IMARC Group’s latest research report, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Indian fertilizer market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Indian fertilizer market size reached INR 898.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach INR 1,188.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.85% during 2023-2028.
Indian Fertilizer Market Outlook:
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.
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Leading Companies in Indian Fertilizer Industry:
- Coromandel International Limited
- Deepak Fertilizers and Petrochemicals Corporation Limited
- Fertilizers And Chemicals Travancore Limited (FACT)
- Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
- Gujarat State Fertilizers & Chemicals Limited (GSFC)
- Hindustan Fertilizer Corporation Limited (HFCL)
- Indian Farmers Fertilizer Cooperative Limited (IFFCO)
- Krishak Bharati Cooperative Limited (KRIBHCO)
- MADRAS FERTILIZERS LIMITED
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.
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Key Market Segmentation:
Breakup by Product Type:
- Chemical Fertilizers
- Biofertilizers
Breakup by Segment:
- Complex Fertilizers
- DAP
- MOP
- Urea
- SSP
- Others
Breakup by Formulation:
- Liquid
- Dry
Breakup by Application:
- Farming
- Grains and Cereals
- Oilseeds
- Fruits and Vegetables
- Others
- Gardening
Breakup by Region:
- East India
- North India
- South India
- West India
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