The latest report by IMARC, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, finds that the Indian fertilizers market size reached INR 898.5 Billion in 2022. Fertilizers are natural and artificial substances that are usually added to the soil to increase crop yield. They essentially contain nutrients needed by the plants, such as potassium, nitrogen, and phosphorus. They are also used to improve the water retention capacity of the soil and increase its fertility. They assist in destroying pathogenic components that cause crop failure and spread diseases in plants. In recent years, fertilizers have gained traction as they are available in potash, nitrogenous, phosphatic, and micronutrient variants that can be used for a variety of grains, cereals, pulses, oilseed, fruits and vegetables, and commercial crops.
Indian Fertilizers Market Trends:
One of the primary factors driving the market is the rising need for sustainable food production. Additionally, the rapid increase in population across the Indian region is creating a positive market outlook. Other than this, the expanding income levels of individuals in rural India, in confluence with the easy availability of credit, is positively influencing the market growth. Besides this, contract farming is gaining popularity across the region in which farming inputs in terms of technology and training are provided to the farmer by the contractor. Along with this, governments and non-governmental organizations (NGOs) of various nations are formulating awareness programs and workshops to spread awareness among farmers about the usage and advantages of fertilizers. Furthermore, the advent of nano-fertilizers (NFs) that help maintain flat green grounds and fields is creating lucrative growth opportunities for the key players operating in the industry. Looking forward, IMARC Group expects the market value to reach INR 1,188.3 Billion by 2028, expanding at a CAGR of 4.85% during the forecast period (2023-2028).
- Based on the type, the market has been bifurcated into chemical fertilizers and biofertilizers. Presently, chemical fertilizers hold the largest market share.
- On the basis of the segment, the market has been segmented into complex fertilizers, DAP, MOP, urea, SSP, and others. Currently, DAP exhibits a clear dominance in the market.
- Based on the formulation, the market has been divided into liquid and dry. Currently, dry fertilizers represent the leading segment.
- On the basis of the application, the market has been segregated into farming (cereals and grains, oilseeds, fruits and vegetables, and others) and gardening. Presently, farming applications dominate the market.
- Region-wise, the market has been classified into East India, North India, South India, and West India. North India holds the leading position in the market.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||INR Billion, 000’ Metric Tons
||Product Type, Segment, Formulation, Application, Region
||East India, North India, South India, West India
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