India Foliar Fertilizer Market Size, Share & Trends Analysis Report By Product (Mineral Liquid/Suspension Foliar Fertilizers, Biostimulants) By Application (Horticulture Openfield, Field Crops), And Segment Forecasts, 2023 - 2030

India Foliar Fertilizer Market Size, Share & Trends Analysis Report By Product (Mineral Liquid/Suspension Foliar Fertilizers, Biostimulants) By Application (Horticulture Openfield, Field Crops), And Segment Forecasts, 2023 - 2030

India Foliar Fertilizer Market Growth & Trends

The India foliar fertilizer market size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.

There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, supportive government policies are anticipated to fuel the growth of the market in the country over the predicted years.

However, the lack of awareness among farmers towards the nutrient deficiency in the Indian soil is likely to act as a restraining factor in hampering the product market growth. According to a survey by the Centre for Science and Development, around 97% of soil samples in India are found deficient in nitrogen levels, around 83% deficient in phosphorus, and 71% deficient in potassium. Additionally, the soil in the country also lacks micronutrients such as sulfur, iron, zinc, boron, and copper.

Crops grown in the majority of soils in the country suffer from one or more micronutrient deficiencies. The extent and nature of deficiencies depend on various factors such as agro-ecological situations, crop type, and soil type. Thus, the lack of awareness among farmers regarding nutrient deficiency in their soils is a major restraining factor in the market. However, encouraging the production as well as usage of fertilizers fortified with micronutrients can help to overcome the problem of micronutrient deficiencies in Indian soils.

India Foliar Fertilizer Market Report Highlights

• The market is estimated to advance at a CAGR of 11.3% from 2023 to 2030. This is attributed to the increasing demand for the product among farmers to improve crop yield
• According to the World Bank, the arable land in India has decreased from 52.6% of the total land of the country in 2015 to 52.3% of it in 2020 while the population of India has increased from 1.31 billion in 2015 to 1.38 billion in 2020. This has fueled the demand for food in the country, thereby leading to increased utilization of foliar fertilizers to enhance crop yields in India
• Mineral liquid/suspension foliar fertilizers dominated the product segment with a revenue share of over 64.5% in 2022. This growth is attributed to the growing demand for tailor-made foliar fertilizers that provide complete nourishment to plants, based on their nutritional requirements
• Biostimulants are also expected to witness a fast CAGR over the forecasted period owing to their ability to support plant metabolism which in turn, facilitates the improved acquisition of nutrients by plants, resulting in enhanced crop yields
• Horticulture openfield in the application segment dominated the market with a revenue share of 39.0% in 2022. This is attributed to the increasing demand for exports of specialty crops including fruits, vegetables, spices, and medicinal crops which provide nutritional nourishment
• According to the Ministry of Statistics & Program Implementation (MOSPI), in 2019-2020, the horticulture market in India (majorly consisting of fruits and vegetables) recorded an output worth USD 48.47 billion. The growth is attributed to the high export potential of vegetables and fruits, which has further contributed to a surge in the efficient production of these crops

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