FMC India aspires to achieve 15% market share in 5 years
The global agricultural sciences company expands product line to reach its revenue target of Rs 5,000 cr by 2026
FMC India is one of the leading crop protection companies, and the leading player in the insecticides segment. It offers a robust portfolio of solutions for crop protection, crop nutrition, and professional pest management. Its innovative crop nutrition solutions enable farmers, crop advisers and pest management professionals to address the challenges economically while protecting the environment.
The agricultural sciences company recently announced its portfolio expansion with five new products in support of farmers to achieve better yields through good quality produce and an improved soil profile. In an exclusive interview with Bizz Buzz, Ravi Annavarapu, President of FMC India, tells about the company's aim to achieve a revenue target of Rs 5,000 crore by 2026.
FMC Corporation, the global agricultural sciences firm, has recorded revenue of over $5 billion during FY 2021-22. It invests 7% of the annual sales on the R&D each year. It is powering one of the most productive crop protection pipelines in agriculture
FMC India currently has 10% market share in the country and it aspires to achieve 15% share in the domestic market over the next 5 years. The company also plans to grow its revenue at a CAGR of nearly 11% to reach Rs 5,000-crore by FY 2026-27 from Rs 3,000 crore in FY 2021-22
What is the current market share of FMC India in the country? What are the targets ahead?
At present, FMC India has 10 per cent market share in the country and it aspires to achieve 15 per cent share in the domestic market over the next five years. The company also plans to grow its revenue at a compound annual growth rate (CAGR) of nearly 11 per cent to reach Rs 5,000-crore by FY 2026-27 from Rs 3,000 crore in FY 2021-22.
To accomplish this ambitious plan, it has announced portfolio expansion with five new products in support of farmers to achieve better yields through good quality produce and an improved soil profile. The newly launched products will be available for sale from this December.
How many products the company is currently offering and how many are in the pipeline?
At present, FMC India has 40 products for 30 crops across various categories including insecticides, herbicides, fungicides, crop nutrition, bio solutions and seed treatment. Recently, we have launched two insecticides – Corprima and Talstar Plus, a herbicide – Austral, and two crop nutrition products – Petra Biosolution and Cazbo micronutrient solution. We have 10 more proprietary products in the pipeline.
With the addition of the new range, the company is likely to offer nearly 50 products over the next five years. Our products are a mix of innovative solutions from our in-house research and development (R&D) team as well as imported technologies. We have around 80 agronomists in the R&D team who continuously work towards finding new solutions to the problems being faced by the farmers.
Apart from them, we have more than 15 scientists who do global R&D for the company at India Innovation Center in Hyderabad. This is a global sister center for discovery R&D for our Stine Research Center in Delaware, US. FMC acquired this research center campus as part of its acquisition of a portion of DuPont's crop protection business in 2017.
FMC Corporation is the fifth largest agrochemical company across the world having presence in more than 50 countries. The global agricultural sciences firm has recorded revenue of over $5 billion during FY 2021-22. It invests 7 per cent of the annual sales on the R&D each year. It is powering one of the most productive crop protection pipelines in agriculture.
How do you ensure these products are safer for the environment as well?
FMC aims to deliver products that not only help to maintain a safe and secure food supply, but with minimal impact on the planet. We are committed to agro-economic growth in India, through innovative solutions to sustainably increase productivity and prosperity for farmers. We are also stewarding the responsible use of our products, while making a positive impact on local communities.
To reflect our commitment, FMC has set sustainability goals to challenge ourselves and to create a better world, in partnership with our customers, vendors, growers and the local community. We are proud of the progress we have made on our innovation, safety, community engagement and environmental goals over the years.
Sustainability is one of our core values. FMC, globally and in India has always been focused on its responsibility towards its internal and external stakeholders. We are building our sustainability efforts continuously through deeper engagement, awareness, and trust with communities we work with, within and outside the organisation.
About 80 per cent of our products are sustainable and our goal is to introduce 100 per cent safer solutions towards the environment. With 6,400 employees, including 800 scientists, at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and technologies that are consistently better for the planet.
Could you let us know about the company's manufacturing facilities in India?
FMC India is headquartered at Mumbai, with a regional office in Gurugram. We have two manufacturing sites – at Savli and Panoli, both in Gujarat. Savli site is a pesticide formulation unit along with packing division. After acquiring Cheminova India Ltd, its facilities in Panoli are being used to manufacture intermediates and active ingredients for crop protection.
We also have a discovery research group at India Innovation Center at Hyderabad, Telangana and a field evaluation station - SAFES at Vadodara, Gujarat. With employee strength of around 610, we are present across all regions in the country.
How FMC India is promoting sustainable agricultural practices?
FMC India has served farmers for more than three decades, and we are committed to enabling their prosperity, while contributing to the sustainability of agriculture. Our support is not limited to extensive product offering. The company has been running customised training programs for farmers throughout the year, promoting good agricultural practices covering all kinds of crops grown across the country.
To promote sustainable practices, the company is committed to attracting and developing talent in agriculture. We have recently partnered with eight universities across India to launch FMC Science Leaders Scholarship Program. This program is aimed at supporting the capability building effort in the R&D area of agricultural sciences to build resilience in the sector.
FMC India's program will support talent to flourish within the agricultural R&D system. The program will identify and fund an entire Masters or PhD degree for deserving students who wish to pursue higher studies in agricultural sciences. The selected candidates are also provided requisite industry exposure and mentorship so that they can contribute at a higher level once they complete their degree programs.
If the candidates desire to join FMC, they are accorded a priority in the future recruitment at the company. The program will allocate 50 per cent of the seats to female candidates to encourage women in agriculture.