India Fertilizers Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

India Fertilizers Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The India Fertilizers Market is projected to register a CAGR of 5.89%

Key Highlights

• Fastest growing segment by Product - Boron : Boron deficient soils are majorly observed in the Eastern and North-Eastern parts of the country. B application can increase the food production and ensure food security.
• Largest Segment by Crop Type - Field Crops : The domination of field crops in Fertilizers market is mainly due to its large cultivation area in the country. They account for more than 95% of total crop area.
• Fastest growing by Speciality Type - Water Soluble : They provide wide-range of nutrient grades and different methods of application available such as foliar, fertigation and soil application depending on requirement
• Largest segment by Application Mode - Soil : It is a conventional way of fertilizer application and can be applied without any equipment. This method of application improves both plant health and soil fertility.

Key Market TrendsField Crops is the largest segment by Crop Type.

• Field crop fertilizers in the country accounted for 91.37% of the market in 2021 and are anticipated to expand at a CAGR of 5.13% over the course of the forecast period. Rice is the most common field crop cultivated in the country, with 47 million hectares planted in 2021, a 93.1% increase from 2017. Rice is a major NPK-consuming crop that is expected to drive the nation's fertilizer demand.
• The area under field crops increased from 187 million hectares in 2017 to 194 million hectares by 2021. Among field crops, cereals have been contributing to a major part of total field crop acreage. Hence, the increased demand for field crops to feed the growing population is anticipated to boost the Indian fertilizer market during the forecast period.
• Horticultural crop fertilizer market value accounted for 8.5% of the Indian fertilizer market in 2021 and increased by 52.8% during the study period. The area under horticulture cultivation in 2017 was 8.6 million hectares, and 8.9 million hectares in 2021. With the increase in horticulture cultivation area, the consumption of fertilizers is also increasing to get a high yield. Thus, the fertilizer market is expected to grow during the forecast period.
• The country's overall turf and ornamental crops fertilizer market accounted for less than 1% of the market in 2021 and increased by 65.2% in market value during the study period. In recent years, the government has also increased its focus on self-sufficiency, developing various strategies such as greenhouse ornamental flower production, which is anticipated to boost the fertilizers market in the region during the forecast period.

Competitive Landscape

The India Fertilizers Market is fragmented, with the top five companies occupying 34.30%. The major players in this market are Coromandel International Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Ltd, National Fertilizers Ltd and Yara Fertilisers India Pvt. Ltd. (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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