India Fertilizers Market Size

India Fertilizers Market Analysis

The India Fertilizers Market size is estimated at 43.32 billion USD in 2024, and is expected to reach 62.83 billion USD by 2030, growing at a CAGR of 6.39% during the forecast period (2024-2030).

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43.32 Billion

Market Size in 2024 (USD)

62.83 Billion

Market Size in 2030 (USD)

8.01 %

CAGR (2017-2023)

6.39 %

CAGR (2024-2030)

Largest segment by Product

58.87 %

value share, Urea, 2023

The Government of India invests around USD 672.7 million and supplies urea at a determined retail price, owing to its increased benefits and subsidies, urea consumption increased.

Largest Segment by Crop Type

89.07 %

value share, Field Crops, 2023

Growing demand for staple food crops like rice, wheat and reduced nitrogen use efficiency has lead to greater usage of CRF fertilizers to ensure optimum productivity

Fastest Growing Speciality Type

7.33 %

Projected CAGR, CRF, 2024-2030

The CRFs gaining more popularity with capable of reducing fertilizers use by 20-50% and improve the nutrient supply, crop quality, yeild and reduces application cost

Largest segment by Application Mode

97.38 %

value share, Soil, 2023

Adoption of sustainable agricultural practices and efficient fertilizers like CRFs, SRFs are applied through soil application mode resulted in higher market share

Leading Market Player

7.71 %

market share, National Fertilizers Ltd, 2022

The company's "Kisan" brand encompasses a diverse range of fertilizers and an extensive distribution network has played a pivotal role in capturing a significant market share.

Rice is a major NPK-consuming crop that is expected to drive the nation's fertilizer demand

India Fertilizers Industry Segmentation

Complex, Straight are covered as segments by Type. Conventional, Speciality are covered as segments by Form. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type.

• In 2022, field crop fertilizers dominated the market, accounting for 89.2%, and are projected to record a CAGR of 9.8% during 2023-2030. Rice, the leading field crop, witnessed a substantial surge in cultivation, with 47 million hectares planted in 2022, marking a 93.1% increase from 2017. Given rice's significant reliance on NPK fertilizers, it is poised to be a key driver of fertilizer demand in the country.
• The area dedicated to field crops expanded from 187 million hectares in 2017 to 194 million hectares by 2022. Cereals, within the field crop category, commanded a substantial share. This surge in field crop cultivation, driven by the need to feed a growing population, is expected to propel India's fertilizer market in the coming years.
• In 2022, horticultural crop fertilizers represented 10.5% of the Indian fertilizer market, valued at USD 5.02 billion. The area under horticulture cultivation witnessed a modest rise, reaching 8.9 million hectares in 2022 from 8.6 million hectares in 2017. This uptick in horticulture acreage is accompanied by a parallel rise in fertilizer consumption aimed at maximizing yields.
• The turf and ornamental crop fertilizer segment in India, though a small fraction, was valued at USD 74.8 million in 2021. The government's emphasis on self-sufficiency has led to initiatives like promoting greenhouse ornamental flower production, hinting at potential growth in this segment.
• With the rising demand for major field crops and the expansion of fruit and turf cultivation areas, this segment is poised for significant growth. The projected CAGR during 2023-2030 is 6.4% for field crops and 4.0% for fruits and turf.