IMARC Group’s latest research report, titled “Indian Fertilizer Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The Indian fertilizer market size reached INR 898.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach INR 1,188.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.85% during 2023-2028.
Indian Fertilizer Market Overview:
A fertilizer is a material added to soil to provide essential nutrients that support plant growth and improve crop yields. It contains various nutrients, such as nitrogen, phosphorus, and potassium, vital for plant growth and development. It can be either organic or inorganic. Organic fertilizers are environmentally friendly and sustainable and are made from natural sources such as animal manure, compost, and plant residues. On the other hand, inorganic fertilizer is produced using synthetic chemicals and minerals. It is cheaper than organic fertilizer and provides nutrients more quickly to plants. It is vital for modern agriculture, as it helps to maintain soil fertility, increase crop yields, and ensure food security.
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Indian Fertilizers Market Demand Analysis:
The market in India is primarily driven by the increasing demand for food and agricultural products. In line with this, the rising government initiatives to promote using fertilizers to improve agricultural productivity are significantly contributing to the market. Furthermore, the growing adoption of modern farming techniques, such as precision farming, that rely on fertilizers to enhance crop yields is positively influencing the market. Apart from this, the expansion of the agriculture sector in India is creating a positive outlook for the market. Moreover, the escalating awareness among farmers about the benefits of using fertilizers to improve soil fertility and increase crop yields is catalyzing the market. Besides, the availability of credit facilities and subsidies for the purchase of fertilizers is propelling the market. Additionally, the development of new fertilizer formulations that improve nutrient uptake by plants and widespread product utilization in the production of biofuels are providing a boost to the market.
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