(MoneyNewsWire.Net, July 28, 2021 ) Agriculture performs a vital role in the economic development of agrarian India. Agriculture share in Gross Domestic Product (GDP) increased to 19.9% in 2020-21 from 17.8% in 2019-20. Almost 60% of the population depends on agriculture, according to the Economic Survey 2020-2021. Fertilizers have been considered an essential input to Indian agriculture to meet the food grain requirements of the country's growing population. According to FAO, 70% of Indian rural households depend essentially on farming for their livelihood since 82 percent of farmers are small or marginal.
The Indian fertilizer industry has played a crucial support role in the Indian agricultural sector. The chemical fertilizers growth amongst the farmers has been the secret of the nation's green revolution in late 1960. Today, India is the second-largest consumer and third-largest producer of fertilizers in the world. The primary nutrients for plant growth are phosphorus, ammonia and potassium, and these should be in the correct quantity for healthy crops. According to Renub Research, India Fertilizers Market is expected to be US$ 26.33 Billion by 2026.
Indian Government Initiatives
• In 2020, Government to bring PLI (production-linked incentives) scheme to promote domestic agrochemicals manufacturing
• In 2021, DBT (Direct Benefit Transfer) scheme for fertilizer subsidy.
As per the Department of fertilizer of India, Urea is the major utilized fertilizer followed by DAP, NP/NPCs, SSP, MOP, with domestic sales continuously growing. Urea fertilizers are the most common ones and will capture half of the market share of the fertilizer market. In 2019, IFFCO (Indian Farmers Fertilizer Cooperative Limited), the premier farmers' cooperative, launched the world's first nano urea liquid fertilizer, which is cheaper and easier to store. As per our research findings, the Indian Fertilizers Industry is expected to grow with a CAGR of 6.44% from 2020 to 2026.
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Indian agricultural policy focused on modern inputs and increasing productivity, such as irrigation, improved seeds (HYVs), and chemical fertilizers, which have played an essential role in increasing crop production and productivity. The production of DAP (Diammonium Hydrogen Phosphate) and Complex fertilizers is increasing in the country. DAP are a major cropping fertilizer as it is a crucial source of nitrogen and phosphorus. It is widely used for various crops in broad-acre farming, horticultural crops, dairy pastures, sugarcane, sowing pastures, fodder and crops cereals. The production of DAP in the India boosted the higher demand for fertilizer.
The Impact of Global Pandemic Covid-19 on Indian Fertilizer Industry
Covid-19 has translated into improving the underlying macros for the Indian fertilizer industry. Rural markets demand has been buoyed and was very promising despite the coronavirus pandemic and macroeconomic uncertainty. The Indian fertilizer industry is low, as the national Government exempted the agriculture sector from lockdown restrictions. The industry faced challenges in terms of raw materials and shortage of labor due to nationwide lockdown. The Indian Government took steps to ensure fertilizers are available to the farmers even during the lockdown, which resulted in the expanded sales of fertilizers. India Fertilizers Market was US$ 18.11 Billion for the year 2020.
Key Players in the India Fertilizer Market
The major vital players in the Indian fertilizer market include Nagarjuna Fertilizers and Chemicals Ltd, Chambal Fertilizers and Chemicals Ltd, Rashtriya Chemicals and Fertilizers Limited, and National Fertilizers Coromandel International Ltd. The Indian fertilizer industry is fragmented, with a mix of cooperatives garnering and government-owned a vast market share in the complex and straight fertilizer—private companies involved in a high degree of product innovation to tap the non-subsidy space.
Renub Research report titled “India Fertilizer Market by consumption (Urea, DAP, NP/NPKs, SSP, MOP) by production (Urea, DAP, Complex Fertilizers) by company (Nagarjuna Fertilizers and Chemicals Ltd, Chambal Fertilizers and Chemicals Ltd, Rashtriya Chemicals and Fertilizers Limited, National Fertilizers ltd, Coromandel International Ltd)” provides an all-encompassing analysis on the India Fertilizer Industry.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/india-fertilizers-market-p.php
Consumption – India Fertilizer Market have been covered from 5 viewpoints
Production - India Fertilizer Market have been covered from 3 viewpoints
3. Complex Fertilizers
Company Have been covered by 3 view point
• Recent Development
• Financial Insight
1. Nagarjuna Fertilizers and Chemicals Ltd.
2. Chambal Fertilizers and Chemicals Ltd.
3. Rashtriya Chemicals and Fertilizers Limited.
4. National Fertilizers ltd.
5. Coromandel International Ltd.
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