation’s leading agricultural exports, which have allowed manufacturers of these commodities
to establish dominant positions within the domestic market. However, with numerous players, competition is rife,
and players must innovate if they are to maintain their industry position. The leading players in the market are EID
Parry, BBTC, BHSL, and SRSL.
7.1. Who are the key players in this sector?

E.I.D. Parry (India) Ltd
EID Parry produces and markets sweeteners and nutraceutical spaces. The company has nine sugar plants across
South India, with a total sugarcane crushing capacity of 43,400 tons per day. In regard to the group’s
nutraceuticals business, E.I.D. Parry is a leading producer of organic spirulina and microalgal products. The
company markets its products through Parry’s, Amrit, Flexpro MD, and USplus brand names. It has sugar plants
across South India in Pugalur, Sivagangai, Nellikuppam, Haliyal, Ramdurg, Bagalkot, and Sankili. The company’s
products are sold across the world. EID Parry is based in Chennai, Tamil Nadu, India.
The Bombay Burmah Trading Corporation (BBTC)
BBTC has diversified its interests into tea, coffee, other plantation products, biscuit and dairy products, auto
electric and white goods parts, weighing products, horticulture and landscaping services, healthcare products, and
dental, orthopedic, and ophthalmic products. Its plantations in the hills of South India cover 2,822 hectares used to
farm and cultivate tea. It also owns Elk Hill Group, which consists of eight estates, totaling 927 hectares of planted
coffee.
Bajaj Hindusthan Sugar Ltd
BHSL is Asia’s largest integrated sugar and ethanol manufacturing company, and one of the top five sugar
producers and top 10 ethanol producers across the world. The company has 14 sugar plants, which are all located
in the northern state of Uttar Pradesh, with an aggregated sugar-crushing capacity of 136,000 tons per day. The
group also owns six distilleries capable of producing 38 million liters of ethanol per day. It utilizes generated
power for captive consumption to run its plants and sells surplus power to the state grid. The company has
corporate offices in Maharashtra and Uttar Pradesh. BHSL is based in Noida, Uttar Pradesh, India.
Shree Renuka Sugars Ltd
SRSL is a global agribusiness and bioenergy provider and is India’s largest sugar refiner. The company owns and
operates 11 mills globally, including seven in India and four in Brazil, as well as two port-based sugar refineries.
Shree Renuka Sugars has a total crushing capacity of 37,500 tons per day from its six plants in India. The company
has a business presence in India, Brazil, Mauritius, Dubai, and Ethiopia, and exports products to Sudan, Somalia,
Bahrain, China, Afghanistan, the UAE, Saudi Arabia, Malaysia, Nepal, Myanmar, Indonesia, Tanzania, Qatar,
Indonesia, and Sri Lanka. SRSL is based in Mumbai, Maharashtra, India.
7.2. What strategies do the leading players follow?

E.I.D. Parry continued to pursue its “seeding the next” strategy, which aims to find ways to increase productivity
and provide agricultural products for future generations. The group also commissioned the construction of a
natural brown sugar manufacturing facility at the company’s Nellikuppam Plant, with additional facilities of similar
scale to be commissioned in Bagalkot, Halial, and Sankili in the future. The Nellikuppam Plant will produce 40 tons
of natural brown sugar per day and take advantage of the growing demand for healthier sugars in Dinadia.

Industry Profiles
E.I.D. Parry conducted a number of process efficiency projects to help reduce waste and costs while boosting
productivity. At the group’s Nellikuppam distillery, the company has installed a Condensate Polishing Unit (CPU),
which will reduce groundwater withdrawal significantly and enhance sustainability in the manufacturing process.
E.I.D. Parry also implemented its ‘Waste to Wealth’ initiative by converting distillery effluent waste into potash-rich
fertilizer, K-ash and K-boost, as an additional revenue earner, in addition to reducing its carbon footprint.
E.I.D. has differentiated itself from competitors by becoming one of the few Indian sugar manufacturers to have a
dedicated Sugar Cane Research and Breeding Centre recognized by the Department of Scientific and Industrial
Research (DSIR), Ministry of Science & Technology, Government of India. The center has helped to generate
varieties capable of producing larger yields, which has helped to secure a more reliable source of sugar cane. The
company introduced 10 new varieties of disease-free seed material for farmers, through the three tiers ‘Clean
Seed Nursery program’ and developed its research facilities, which will help protect crops and secure future
production volumes.
The company has continued to strengthen its source capabilities, adding new cane command areas in Nellikuppam
and Pudukottai, with the potential to produce 15,000mt and 3,000mt, respectively. Project Y60 was launched by
E.I.D. to help farmers obtain larger cane yields with the aim of doubling yields. Digitalization has become an
integrated part of E.I.D. Parry’s growth strategy. The group has engaged in a number of smart farming, digital, and
technological projects to help improve business productivity. The group has piloted an autonomous farming
project in Nellikuppam and launched a new Farmer Connect App, which provides crop management and advisory
tools for planting and farming operations. The app has been used by over 5,000 farmers in India. E.I.D. Parry
became the first in the Indian sugar industry to introduce a satellite-based decision support system for cane
operations. The company is working on a predictive analysis model to map out areas with optimum potential for
cane planting, based on data on soil types, rainfall patterns, and water availability. EID Parry aims to develop a
resilient business model with an increased foray into value-added segments and retail space. Recently, the
company launched two new products, Parry’s Jaggery Powder and Superfine Sugar. It also signed a commercial
partnership agreement with a food technology company, Nutrition Innovation, to create innovative sugar
solutions, Nucane Low GI Sugar. EID Parry anticipates that its focus on strengthening its presence in the retail
market in branded sugar would give dividends in terms of benefits from higher and more stable pricing. The
company also pursuing its strategy of value maximization through adjacencies and exploring new opportunities on
the commercial viability of bagasse being used as an alternate medium for soil
Shree Renuka Sugars has the ambition of becoming one of the world’s top three producers of sugar and ethanol.
The group’s presence in the largest producing and consumer regions of the sugar industry puts the company in an
advantageous position. Its business operations in Brazil and India mean that the company can continuously
produce sugar all year round as a result of the alternating harvesting seasons. The acquisition of shares by Wilmar
in 2018 helped to alleviate the company’s debt burden, which has allowed the company to focus on achieving high
production volumes.
The group is planning to expand the Havalga ethanol distillery capacity from 210 kiloliters per day to 300 kiloliters
per day. The government’s ethanol blending program aims to combine 20% ethanol with petroleum by 2030. The
expansion of its distilleries will help Shree Renuka meet the government's rising demands and mitigate
competition from global players. SRSL intends to meet market demands by developing better infrastructure and
introducing advanced technology. It aims to capture new markets strategically by expanding its presence in the
Asian sugar market and enhancing its operational efficiencies. The company is investing around INR6.5 billion to
expand its ethanol production capacity to 1,400 Kilo liter per day (KLPD) from 720 KLPD. It also concentrates on
becoming a green energy company with a focus on producing biofuel ethanol. This expansion would help SRSL to
become one of the largest ethanol producers in India.
7.3. What have been the most significant mergers/acquisitions over the
past few years?
In September 2023, there was an agreement between Shree Renuka Sugars Limited and Anamika Sugar Mills
Private Limited (Anamika), an Indian sugar producer, calls for the purchase of all of Anamika's equity shares and
the subsequent investment of up to INR 110 crores ($13.9 million) through the purchase of Anamika's equity
shares with the goal of redeeming all the outstanding cumulative redeemable preference shares (CRPS) issued by

Industry Profiles
Anamika in favor of SICPA. Anamika is involved in the production, manufacturing, processing, refining, distribution,
marketing, and/or trading of sugar, sugar-related products, byproducts, and derivatives, as well as all incidental or
essential activities. Currently, Anamika has a 4000 TCD crushing capability. The acquisition will help Shree Renuka
Sugars to establish a presence in Uttar Pradesh, one of the largest sugar-producing states, and to cater to the
markets of North and East India.
In 2022, Bel SA?(BEL), produces and markets cheese and healthy snacks. The company’s product portfolio includes
pressed, processed, fresh and spreadable cheese. It also offers other dairy products including milk, cream, and
butter. The company markets products under The Laughing Cow, Mini Babybel, Leerdammer, Apericube, Boursin,
Babybel, Picon, Price's, and Sylphide brand names. BEL also produces and markets specially prepared dairy
proteins under the Nollibel brand to food manufacturers, especially ice cream, yogurt, and other dairy product
producers. Bel SA?(BEL) has entered into a joint venture with?Britannia Industries, an Indian-based manufacturer
and marketer of bakery and dairy products, to acquire a 49% Stake in?Britannia Dairy Private?Limited, an India-
based distributing, and selling?dairy products.
In 2022, Parry Chemicals?Ltd., an India-based provider of superior quality pesticides fungicides, and weedicides,
acquired a 45% stake in?Baobab Mining and Chemicals?Corporation (BMCC), a Senegal-based?rock phosphate
mining?company, for USD19.6 million. Parry Chemicals will also infuse a loan into BMCC of a further $9.7 million.
Parry Chemicals is a wholly owned subsidiary of?Coromandel International Limited, an?agri-input
solution?provider.

Industry Profiles
8. Company Profiles
8.1. Advanta India Limited
8.1.1. Company Overview
Advanta India Limited is an agronomic seed company. The company is engaged in the research, development,
production, and marketing of high yielding hybrid seeds of crops.
8.1.2. Key Facts
Table 8: Advanta India Limited: key facts
Head office: 203-205 2nd Floor, Bhuvana Towers, S.D. Road, Secunderabad, Andhra Pradesh,
India
Telephone: 91 40 66284000
Fax: 91 40 27890138
Website: www.advantaseeds.com
Source: COMPANY WEBSITE MARKETLINE

Industry Profiles
8.2. E.I.D.-Parry (India) Ltd.
E.I.D.-Parry (India) Ltd. (E.I.D.-Parry) carries out the business of manufacturing and marketing of sugar, bio-
products and nutraceuticals. It comprises plantation of white sugar, raw sugar, and also refined sugar. In
addition, the other products of the company include phosphatic fertilisers, urea and muriate of potash. E.I.D.-
Parry operates research and development center for sugarcane and tissue culture that concentrates in
developing new and improved cane varieties. It is also involved in the production and distribution of
nutraceutical products and sanitizers. The company operates its business across various regions of North
America, Europe and Rest of the World. E.I.D.-Parry is headquartered in Chennai, Tamil Nadu, India.
The company reported revenues of (Rupee) INR352,438 million for the fiscal year ended March 2023 (FY2023),
an increase of 49.8% over FY2022. In FY2023, the company’s operating margin was 8.2%, compared to an
operating margin of 8.8% in FY2022. In FY2023, the company recorded a net margin of 2.7%, compared to a net
margin of 3.9% in FY2022. The company reported revenues of INR90,594.8 million for the second quarter
ended September 2023, an increase of 28.9% over the previous quarter.
8.2.2. Key Facts
Table 9: E.I.D.-Parry (India) Ltd.: key facts
Head office: Dare House New No.2, Old 234, Nsc Bose Road, Chennai, India
Telephone: 914425306789
Fax: 914425340858
Number of Employees: 2230
Website: www.eidparry.com
Financial year-end: March
Ticker: EIDPARRY
Stock exchange: National Stock Exchange of India
8.2.3. Business Description
E.I.D.-Parry (India) Ltd. (E.I.D.-Parry) is an India based sugar producer. The company operates as a member of the
Murugappa Group. It operates in India, North America, Europe and Rest of the World.
The company operates through four business segments: Nutrient and Allied Business, Crop Protection, Sugar, Co-
generation, Nutraceuticals, Distillery and Others.
E.I.D.-Parry's Nutrient and Allied Business segment is engaged in providing products such as phosphatic fertilizers,
urea, muriate of potash, single super phosphate among others. In FY2022, the Nutrient and Allied Business
segment reported revenue of INR16,71.4 million, which accounted for 71% of company’s revenue.
The company’s Sugar segment produces a range of sugar types such as refined sugar, white label sugar, cubes
sugar and flavored sugar. The company operates nine sugar plants located at Nellikuppam, Puducherry,
Pettavaithalai, Pudukottai, Pugalur, Bagalkot, Sivaganga, Haliyal and Sankili. It has a sugarcane crushing capacity of
39,000 tons of cane per day (TCD). The company offers sugar for use in carbonated drinks, beverages, juices,
confectionery, dairy, biscuits, ice creams, ketchups and Indian sweets. In FY2022, the Sugar segment reported
revenue of INR3,54.7 million, which accounted for 15.1% of company’s revenue.
E.I.D.-Parry’s Crop Protection segment offers solutions for Biocides for veterinary and household pest care. Some
of the solutions offered are used on trees, shrubs, turfs, ornamental pest control, livestock care, pet care, human
hygiene, aquaculture, textile protection and bird repellent in organic as well as integrated crop protection. In

Industry Profiles
FY2022, Crop Protection segment reported revenue of INR2,39.6 million, which accounted for 10.2% of
company’s revenue.
The company’s Distillery produces alcohol from molasses, a by-product of sugar. In FY2022, the Distillery segment
reported revenue of INR49.1 million, which accounted for 2.1% of company’s revenue.
E.I.D.-Parry’s Nutraceuticals segment produces products based on micro algae technology comprising organic
spirulina, organic chlorella, heamatococcus pluvialis, and other phytochemicals; and develops condition-specific
nutraceuticals based on clinical science and IP. These are offeres in tablet forms and bulk order.It operates a
manufacturing facility at Oonaiyur village in Tamil Nadu. In FY2022, the Nutraceuticals segment reported revenue
of INR27.6 million, which accounted for 1.2% of company’s revenue.
The company's Co-generation segment generates power through its cogeneration plants. It has a cogeneration
capacity of 160 MW (megawatts) across its sugar mills. Its distillery segment has an annual production capacity of
230 KPLD (kilo liters per day) of industrial alcohol. In FY2022, the Co-generation segment reported revenue of
INR10.1 million, which accounted for 0.4% of company’s revenue.
In FY2022, the Others segment didn't account for revenue generation.

Industry Profiles
Table 10: E.I.D.-Parry (India) Ltd.: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 7.31 3.40 8.52 26.58
Operating Income Growth % 26.73 28.03 2.85 19.10
EBITDA Growth % 23.18 26.17 7.21 11.63
Net Income Growth % -40.00 204.82 -4.38 102.70
EPS Growth % -44.21 173.07 124.86 -14.34
Working Capital Growth % 23.72 70.34 68.38 19.29
Equity Ratios
EPS (Earnings per Share) INR 17.41 9.71 26.53 59.65 51.10
Dividend per Share INR 3.00 3.00 11.00
Book Value per Share INR 167.80 176.72 198.85 258.78 300.23
Profitability Ratios
Gross Margin % 24.31 24.97 26.18 25.87 22.41
Operating Margin % 6.78 8.01 9.92 9.40 8.85
Net Profit Margin % 1.66 0.93 2.73 2.41 3.85
Profit Markup % 32.12 33.29 35.46 34.90 28.89
PBT Margin (Profit Before Tax) % 5.62 5.05 7.39 8.28 9.05
Return on Equity % 8.61 4.91 13.29 9.76 17.03
Return on Capital Employed % 21.78 26.14 26.41 23.24 23.56
Return on Assets % 3.50 1.00 3.02 3.16 6.21
Return on Working Capital % 118.79 121.68 91.46 55.86 55.77
Operating Costs (% of Sales) % 93.22 91.99 90.08 90.60 91.15
Administration Costs (% of Sales) % 15.44 15.29 14.51 14.18 12.16
Liquidity Ratios
Current Ratio Absolute 1.09 1.10 1.22 1.54 1.53
Quick Ratio Absolute 0.67 0.57 0.71 0.84 0.77
Cash Ratio Absolute 0.06 0.02 0.01 0.13 0.11
Leverage Ratios
Debt to Equity Ratio Absolute 1.51 1.64 1.24 0.27 0.24
Net Debt to Equity Absolute 1.31 1.56 1.20 0.10 -0.10
Debt to Capital Ratio Absolute 0.60 0.62 0.55 0.21 0.19
Efficiency Ratios
Asset Turnover Absolute 2.11 1.08 1.10 1.31 1.61
Fixed Asset Turnover Absolute 9.78 5.22 4.87 4.92 6.24
Inventory Turnover Absolute 5.71 2.53 2.50 3.27 3.87
Current Asset Turnover Absolute 2.89 1.46 1.53 1.92 2.39
Capital Employed Turnover Absolute 3.21 3.26 2.66 2.47 2.66
Working Capital Turnover Absolute 17.51 15.19 9.22 5.94 6.30
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 11: E.I.D.-Parry (India) Ltd.: Key Employees
Name Job Title Board

A. Sridhar Chief Financial Officer Senior Management
Ajay B Baliga Director Non Executive Board
Balaji Prakash Senior Vice President Sales and Marketing Senior Management
Biswa Mohan Rath Compliance Officer Senior Management
Biswa Mohan Rath Secretary Senior Management
E. Manivel Head Operations and Projects TN and AP Senior Management
M. M. Venkatachalam Chairman Non Executive Board
M. M. Venkatachalam Director Non Executive Board
Madhu Sudhan Sharma Head Manufacturing Senior Management
Madhu Sudhan Sharma Vice President Manufacturing Senior Management
Meghna Apparao Director Non Executive Board
Muthu Murugappan Chief Executive Officer Executive Board
Muthu Murugappan Director Executive Board
Ramesh K B Menon Director Non Executive Board
Rca Godbole Director Non Executive Board
S K Sathyavrdhan Executive Vice President Human Resources Senior Management
S Suresh Managing Director Senior Management
S. Durgashankar Director Non Executive Board
Sridharan Rangarajan Director Non Executive Board
T. Krishnakumar Director Non Executive Board
T.Kannan Vice President Commercial Senior Management
V Manickam Director Non Executive Board

Industry Profiles
8.3. Bajaj Hindusthan Sugar Ltd
Bajaj Hindusthan Sugar Ltd (BHSL), a subsidiary of the Bajaj Group of Industries, carries out in cane crushing,
sugar recovery and sugar production activities. The company also produces industrial alcohol, ethanol and by-
products such as bagasse, molasses, fly ash and press mud. Additionally, BHSL also generates power to run its
plants, and also sells to the state grid. The company operates sugar mills in Golagokarannath, Barkhera,
PaliaKalan and Khambarkhera, Gangnauli, Thanabhavan and Budhana, Kinauni, Maqsoodapur, Bilai, Rudauli,
Pratappur, Kundarkhi and Utraula. It has its operations in New Delhi, Golagokarannath, Lucknow, Meerut,
Rudauli, and Kheri, India. BHSL is headquartered in Noida, Uttar Pradesh, India.
The company reported revenues of (Rupee) INR63,380.3 million for the fiscal year ended March 2023 (FY2023),
an increase of 13.7% over FY2022. The operating profit of the company was INR508.4 million in FY2023,
compared to an operating loss of INR484.1 million in FY2022. The net loss of the company was INR1,347.3
million in FY2023, compared to a net loss of INR2,675.4 million in FY2022. The company reported revenues of
INR11,332.9 million for the second quarter ended September 2023, a decrease of 16.7% over the previous
quarter.
8.3.2. Key Facts
Table 12: Bajaj Hindusthan Sugar Ltd: key facts
Head office: Bajaj Bhawan B-10 Sector 3 Jamnalal Bajaj Marg Noida, Delhi, India
Telephone: 911202543939
Fax: 911202543949
Website: www.bajajhindusthan.com
Ticker: BAJAJHIND
Stock exchange: National Stock Exchange of India
Bajaj Hindusthan Sugar Ltd (BHSL) is an integrated sugar and ethanol manufacturing company. The company has
around 14 sugar plants in India with crushing capacity of 0.136 million tonnes crushed per day (TCD). BHSL is a
subsidiary of the Bajaj Group. It also operates in India, Singapore and Indonesia.
The company classifies its business into four reportable segments: Sugar, Distillery, Power and Others.
BHSL’s Sugar segment carries outin cane crushing, sugar recovery and sugar production activities. The company's
sugar plants in are located at Gola Gokarannath, Palia Kalan, Khambarkhera, Barkhera, Maqsoodapur, Kinauni,
Thanabhawan, Budhana, Bilai, Gangnauli, Pratappur, Rudauli, Utraula and Kundarkhi. In FY2022, Sugar segment
reported revenue of INR5,722 million which accounted for 76% of the company’s total revenue including inter-
segment revenue.
The company’s Power segment uses major power for captive consumption to run its plants, and surplus power is
sold to the Uttar Pradesh state grid. In FY2022, the Power segment reported revenue of INR8,101.4 million which
accounted for 10.8% of the company’s total revenue including inter-segment revenue.
BHSL Distillery segment is involved in producing industrial alcohol (including ethanol). It’s by-products include
molasses, bagasse, fly ash and press mud (Oliver cake or press cake). In FY2022, Distillery segment reported

Industry Profiles
revenue of INR9,801 million which accounted for 13% of the company’s total revenue including inter-segment
revenue.
In FY2022, Others segment reported revenue of INR145.8 million which accounted 0.2% of the company’s total
revenue.

Industry Profiles
Table 13: Bajaj Hindusthan Sugar Ltd: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 14.53 -2.01 -0.05 -16.36
Operating Income Growth % 23.09 159.03 -122.00 7.60
EBITDA Growth % 8.83 53.48 -64.07 1.79
Net Income Growth % 72.67 63.39 -481.76 8.00
EPS Growth % 72.67 63.74 -493.38 17.99
Working Capital Growth % 47.73 -9.29 -56.28 -61.74
Equity Ratios
EPS (Earnings per Share) INR -4.54 -1.24 -0.45 -2.67 -2.19
Book Value per Share INR 26.09 24.63 23.79 20.93 17.69
Gross Margin % 13.89 15.30 15.88 14.62 17.37
Operating Margin % 1.26 1.35 3.57 -0.79 -0.87
Net Profit Margin % -8.41 -2.01 -0.75 -4.36 -4.80
Profit Markup % 16.13 18.06 18.88 17.13 21.02
PBT Margin (Profit Before Tax) % -8.49 -1.97 -0.79 -4.41 -4.87
Return on Equity % -16.90 -4.89 -1.85 -12.26 -11.84
Return on Capital Employed % 0.78 1.04 2.79 -0.66 -0.68
Return on Assets % -7.10 -0.98 -0.37 -2.18 -2.04
Return on Working Capital % 10.64 8.87 25.33 -12.74 -30.77
Liquidity Ratios
Cash Ratio Absolute 0.01 0.01 0.02 0.01 0.01
Leverage Ratios
Debt to Equity Ratio Absolute 2.05 2.16 2.04 2.28 2.13
Net Debt to Equity Absolute 1.94 1.77 1.62 1.81 1.26
Debt to Capital Ratio Absolute 0.67 0.68 0.67 0.70 0.68
Efficiency Ratios
Capital Employed Turnover Absolute 0.62 0.77 0.78 0.85 0.78
Working Capital Turnover Absolute 8.47 6.56 7.09 16.21 35.44

Industry Profiles
Table 14: Bajaj Hindusthan Sugar Ltd: Key Employees

Adhish Goray Head Project Senior Management
Ajay Kumar Sharma Managing Director Senior Management
Akash Sharma President Senior Management
Alok Kumar Vaish Managing Director Senior Management
Ashok Mukand Director Non Executive Board
Atul Hasmukhrai Mehta Director Non Executive Board
D K Shukla Director Non Executive Board
Kausik Adhikari Secretary Senior Management
Kushagra Bajaj Chairman Executive Board
Naval Kishore Kashyap Senior Vice President Indirect Taxation Senior Management
Sanjay Kumar Goyal Vice President F and A Senior Management
Shalu Bhandari Director Non Executive Board
Sunil Kumar Ojha Chief Financial Officer Senior Management
Vikas Lahoti Head Corporate Taxation Senior Management
Vinod C. Sampat Director Non Executive Board

Industry Profiles
8.4. Shree Renuka Sugars Ltd
Shree Renuka Sugars Ltd (SRSL) is an agribusiness and bio-energy company that operates sugar mills and
refineries. The company product portfolio includes sugar, power, ethanol, organic manure. It operates
distilleries to produce fuel-graded ethanol and alcohol by using molasses and rectified spirits as biofuels. The
company also generates power from bagasse, a by-product of sugar production, for its captive consumption,
and sells surplus power to state grids in India and Brazil. SRSL is also involved in the trading of white and raw
sugar, coal, molasses, and alcohol. The company has business presence in India, Brazil, Mauritius, Dubai, and
Ethiopia, and exports products to Sudan, Somalia, Bahrain, China, Afghanistan, the UAE, Saudi Arabia, Malaysia,
Nepal, Myanmar, Indonesia, Tanzania, Qatar, Indonesia, and Sri Lanka. SRSL is headquartered in Mumbai,
Maharashtra, India.
The company reported revenues of (Rupee) INR90,207.5 million for the fiscal year ended March 2023 (FY2023),
an increase of 40.2% over FY2022. In FY2023, the company’s operating margin was 4.5%, compared to an
operating margin of 3.5% in FY2022. The net loss of the company was INR1,969.7 million in FY2023, compared
to a net loss of INR1,385.4 million in FY2022. The company reported revenues of INR25,547 million for the
second quarter ended September 2023, an increase of 11.9% over the previous quarter.
8.4.2. Key Facts
Table 15: Shree Renuka Sugars Ltd: key facts
Head office: 7th Floor Devchand House, Dr. Annie Besant Road, Shiv Sagar Estate, Worli,
Mumbai, Maharashtra, India
Telephone: 912224977744
Fax: 912224977747
Website: www.renukasugars.com
Shree Renuka Sugars Ltd (SRSL) is engaged in manufacturing, refining, and trading of sugar. The company also
manufactures ethanol and generates power from bagasse for captive consumption and trading. It operates sugar
mills and refineries.
SRSL classifies its business operations into seven reportable segments: Sugar Milling, Sugar Refinery, Trading, Co-
generation, Distillery, Engineering, Others.
The company has major presence in India, Brazil, Mauritius, Dubai, and Ethiopia, and exports products to Sudan,
Somalia, Bahrain, China, Afghanistan, the UAE, Saudi Arabia, Malaysia, Nepal, Myanmar, Sri Lanka, Indonesia, and
Tanzania.

Industry Profiles
Table 16: Shree Renuka Sugars Ltd: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -28.06 8.28 15.72 13.88
Operating Income Growth % 91.04 549.81 17.43 -37.54
EBITDA Growth % 72.60 244.59 9.96 -24.01
Net Income Growth % 15.00 244.93 -105.47 -20.72
EPS Growth % 131.83 -306.56 81.44 -2.66
Working Capital Growth % 11.29 -60.56 -39.77 3.81
Equity Ratios
EPS (Earnings per Share) INR -4.73 1.50 -3.11 -0.58 -0.59
Book Value per Share INR -19.15 -15.69 -4.60 -3.11 -2.86
Gross Margin % -9.10 13.93 12.69 18.51 15.07
Operating Margin % -12.33 -1.54 6.38 6.47 3.55
Net Profit Margin % -27.19 -32.13 43.01 -2.03 -2.15
Profit Markup % -8.34 16.19 14.53 22.72 17.74
PBT Margin (Profit Before Tax) % -21.35 -8.29 -7.27 0.92 -2.15
Return on Equity % 46.41 48.16 -237.84 17.32 22.80
Return on Capital Employed % -1109.02 1.96 29.63 18.53 9.71
Return on Assets % -34.07 -14.76 25.75 -1.69 -1.98
Return on Working Capital % 10.51 0.85 -9.65 -18.81 -11.32
Liquidity Ratios
Cash Ratio Absolute 0.01 0.01 0.01
Leverage Ratios
Debt to Equity Ratio Absolute -2.14 -0.96 -2.76 -6.71 -8.61
Net Debt to Equity Absolute -2.12 -0.95 -2.68 -6.66 -8.58
Debt to Capital Ratio Absolute 1.88 -27.38 1.57 1.18 1.13
Efficiency Ratios
Capital Employed Turnover Absolute 89.93 -1.28 4.65 2.86 2.73
Working Capital Turnover Absolute -0.85 -0.55 -1.51 -2.91 -3.19

Industry Profiles
Table 17: Shree Renuka Sugars Ltd: Key Employees

Arun Chandra Verma Director Non Executive Board
Atul Chaturvedi Chairman Executive Board
Bharat Kumar Mehta Director Non Executive Board
Bhupatrai M. Premji Director Non Executive Board
Charles Cheau Leong Loo Director Non Executive Board
Deepak Manerikar Compliance Officer Senior Management
Deepak Manerikar Secretary Senior Management
Dorab E. Mistry Director Non Executive Board
Jean-Luc Bohbot Director Non Executive Board
Kuok Khoon Hong Director Non Executive Board
Madhu Rao Director Non Executive Board
Priyanka Mallick Director Non Executive Board
Ravi Gupta Director Executive Board
Satbir Sindhu President Marketing and OD Senior Management
Seetharaman Sridharan Director Non Executive Board
Shripad Nerlikar Director Crane Senior Management
Siraj Hussai Director Non Executive Board
Sunil Ranka Chief Financial Officer Senior Management
Tinniyan Kalyansundaram Kanan Director Non Executive Board
Vijendra Singh Deputy Chief Executive Officer Executive Board
Vijendra Singh Director Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 18: India size of population (million), 2018–22
Year Population (million) % Growth

2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 19: India gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 20: India gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 21: India inflation, 2018–22
Year Inflation Rate (%)

2018 6.3%
2019 6.3%
2020 6.2%
Table 22: India consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 278.7
2019 296.3
2020 314.6
Table 23: India exchange rate, 2018–22
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848
2021 73.9362 87.4531
2022 78.5979 82.6849

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Asia Pacific Association of Agricultural Research Institutions
39 Phra Atit Road, Phra Nakorn, Bangkok 10200, THA

Tel.: 66 2 697 4371
Fax: 66 2 697 4408
www.apaari.org
9.2.2. International Federation of Agricultural Producers
60 rue Saint-Lazare, 75009 Paris, FRA

Tel.: 33 1 4526 0553
Fax: 33 1 4874 7212
www.ifap.org
9.2.3. International Food and Agribusiness Management Association
IAMA Business Office 333 Blocker Building 2124 TAMU College Station, Texas 77843-2124, USA
Tel.: 1 979 845 2118
Fax: 1 979 862 1487
www.ifama.org
9.3. Related MarketLine research
9.3.1. Industry Profile
Agricultural Products in the United States

Agricultural Products in Asia-Pacific
Agricultural Products in Europe
Agricultural Products in the United States
Agricultural Products in China

Industry Profiles
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MarketLine Industry Profile

Agricultural Products in India

Reference Code: 0102-2000

Publication Date: November 2023

Primary NAICS: 1111

Secondary NAICS: 1112,1113,111930,111991,111998

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.8. Competitive landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market rivalry...............................................................................................................................................2

1.8. Competitive landscape.................................................................................................................................3

2.1. Market definition .........................................................................................................................................8

2.2. Market analysis ............................................................................................................................................8

3.1. Market value ..............................................................................................................................................10

3.2. Market volume...........................................................................................................................................11

4.1. Category segmentation..............................................................................................................................12

4.2. Geography segmentation...........................................................................................................................14

5.1. Market value forecast ................................................................................................................................15

5.2. Market volume forecast.............................................................................................................................16

6. Five Forces Analysis 17

6.1. Summary ....................................................................................................................................................17

6.2. Buyer power...............................................................................................................................................18

6.3. Supplier power ...........................................................................................................................................20

6.4. New entrants .............................................................................................................................................22

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.5. Threat of substitutes ..................................................................................................................................24

6.6. Degree of rivalry.........................................................................................................................................25

7.1. Who are the key players in this sector? .....................................................................................................27

7.2. What strategies do the leading players follow?.........................................................................................27

8.1. Advanta India Limited ................................................................................................................................30

8.2. E.I.D.-Parry (India) Ltd. ...............................................................................................................................31

8.3. Bajaj Hindusthan Sugar Ltd ........................................................................................................................35

8.4. Shree Renuka Sugars Ltd............................................................................................................................39

9.1. Country data ..............................................................................................................................................42

9.2. Industry associations..................................................................................................................................45

9.3. Related MarketLine research .....................................................................................................................45

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: India agricultural products market volume: million tonnes, 2017–22 11

Table 4: India agricultural products market category segmentation: $ billion, 2017-2022 12

Table 5: India agricultural products market geography segmentation: $ billion, 2022 14

Table 6: India agricultural products market value forecast: $ billion, 2022–27 15

Table 8: Advanta India Limited: key facts 30

Table 9: E.I.D.-Parry (India) Ltd.: key facts 31

Table 10: E.I.D.-Parry (India) Ltd.: Annual Financial Ratios 33