Press release
Indian Fertilizer Market To Reach INR 1,383.8 Billion by 2032
Indian Fertilizer Market
IMARC Group's latest research report, titled "Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032," The Indian fertilizer market size reached INR 942.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach INR 1,383.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
Fertilizer Uses:
Fertilizers are substances added to soil to enhance its fertility, crucial for India's predominantly agrarian economy. They contain essential nutrients such as nitrogen, phosphorus, and potassium, which are vital for plant growth. Typically classified into organic and inorganic types, these fertilizers improve crop yields and quality. Organic variants are derived from natural sources, whereas inorganic ones are manufactured chemically. Their ease of application, ability to correct soil deficiencies, and effectiveness in increasing agricultural productivity define their widespread usage. Furthermore, advancements in fertilizer technology have led to the development of products that release nutrients in a controlled manner, thus optimizing plant growth and minimizing environmental impact.
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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 Growth and Demand:
The Indian market is primarily driven by the extensive agricultural sector, a cornerstone of the nation's economy, necessitating high-yield and quality crop production. In line with this, government initiatives promoting the use of fertilizers, through subsidies and educational programs, are also bolstering the market. Moreover, the increasing adoption of modern agricultural practices, incorporating efficient fertilizer usage, is acting as a significant growth-inducing factor. In addition to this, the rising awareness among farmers about soil health and nutrient management is further enhancing the market's expansion.
Besides this, the growing demand for organic fertilizers, driven by the shift towards sustainable and eco-friendly farming practices, is creating new opportunities in the market. Also, the ongoing research and development activities aimed at creating more efficient and environmentally friendly fertilizer formulations are positively influencing market growth. The market is further supported by the expanding agro-based industries, requiring consistent crop quality and yield, thus increasing the demand for effective fertilizers.
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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
o Grains and Cereals
o Oilseeds
o Fruits and Vegetables
o Others
• Gardening
Breakup by Region
• East India
• North India
• South India
• West India
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