DUBLIN, March 11, 2024 /PRNewswire/ — The “Indian Fertilizer Market Report by Product Type (Chemical Fertilizers, Biofertilizers), Segment (Complex Fertilizers, DAP, MOP, Urea, SSP, and Others), Formulation (Liquid, Dry), Application (Farming, Gardening), and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The Indian fertilizer market size reached INR 942.1 billion in 2023. The market is projected to reach INR 1,383.8 billion by 2032, exhibiting a growth rate (CAGR) of 4.37% during 2023-2032
The growing population, rapid urbanization, and increasing food consumption are escalating the demand for fertilizers, emerging technological advancement, and the implementation of favorable government initiatives are some of the major factors propelling the market.
The market is primarily driven by the significant growth in the agricultural sector. In addition, the growing population, rapid urbanization, and increasing demand for food are resulting in the widespread adoption of fertilizers to improve agricultural productivity and enhance average crop yields per hectare, influencing market growth. Moreover, the rise in rural incomes and improved access to credit facilities are additional factors representing another major growth-inducing factor. Also, the rising disposable incomes, encourage farmers to invest in fertilizers to enhance their agricultural output, propelling the market growth.
Besides this, numerous government and non-government organizations (NGOs) are creating awareness among farmers through campaigns and educating them about the benefits of using fertilizers, accelerating market growth. Along with this, promotional efforts through television, radio, and customized rural workshops are also contributing to higher fertilizer consumption across the region. Furthermore, food processors or contractors provide farmers with necessary inputs, such as technology and training, to improve their agricultural practices, thus creating a positive market outlook.
Indian Fertilizer Market Trends/Drivers
The emerging technological advancements
Advancements in agricultural technology, including precision farming, are revolutionizing the industry. In addition, farmers can precisely apply fertilizers based on specific soil conditions and crop needs, reducing wastage and maximizing efficiency. Moreover, innovations in fertilizer formulations, such as controlled-release fertilizers, enable gradual nutrient release, resulting in improved nutrient absorption by plants and reduced environmental impact. These technological developments not only increase the effectiveness of fertilizers but also contribute to sustainable agriculture practices, making them more attractive to farmers and accelerating the fertilizer demand.
Besides this, the incorporation of drones to identify specific areas that require fertilizer application optimizes fertilizer usage and minimizes environmental impact leading farmers to target their resources effectively. Furthermore, the development of biofertilizers contains beneficial microorganisms that enhance nutrient uptake by plants, improve soil health, and promote sustainable farming practices, thus creating a positive market outlook.
The implementation of government initiatives
Government policies and subsidies are essential in influencing the fertilizer market. In addition, the government of India (GoI) is providing financial support and incentives to farmers to encourage the adoption of modern agricultural practices, including the use of fertilizers. Moreover, subsidies lower cost for farmers, making them more accessible and affordable, which improves agricultural productivity, increases food production, and enhances food security within the country.
Along with this, governments are implementing programs that promote the balanced use of fertilizers to prevent over-application, and support the agricultural sector through subsidies and incentives, thus stimulating the demand for fertilizers and sustaining a stable fertilizer market, propelling the market growth. Besides this, they are investing in research and development (R&D) initiatives related to agriculture and fertilizers, to support the development of new and improved fertilizer formulations, technologies, and farming practices are accelerating the market growth.
North India exhibits a clear dominance in the market
North India encompasses several states, including Uttar Pradesh, Punjab, Haryana, Rajasthan, and others, collectively contributing to a substantial share of the fertilizer consumption in the country. In addition, the agricultural practices in these states heavily rely on fertilizers to enhance soil fertility and maximize crop yields, thereby accelerating the product demand rate.
Moreover, North India’s growing population, and rapid urbanization, drive higher food consumption patterns and require increased agricultural output, thus driving market growth. Furthermore, the Indian government’s focus on promoting agricultural development and food security through subsidies and incentives has a considerable impact on the market in North India. Also, the easy availability of subsidized fertilizers encourages farmers in the region to invest in modern agricultural practices and adopt high-yielding crop varieties, further augmenting the product demand.
Competitive Landscape
Presently, companies are undertaking various strategies and initiatives to remain competitive and cater to the evolving demands of the agriculture sector. They are expanding their product portfolios to offer a wide range of fertilizers catering to different crop types and soil conditions, including the introduction of specialized fertilizers, micronutrient-rich formulations, and organic/bio-fertilizers to meet the growing demand for sustainable and customized agricultural solutions.
Moreover, companies are investing significantly in research and development (R&D) to innovate and improve their fertilizer formulations. Advanced research helps in developing fertilizers with enhanced nutrient efficiency, controlled-release properties, and reduced environmental impact. Besides this, many companies are adopting sustainable manufacturing processes and promoting the balanced use of fertilizers to minimize environmental pollution, and educating farmers about best practices, optimal dosage, and proper application techniques to maximize crop yield while minimizing excessive fertilizer use.
Key Questions Answered in This Report
- What was the size of the Indian fertilizer market in 2023?
- What is the expected growth rate of the Indian fertilizer market during 2024-2032?
- What are the key factors driving the Indian fertilizer market?
- What has been the impact of COVID-19 on the Indian fertilizer market?
- What is the breakup of the Indian fertilizer market based on the product type?
- What is the breakup of the Indian fertilizer market based on segment?
- What is the breakup of the Indian fertilizer market based on the formulation?
- What is the breakup of the Indian fertilizer market based on the application?
- What are the key regions in the Indian fertilizer market?
Key Topics Covered:
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Properties
4.3 Key Industry Trends
5 Indian Fertilizer Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by Segment
5.6 Market Breakup by Formulation
5.7 Market Breakup by Application
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.11 Value Chain Analysis
5.12 Porters Five Forces Analysis
5.13 Price Analysis
6 Market Breakup by Product Type
6.1 Chemical Fertilizers
6.2 Biofertilizers
7 Market Breakup by Segment
7.1 Complex Fertilizers
7.2 DAP
7.3 MOP
7.4 Urea
7.5 SSP
8 Market Breakup by Formulation
8.1 Liquid
8.2 Dry
9 Market Breakup by Application
9.1 Farming
9.1.1 Grains and Cereals
9.1.2 Oilseeds
9.1.3 Fruits and Vegetables
9.1.4 Others
9.2 Gardening
10 Market Breakup by Region
10.1 East India
10.2 North India
10.3 South India
10.4 West India
11 Fertilizer Manufacturing Process
11.1 Product Overview
11.2 Raw Material Requirements
11.3 Manufacturing Process
11.4 Key Success and Risk Factors
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/vqmape
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