How big is the fertilizer industry in India?
IMARC Group’s latest research report, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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.
Fertilizer refers to a natural or artificial substance added to the soil to promote the healthy growth and productivity of farm crops. It is produced using livestock manure, municipal sludge, industrial waste and carbon-based agricultural waste. It comprises several nutrients and microbes, including potassium, nitrogen, and phosphorus, that are essential for efficient plant growth and to maintain the water retention capacity and natural fertility of the soil. As a result, it plays a significant place in the success of India's green revolution and self-reliance in food-grain production. Some of the commonly available fertilizer variants in India include phosphatic, nitrogenous, potash and micronutrient.
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What is the demand for fertilizers in India?
The escalating need for sustainable food production majorly drives the market in India. This is attributed to the growing population along with the increasing popularity of agriculture on a commercial level across the country. In recent years, numerous initiatives have been undertaken by the government in order to improve credit availability and investments, increasing the provision of quality inputs and promoting infrastructure development, further boosting the market growth. Moreover, continuous product innovations, such as the launch of nano-fertilizers (NFs) that aid in maintaining flat green grounds and fields, is creating a positive market outlook.
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Indian Fertilizer Industry Growth Analysis:
Besides this, rising number of government and non-government awareness campaigns for educating farmers regarding the benefits of fertilizers. For instance, various promotions are done through radio, television and customized rural workshops to enhance the consumption of fertilizers in the country is significantly supporting the Indian fertilizer market. Furthermore, continuous technological advancements and the widespread adoption of advanced farming techniques are contributing to the growth of the market. Apart from this, key players are heavily investing in extensive research and development (R&D) activities for introducing bio-fertilizers due to the growing environmental consciousness among individuals is propelling the growth. Other factors driving the market include increasing awareness and widespread adoption of organic farming practices and declining arable land.
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Key Market Segmentation:
Biggest Suppliers 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
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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