Market Trends of india fertilizers Industry
This section covers the major market trends shaping the India Fertilizers Market according to our research experts:
Field 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.
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