NEW YORK, 6 April 2022: The Indian organic fertilizer market is anticipated to witness a growth rate of around 7 per cent during the period of 2022 and 2032. Market growth is attributed to the growing popularity and demand for organic farming and gardening.
Government initiatives and subsidies promoting the use of organic fertilizers in India, along with increasing consumption of organic food in the country, will drive the consumption of these fertilizers across their application areas. Well-structured and efficient supply chain network, expansion in production capacity, and crop-specific fertilizer production are expected to remain key growth strategies for market competitors to increase their footprint.
COVID-19 impacted the organic fertilizer business as several production facilities in India were entirely shut down because of lockdowns, which had an indirect impact on the sales of organic fertilizers. However, the pandemic led to a severe increase in demand for crops, vegetables, and other food source plants. This increase ensured that in order to maintain the high quality of food produced, plant and crop sources are adequately supplied with necessary nutrients.
Market Study's Key Takeaways
The Indian market for organic fertilizers is estimated to reach a value of USD 1.13bn by the end of 2032.
Plant-based organic fertilizers are estimated to witness a growth rate of 7.1 per cent in India during the assessment period.
Farming is estimated to remain the key application area of organic fertilizers. The segment is estimated to create around 85.3 per cent of the overall incremental market opportunity.
The North Indian region is anticipated to create an incremental dollar opportunity of USD 242.7m by 2032.
“Key market participants focusing on increasing their production capacities and launching of new organic fertilizers that incorporate minerals to boost their annual turnover,” says a Persistence Market Research analyst.
Competitive Environment
The Indian market for organic fertilizers has been identified as a fragmented space owing to the several key players dominating the country.
Some of the key market players included in the report are Coromandel International, Madras Fertilizers Limited, Gujarat State Fertilizers, Simbhaoli Sugars Inc., Eastern Organic Fertilizer Pvt. Limited, Prabhat Agri, Mangalore Chemicals and Fertilizers Limited, Amruth Groups, Chaitanya Agrochemicals, NM India Biotech, and Krishna Agro Bio Products.
Key market players are focusing on increasing their production capacities to cater to the growing demand for organic fertilizers and boost their market footprint. Apart from this, competitors in India are actively introducing organic fertilizers that meet customer-specific demands and are aimed toward providing optimum yield from a specific kind of crop or vegetation.
In 2021, Prabhat Agri launched PRABHA ZINC, a new product from the company, which is an excellent treatment for zinc insufficiency. Zinc is a one-of-a-kind nutrient for plants, as it is only required in trace amounts in plant tissues.
Conclusion
The market is anticipated to witness healthy year-over-year growth, especially in North India and West India, owing to increasing demand for organic food with regard to growing consumer awareness about the intake of chemical-free food.
North and West India are significantly diverse in terms of customer base, types of crop grown, soil, innovations, and geopolitical conditions. The organic fertilizer market in India is expected to gain traction in the foreseeable future due to the growing agricultural sector.
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