GAVL managing director Balram Singh Yadav said the product, Rashinban, was being rolled out globally for the first time in India is a major departure from the past when it used to take 5-10 years for a crop protection product to reach India after its global launch.
He said the product has initially been introduced for chilli and the company was conducting trials to get approvals for other crops such as tomato and all vegetables crops.
The product, which targets three pests, thrips, mites and caterpillars, during the flowering stage, has been approved for chilli in India, which accounts for 36% (Rs 10,400 crore) of the global chilli production, Burjis Godrej, executive director & COO, crop protection business, GAVL said.
GAVL crop protection business CEO Rajavelu NK said while the total pesticide market for chilli in India is estimated at Rs 5,000 crore, the addressable market for Rashinban is in the region of Rs 1,200-1,500 crore of which GAVL is eyeing a 10% share over the next three to four years.
Currently, 80% of chilli crops in India get damaged in the initial stages due to pests such as thrips, leps, hoppers and mites and farmers have to resort to spraying multiple products to eliminate them, GAVL said.