Exclusive Interview: Crystal Crop Protection’s 12th Acquisition Expands Seeds Portfolio
By Nimish Gangrade, Editor, Global Agriculture (The article was originally published in Global Agriculture Magazine – December 2024 Issue)
20 December 2024, New Delhi: Crystal Crop Protection Limited has been making headlines with its aggressive growth strategy through strategic acquisitions. Its latest move, the acquisition of I&B Seeds, a leading player in the flower and vegetable seeds market, marks its 12th acquisition and fifth in the seeds business. This acquisition enhances Crystal’s product portfolio, introducing high-value segments like marigold, tomato, and onion seeds while further strengthening its position in India’s agriculture industry.
We spoke to Mr. Satyender Singh, CEO, Seeds Business, Crystal Crop Protection Limited, to understand how this acquisition aligns with the company’s vision, its market position, and its plans for the future.
Could you provide an overview of Crystal Crop Protection’s seeds business, its evolution, and its contribution to the company’s overall revenue?
Satyender Singh: “Crystal Crop Protection entered the seeds business in 2012 with the acquisition of Rohini Seeds, focusing on rice and cotton. Since then, we’ve expanded aggressively, with landmark acquisitions including Syngenta’s seed business in 2018, which added sorghum and fodder to our portfolio, and Bayer Crop Science’s portfolio in 2021, which brought pearl millet, cotton, and mustard into the fold. Pearl millet under the Pro Agro brand is a market leader today.”
“In 2023, we acquired Sadanand Cotton Seeds from Kohinoor Seeds, strengthening our foothold in cotton across southern India. Recently, we added barseem and wheat to our portfolio, further diversifying our offerings. This fiscal year, we aim to achieve ₹425 crore in revenue from the seeds business, contributing approximately 18% of Crystal’s total revenue. Our growth trajectory has been impressive, with the seeds business growing from ₹300 crore in 2022-23 to ₹351 crore in 2023-24, and now projecting ₹425 crore for 2024-25. The seeds division has seen double-digit growth, outpacing industry benchmarks.”
“We’ve seen rapid growth in pearl millet, fodder, and cotton. In fodder, our hybrid Dairy Green is a leader in Western Uttar Pradesh, Haryana, and Rajasthan. Wheat has also shown strong initial traction. To bolster our wheat portfolio, we’ve initiated a research program in collaboration with CIMMYT (International Maize and Wheat Improvement Center) and other institutes to source high-quality germplasm. This collaboration is pivotal in developing wheat varieties tailored to Indian agro-climatic conditions, reinforcing our research-driven approach.”
What is Crystal’s market share in the seed industry, and how does the company plan to expand in specific crop segments?
Satyender Singh: “The Indian seed industry (OPV) is valued at ₹12,500 crore, and our market share stands at about ₹400 crore. While this is a small proportion of the overall market, we dominate certain segments. For instance, we hold over 30% of the pearl millet market and more than 50% of the fodder market in specific regions. Cotton contributes 2-3%, highlighting significant growth potential.”
“The acquisition of new brands significantly enhances Crystal’s seed portfolio. While we were previously focused on field crops, the addition of flower and vegetable seeds, particularly through I&B Seeds, completes our offerings. I&B Seeds holds a commanding 50% market share in the marigold flower segment, a niche market with limited players conducting specialized research. This company stands out as one of the few investing in marigold breeding, not only in India but also in Thailand. Their advanced infrastructure in Bangalore, equipped with state-of-the-art research tools, further strengthens their position.”
“By integrating these brands into Crystal’s portfolio, we will expand our reach and cater to a larger farmer base through our extensive distribution network. This will provide farmers with greater access to high-quality, research-backed seeds, ultimately boosting their productivity and profitability.”
What are the key crops and geographies where Crystal’s seed business is strong? What are your plans for expansion?
Satyender Singh: “We have about 9 crops in our portfolio of field crops. We are strong in pearl millet, fodder, cotton, and sorghum. Geographically, our dominance lies in North India—Punjab, Haryana, Rajasthan, and Gujarat—followed by Maharashtra and parts of South India.”
“Our focus for expansion includes Andhra Pradesh, Telangana, Karnataka, Bihar, and Eastern Uttar Pradesh. These regions offer vast opportunities, especially with our recent additions like barseem and wheat. We believe these crops will drive growth in the coming years.”
What are some high-value crops that farmers can immediately benefit from using Crystal’s portfolio?
Satyender Singh: “Farmers can achieve excellent returns from our maize portfolio, which has consistently delivered strong performance. Additionally, rice and cotton are high-potential crops within our portfolio, offering substantial profitability due to their widespread cultivation and steady demand across India. Following our acquisition of Sadanand Cotton Seeds last year, Crystal now holds a robust presence in key geographies like South India and Maharashtra, further strengthening our position in these crops.”
“With the recent acquisition of I&B Seeds, high-value crops like sweet corn and marigold have been added to our portfolio. Notably, the marigold variety from I&B holds an impressive 50% market share in prominent flower-growing regions, presenting significant growth opportunities, particularly in northern and eastern India.”
“I&B’s portfolio also includes strong-performing tomato and onion varieties. While I&B Seeds, being a Bangalore-based company, had limited reach in northern India, Crystal’s extensive nationwide distribution network—built through our crop protection portfolio—will help make these superior seeds more accessible to farmers, enhancing their productivity and profitability.”
What kind of competition do you face in the paddy segment, and where does your portfolio stand in the Indian market?
Satyender Singh: “We are relatively new in the paddy segment and not yet a significant player in this space. However, we see considerable potential, especially with the opportunity to license and sell Imazethapyr Tolerant paddy.”
“Although our current presence is small, the products we have introduced over the past two years have shown promise. With a focus on quality and innovation, we are optimistic about achieving faster growth in this segment in the coming years.”
How do you see the integration of I&B Seeds progressing, and what synergies do you expect?
Satyender Singh: “The integration process is moving swiftly. In just three weeks, we are nearing completion of IT and HR integration and have visited all locations to connect with team members. The brand and packaging integration will be phased out over the next fiscal year, allowing us to fully leverage the Crystal brand and capitalize on synergies in research and market reach.”
“This acquisition not only enhances our portfolio but also strengthens our research capabilities. The combined expertise will enable us to introduce innovative products, meeting the diverse needs of Indian farmers.”
What sets Crystal Crop Protection apart from other seed companies in India?
Satyender Singh: “What differentiates us is our focus on India-specific crops and our commitment to collaborating with global players for advanced technology. While global companies prioritize crops like canola, we are investing in Indian staples like mustard. Our approach ensures that farmers benefit directly from innovations tailored to their needs and agro-climatic conditions.”
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