India Micronutrient Fertilizer Market -Industry Trends & Statistics, Share Analysis, Growth Forecasts to 2028
The “India Micronutrient Fertilizer Market – Share Analysis, Industry Trends & Statistics, Growth Forecasts to 2028” report has been added to ResearchAndMarkets.com’s offering.
The India Micronutrient Fertilizer Market size is estimated at USD 701.33 million in 2024, and is expected to reach USD 971.78 million by 2028, growing at a CAGR of 8.5% during the forecast period (2024-2028). Largest Segment by Type – Zinc : Zinc deficiency in soils is a wide spread issue in the country
Highlighted Points:
- – Zinc Dominates: Zinc deficiency is a pervasive concern across our nation’s soils, particularly impacting staple crops like maize and wheat. Addressing this issue necessitates increased utilization of zinc micronutrient fertilizers.
– Boron on the Rise: The fastest-growing segment, boron, tackles deficiencies prevalent in the Eastern and North-Eastern regions. Application of boron fosters enhanced food production, crucial for bolstering food security.
.- Field Crops Reign: Field crops take the throne as the largest segment in the fertilizer market, primarily due to their expansive cultivation footprint. They command over 95% of the total crop area, showcasing their agricultural significance.
.- Soil Application Dominance: Emphasizing a traditional approach, soil application reigns supreme as the largest segment by application mode. Its simplicity allows for widespread adoption, enriching both plant vitality and soil fertility.
India Micronutrient Fertilizer Market Trends
Zinc is the largest segment by Product.
– Zinc Reigns Supreme: Accounting for a staggering 59.0% of total micronutrient fertilizer consumption, zinc holds the crown as the most consumed micronutrient. Its prevalence is attributed to the widespread deficiency in cropping soils, notably affecting regions like Maharashtra, Karnataka, and Andhra Pradesh, where zinc levels are critically low, according to ICRISAT.
– Iron’s Steady Presence: Securing the second spot in consumption, iron claims 16.0% of the micronutrient market share. In 2021 alone, the iron fertilizer market boasted a value of USD 84.0 million, with a volume reaching 56.1 thousand metric tons, underscoring its significant role in agricultural practices.
– Manganese Holds Ground: As the third most consumed micronutrient, manganese captures 8.0% of the consumption pie. With a value of USD 40.1 million and a volume consumption of 46.7k metric tons in 2021, manganese fertilizer remains a crucial player in sustaining crop health and productivity.
– Rising Trends, Fluctuating Markets: The volume consumption of micronutrients has witnessed a notable upsurge from 252.8k metric tons in 2017 to 271.8k metric tons in 2021. This surge can be attributed to the growing awareness among farmers regarding the pivotal role of micronutrients in augmenting crop yields. However, market values have been subject to fluctuations since 2017, influenced by declining prices and disruptions in the supply chain and international trade.
-*Future Prospects: Anticipated growth looms on the horizon for micronutrient fertilizers in India, propelled by the imperative need for heightened crop productivity amidst escalating soil micronutrient deficiencies. The introduction of advanced chelated fertilizers, characterized by enhanced stability upon soil application, holds promise in further catalyzing the expansion of micronutrient consumption.
India Micronutrient Fertilizer Industry Overview
The India Micronutrient Fertilizer Market is fairly consolidated, with the top five companies occupying 81.73%. The major players in this market are Chambal Fertilizers & Chemicals Ltd, Coromandel International Ltd., Deepak fertilizers & Petrochemicals Corporation Ltd, Indian Farmers Fertiliser Cooperative Limited and Yara India Ltd. (sorted alphabetically).
For more information about this report visit https://www.researchandmarkets.com/r/fe1vuv
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