Phosphatic Fertilizers Market in India to Grow to $ 5.6 Billion by 2026
Increasing demand for food crops,
decreasing arable land coupled with beneficial effects of phosphate fertilizers
on crops is anticipated to drive India phosphatic fertilizers market
According to TechSci Research report, “India
Phosphatic Fertilizers Market By Type, By Crop, Competition Forecast
and Opportunities, 2012-2026”, phosphatic fertilizers market in India is forecast to reach
$ 5.6 Billion by 2026. Decreasing arable land and increasing food demand due to
ever increasing population has pushed the demand for phosphatic fertilizers as
they provide the necessary nutrients to the soil. The fertilizers market is
dominated by DAP fertilizer owing to its declining prices in international
market and beneficial properties. Moreover, the demand for food crops like rice
is anticipated to grow during the forecast period, which is further expected to
boost the phosphatic fertilizers market in the country during the forecast
period.
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India phosphatic fertilizers market
is segmented into DAP, MAP, TSP & SSP based on product type. IIFCO, IPL and
CIL are some of the key players in India phosphatic fertilizers market. Of
these, IIFCO dominated the market in 2016 and the company is expected to continue
its dominance during the forecast period as well. Among the country’s states,
Uttar Pradesh accounts for the largest demand share for phosphatic fertilizers,
owing to low soil fertility and increasing demand for principal food crops in
the state.
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“India is a
country where agriculture is a major economic activity and a large part of the
population is dependent on it for livelihood. Consequently, the government is always
working towards agricultural development in the country. The projects that have
been recently introduced by the Government of India, such as Pradhan Mantri
Fasal Bima Yojana, Paramparagat Krishi Vikas Yojana, etc., influence the demand
for fertilizers, and are expected to boost the country’s phosphatic fertilizers
market in the coming years. Moreover, phosphatic fertilizers are eco-friendly and
benefit the soil in long term. These properties of phosphatic fertilizers are also
expected to increase their use across the country over the next five years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Phosphatic Fertilizers Market By Type,
By Crop, Competition Forecast and Opportunities, 2012-2026” has evaluated the future
growth potential of India phosphatic fertilizers market and provides statistics
and information on market size, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in India
phosphatic fertilizers market.
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