India SSP Market Dynamics, Prominent States and Key Players by 2030
Transparency Market Research delivers key insights on the SSP market in India. In terms of revenue, the SSP market in India is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the SSP market in India.
The SSP market in India is broadly affected by several factors, including growth of the agricultural sector in the country. Increase in applications of SSP in the agriculture sector in India is propelling the SSP market in the country.
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India SSP Market: Dynamics
SSP is extensively used for agricultural production in India. Growth in annual food requirement in India is a key factor that is likely to boost the production of agricultural products in the country. Rise in production of various agri-crops across the country is expected to propel the consumption of low-cost fertilizers such as SSP in India. The presence of governmental schemes to boost production of agricultural products is estimated to augment the production and consumption of SSP across the country.
Increase in population and rise in demand for food across the country are estimated to boost the production of crops in India. However, rapid urbanization is anticipated to hamper the availability of arable land in various states of the country.
SSP plays an important role in the production of various crops. It is primarily used for the production of oilseeds, pulses, sugarcane, fruits and vegetables, tea, etc. SSPs provides sulfur and phosphate nutrients to these crops.
Therefore, the demand for SSP is expected to increase in India in the near future. SSP can be blended with other fertilizer products, except urea and diammonium phosphate (DAP). It also helps in removal of soil acidity and compaction, thereby enhancing the soil health.
SSP fertilizer is used in agriculture due to its low cost and the ease of availability. The demand for phosphate fertilizers in India is expected to rise significantly during the forecast period, owing to the development of the agricultural industry. This is anticipated to boost the usage of SSP as fertilizer, thereby driving the SSP market in India.
The deficiency of micronutrients such as zinc, iron, manganese, phosphorus, and magnesium results in low yield, reduced growth, and other plant abnormalities. Hence, end users are increasing the use of micronutrient-based fertilizers to overcome these issues. Micronutrient-based fertilizers such as zincated and boronated SSP also improve the nutritional content of horticultural crops, fruits, and vegetables.
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India SSP Market: Prominent States
Madhya Pradesh is expected to dominate the SSP market in India during the forecast period, owing to the easy availability of raw materials, large production, and presence of large agricultural area in the state. The SSP market in Maharashtra is projected to expand considerably during the forecast period, led by the presence of numerous market players and rise in the demand for SSP in the state, owing to deficiency of various micronutrients in the soil.
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India SSP Market: Key Players
The SSP market in India is fragmented with the presence of a large number of players. Key players operating in the SSP market in India are Coromandel International Limited, Khaitan Chemicals Fertilizers Ltd., Rama Phosphates Ltd., Ostwal Group, Bhilai Engg Cropon Ltd., Narmada Agro Chemicals P.Ltd., Nirma Ltd, and Pragati Fertilizers Ltd.
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