According to the latest report by IMARC Group, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian fertilizer market size reached INR 5,437 Billion in 2018. A fertilizer is a chemical product which plays a vital role in replenishing nutrients like potassium, phosphorous, calcium and nitrogen present in the soil. The use of fertilizers improves agriculture growth, reenergizes the soil and supplements the soil nutrition that is lost during the process of cultivation. With the rising population in India, the demand for food continues to grow. Owing to this, farmers are extensively relying on agrichemicals to increase food production. Further, the rising awareness among farmers regarding the benefits of fertilizers has increased the utilization of these chemicals.
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Today, India represents the second largest consumer and third largest producer of fertilizers across the world. This can be attributed to the numerous subsidies and initiatives undertaken by the Government of India. For instance, under the Nutrient Based Subsidy policy, the Government is providing fertilizers to farmers at subsidized rates to ensure the availability of adequate quantity and proper quality of fertilizers. Apart from this, the Make in India initiative has led to technological developments enabling the production of fertilizers within the nation. This is expected to reduce the imports of urea in the coming years and make the manufacturing of fertilizers self-reliant.
However, due to the heavy usage of chemical fertilizers, the Indian agriculture industry is facing challenges. The sustainability of agriculture systems has collapsed, which, in turn, has compelled the Government to emphasize the production and utilization of biofertilizers or organic fertilizers. These variants consist of organic compounds which help in increasing soil fertility and production efficiency without harming the crop or soil health. Besides this, the Department of Agriculture and Cooperation is also promoting the use of fortified and customized fertilizers to increase the utilization of micro-nutrients and to achieve maximum efficiency. Moreover, the Government is encouraging fertilizer companies to establish joint ventures with foreign manufacturers and enter into long term agreements for the supply of fertilizers and fertilizer inputs. Looking forward, the market value is projected to reach INR 11,116 Billion by 2024, growing at a CAGR of 12.3% during 2019-2024.
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- On the basis of the product type, the market has been segregated as chemical fertilizers and biofertilizers. Chemical fertilizers are currently the most popular product type in India.
- Based on the segment, the report finds that urea dominates the market, accounting for the majority of the overall market share. Some of the other major segments include complex fertilizers, DAP, MOP and SSP.
- The market has also been categorized based on the formulation into liquid and dry. At present, fertilizers are majorly used in the dry form.
- On the basis of the application, farming represents the largest application segment, followed by gardening. The farming sector is further classified as grains and cereals, oilseeds, fruits and vegetables, and others.
- Region-wise, North India exhibits a clear dominance in the Indian fertilizer market. Other major regions are South India, East India and West India.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the leading players operating in the market.
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