5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
The Asia-Pacific fertilizing machinery market is valued at USD XX million in the year 2016 and is expected to grow into a USD XX million market by 2021, at a CAGR of 11.72% during the forecast period. The growth of Asia-Pacific in the fertilizer machinery market is driven by China and India, where farmers are increasingly engaged in farm consolidation to cater to the growing needs of food consumption. Fertilizing machines play a critical role in farm mechanization as they are calibrated for higher levels of accuracy. Farm mechanization level in India has increased to about 40-45%, compared to the levels of mechanization five years earlier. The overall agriculture industry in India was estimated at approximately USD 7.5 billion in 2015.
Fertilizing machinery, which is primarily used in the application of fertilizers in large land holdings, is also used in smaller units where accuracy plays an important role, like sports fields and grounds, gathering a major traction in the region. Farm mechanization is still low in developing countries, which helps to provide great growth opportunities in India. The Indian Government has taken various initiatives and has implemented many farm mechanization programs in the country such as the Rashtriya Krishi Vikas Yojna (RKVY), Mission for Integrated Development of Horticulture (MIDH), National Mission on Oilseeds and Oil Palm (NMOOP), and National Food Security Mission (NFSM), which drive farmers to increasingly invest in machinery, which would drive the growth of the machinery market in the region. Mechanization in the entire region would further increase with governments supporting research & innovation projects.
Market Dynamics
The growth observed in the sales of this machinery in India, China, and Thailand is an important indicator of the advent of farm mechanization in some parts of the region. The economic resurgence has led to a large degree of farm consolidations in many regions in the region, thereby, increasing the need for farm mechanization and augmenting demand in the fertilizing machinery. The growing interest among farmers for advanced machinery is one of the major drivers of the fertilizer machinery market. Technological innovations, along with easy credit availability, enhance the growth of the market. The major hindrance to this market is the decline in commodity prices in the region. The low disposable incomes of the farmers have restrained the use of farm mechanization. In addition, the negative environmental impact of using fertilizers has been well documented and is also posing a major threat to the market. However, the existing poor levels of mechanization in most households and the use of old, inefficient farm equipment in the developing nations would offer great opportunities in the replacement market.
Market Segmentation
The Asia-Pacific fertilizing machinery market has been segmented based on the various types of fertilizing machinery and by geography.
By Machinery:
By Geography:
Mechanization has been identified as a key tool to improve the Asia-Pacific agricultural production. As per the current market scenario, a sufficient proportion of machinery is allocated to satisfy the agricultural demand. The global demand for fertilizing machinery equipment is expected to double by the end of the forecast period. Substantial demand from the fertilizing machinery market is expected to emanate from various developing and agricultural-dominated markets like Sri Lanka, Bangladesh, Bhutan, and Malaysia during the forecast period.
Some of the key players in the market are:
Key Deliverables of the Study
5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
India
+1 617-765-2493
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination.
Interested? Please email us
[email protected]© 2020. All Rights Reserved to Mordor Intelligence.