Market Trends of india specialty fertilizer Industry
This section covers the major market trends shaping the India Specialty Fertilizer Market according to our research experts:
Water Soluble is the largest segment by Speciality Type.
- The Indian controlled-release fertilizer market has shown a decline in market value even though consumption increased notably by 52.9% during the study period. The main reason for this is the Indian government making it mandatory for all domestic producers of urea to produce 100% neem coated-urea and distribute it at a subsidized price to the farmers.
- Liquid fertilizers accounted for 41.9% of India's specialty fertilizers market in 2021. Straight fertilizers accounted for the maximum share of the liquid fertilizer market, accounting for 69.2%. This segment was valued at USD 964.0 million in 2017 and is anticipated to reach USD 1.70 billion by 2028. Complex fertilizers accounted for 30.8% of the liquid fertilizers market in 2021.
- Slow-release fertilizers accounted for 1.7% of the total specialty fertilizer market value in 2021. Field crops and horticultural crops were the major consumers of slow-release fertilizers, accounting for 75.8% and 24.1% of the market volume in 2021. The intensive field crop and horticultural crop cultivation in the country are anticipated to drive the market for slow-release fertilizers.
- In India's specialty fertilizers market, water-soluble fertilizers accounted for 54.3% of the market share in 2021. Water-soluble fertilizers are mostly used for the application of primary nutrients in the country. About 78.5% of primary nutrients are water-soluble fertilizers, and 5.6% and 3.8% of secondary macronutrients and micronutrients accounted for water-soluble fertilizers in 2021.
- The rise in demand for high-efficiency fertilizers, ease of application, adoption of sustainable farming practices, and higher environmental safety are some of the factors driving the specialty fertilizers market in India.
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