Indian Fertilizer Market size was valued at USD 41.2 Billion in 2023 and is expected to reach USD 70.2 Billion by 2032, at a CAGR of 6.1% during the forecast period 2023 – 2032.

Indian Fertilizer Market – Overview

Fertilizers are additional substances supplied to the crops to increase their productivity. These are used by the farmers to increase the crop yield. These fertilizers contain essential nutrients required by plants, including nitrogen, potassium, and phosphorus.

The key trends included a shift towards organic and sustainable fertilizers, government initiatives to promote balanced fertilizer use and the adoption of advanced technologies for precision farming.

In addition, factors such as changing agricultural practices, environmental concerns, and government policies continue to influence the dynamics of the market. For instance, India’s total budget spending is 45 trillion rupees, of which approximately one-ninth comes from subsidies on food and fertilizer.

The fertilizer subsidy for the upcoming fiscal year is anticipated to be 1.75 trillion rupees ($21.10 billion), which is less than the current estimate of nearly 2 trillion rupees for the fiscal year 2022–2023. The union budget allocated ₹1.75 lakh crore for fertilizer subsidies for 2023-24.

Under the NBS policy, the government offers on an annual basis, a fixed rate of subsidy on a per kg basis for crop nutrients containing nitrogen, phosphate, potash and sulphur. However, regulatory complexities, including environmental norms and quality standards, pose challenges for market participants.

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By type, the chemical fertilizers segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. India achieved a remarkable milestone in the 1st quarter of FY’2023-24, as it recorded a significant increase in the production, import, and sales of major fertilizers like Urea, DAP, and NPCs.

The production of Urea, DAP, and NPKs witnessed remarkable growth rates of 11%, 8%, and 27% respectively, compared to the same period in the previous year. This impressive surge in production resulted in a total fertilizer production of 11 million tons by June 2023.

Notably, Urea played a vital role in this accomplishment, with 7.4 million tons produced, followed by DAP at 1.2 million tons, and NPKs contributing 2.4 million tons.

By form, the dry fertilizer segment held the highest market share in 2022. The dry fertilizer market is witnessing a shift towards sustainable and precision farming practices, with an increasing demand for environmentally friendly and nutrient-efficient solutions.

Precision agriculture technologies, including variable-rate application systems, are gaining prominence, enabling farmers to optimize fertilizer use and reduce environmental impact.

By application mode, the soil segment held the highest market share in 2022. Rise in sustainable practices such as organic and slow-release fertilizers, promote soil health and reduce chemical runoff.

These trends reflect a shift towards eco-friendly, efficient, and technology-driven solutions in soil-specific fertilizer application, ensuring sustainable agricultural practices for future food production.

By application, the grains & cereals segment dominated the Indian fertilizer market. In India, the fertilizer market is influenced by key trends in grains and cereals production. Shifts in cropping patterns towards high-yielding varieties, coupled with a growing focus on food security, drive increased fertilizer demand.

Government initiatives to endorse diversified crops, precision farming, and sustainable agriculture also impact fertilizer usage. Additionally, climate change concerns emphasize the need for fertilizers to mitigate production risks.

The adoption of advanced technologies, improved crop varieties, and awareness of balanced nutrient management contribute to a dynamic fertilizer market aligned with evolving trends in the grains and cereals sector, ensuring sustained agricultural productivity and food self-sufficiency.

Custom Market Insight has comprehensively analyzed India fertilizer market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Indian fertilizer industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

List of the prominent players in the Indian Fertilizer Market:

  • Coromandel International Limited
  • Deepak Fertilizers and Petrochemicals Corporation Limited
  • Fertilizers And Chemicals Travancore Limited (FACT)
  • Chambal Fertilizers and Chemicals Limited
  • Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
  • Gujarat State Fertilizers & Chemicals Limited (GSFC)
  • Hindustan Fertilizer Corporation Limited (HFCL)
  • Indian Farmers Fertilizer Cooperative Limited (IFFCO)
  • Krishak Bharati Cooperative Limited (KRIBHCO)
  • Rashtriya Chemicals & Fertilizers Limited
  • MADRAS FERTILIZERS LIMITED
  • Paradeep Phosphates Ltd
  • Mangalore Chemicals and Fertilizers Ltd
  • National Fertilizers Limited (NFL)
  • Madras Fertilizers Ltd
  • Tata Chemicals Limited
  • Nagarjuna Fertilizers and Chemicals Ltd
  • Meerut Agro Chemicals Private Limited
  • Godavari Fertilizers & Chemical Limited
  • Ajay Farm-Chem Private Limited
  • Karnataka Agro Chemicals
  • Others

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