The latest report by IMARC Group, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the Indian fertilizer market reached a value of INR 887 Billion in 2020. Fertilizers are chemical substances containing nutrients in a known amount, which are applied directly or in an aqueous solution to the soil or plant. They maintain soil fertility and improve the development of crops, yield, as well as crop quality. Fertilizers play a pivotal part in the Indian agricultural scenario as they provide vital nutrients to the crops and increase agricultural production. Moreover, they are key contributors to the success of the green revolution, which aided in the subsequent self-reliance in food grain production. Nowadays, fertilizers are available in nitrogenous, phosphatic, potash, and micronutrient variants and can be applied on a wide variety of grains, cereals, pulses, oilseed, fruits and vegetables, and commercial crops.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Indian Fertilizer Market Trends:
India is one of the top producers of agricultural products, such as pulses, wheat, rice, groundnut, potatoes, and onions. With the continuous population growth and the increasing demand for food crops, the demand for fertilizers has escalated in the country. In addition, with the increasing levels of urbanization and decreasing arable land, farmers are rapidly utilizing fertilizers to improve their production in India. Moreover, the Government of India is implementing initiatives and providing subsidies to produce high-quality seeds and cluster frontline demonstrations through Krishi Vigyan Kendra (KVKs), which is propelling the demand for fertilizers. For instance, various programs undertaken by the National Food Security Mission (NFSM) are increasing the food productivity. They also reduce the imports of fertilizers, which is facilitating the production of domestic fertilizers in India. Furthermore, governing bodies are offering the necessary support to the farmers through diversified schemes and introducing new technologies to develop enhanced fertilizers at subsidized rates, which is positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 5.5% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into chemical fertilizers and biofertilizers. Currently, chemical fertilizers dominate the market, holding the largest market share.
- On the basis of the segment, the market has been classified into complex fertilizers, DAP, MOP, urea, SSP, and others. Among these, urea represents the largest segment, accounting for the majority of the market share.
- The market has been categorized based on the formulation into liquid and dry. Dry fertilizers currently represent the leading segment, holding the majority of the market share.
- On the basis of the application, the market has been segregated into farming (grains and cereals, oilseeds, fruits and vegetables, and others) and gardening. At present, farming applications currently dominate the market.
- Region-wise, the market has been divided into East, North, South, and West India. North India holds the leading position in the Indian fertilizer market.
- The competitive landscape of the market has been examined in the report with the detailed profiles of some of the key players operative in the industry.
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