Indian Fertilizer Market to Grow at 4.2% During 2024-2032, Catalyzed by Increasing Demand for Food Crops

February 24, 2023 | Chemical & Materials

The latest report by IMARC, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032”, finds that the Indian fertilizer market size reached INR 942.1 Billion in 2023. 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 Fertilizer 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 1,383.8 Billion by 2032, expanding at a CAGR of 4.2% during the forecast period (2024-2032).

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units INR Billion, 000’ Metric Tons
Segment Coverage Product Type, Segment, Formulation, Application, Region
Region Covered East India, North India, South India, West India
Customization Scope 10% Free Customization
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Indian Fertilizer Market to Grow at 4.2% During 2024-2032, Catalyzed by Increasing Demand for Food Crops
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