Mumbai: Agrochemicals maker Meghmani on 30 August announced it has secured registration for its pesticides in Brazil and Pakistan, a development that would enable the company explore the fast growing markets.
In Brazil, the second largest market for pesticides, Meghmani has obtained registration for Acephate, which is suitable for multiple crops like cotton, tobacco, corn and grapes among others.
“Brazil is a big breakthrough for us because this markets, which is already big, grow even faster due to its increased focus on bio-fuels,” Managing Director Ashish Soparkar said in a filing to the Bombay Stock Exchange.
The pesticide market in Brazil is currently worth $3.3 billion. For Acephate alone, the market accounts for 2,000-2,200 MTs.
The company received the registration in Brazil in June as a source with the largest distributor. According to Soparkar, it will now become one of the few players in the Acephate market in the South American nation.
The company has already contracted for its first order of pesticide to be delivered in July and October. “This order accounts for about 30% of Brazilian market share for the product,” Soparkar said.
As for Pakistan, which has a market size is worth $250 million, the company is one of the earliest registrants after the Pakistan government allowed imports of pesticides from India.
Meghmani has received registration for two of its synthetic Pyrethroid molecules, it said.
Soparkar said the registration process is on for many other products in Pakistan, including molecules for synthetic Pyrethroid and the organo-phosphorous group.