Cost of fertilizer among issues faced by farmers
The fertilizer market in India is expected to grow from US$43.54 billion in 2024 to reach US$74.06 billion by 2033, with a CAGR of 6.08% during the period from 2025 to 2033, according to an industry report.
Increasing productivity in agriculture, subsidies provided by the government, and the increasing demand for wheat, rice, and vegetables are some of the reasons behind this growth, said the report “India Fertilizer Market and Volume Forecast” which has been added to ResearchAndMarkets.com’s offering since 3 April.
Another reason is the growing shift towards sustainable farming practices such as bio-fertilizers and balanced nutrient management, it added.
Subsidies given by the Government are growth drivers in the Indian fertilizer market, according to the report.
In addition, the Government has initiated several programs of efficient fertilizer use, such as soil health management programs and nutrient-based subsidies. Such support is needed to enhance agricultural productivity particularly in key crops like rice and wheat, which, in turn, contributes to the overall market expansion, it pointed out.
One of the key issues facing the Indian fertilizer market is the excessive use of chemical fertilizers, which creates soil degradation and long-term environmental damage, noted the report.
Another significant challenge is the rising cost of fertilizers and periodic availability issues.
Urea fertilizers are forecasted to remain the market and volume leader in India.
The cooperative sector is likely to lead the Indian fertilizer market during the forecast period. Cooperatives may be crucial for the distribution of fertilizers to farmers, as it can utilize its vast network and direct outreach to the rural areas.
The industry leaders are:
Nagarjuna Fertilizers and Chemicals Ltd;
Chambal Fertilisers &Chemicals Ltd;
Rashtriya Chemicals & Fertilizers Limited;
Coromandel International Ltd. Fiinews.com
