India Nano DAP Market to be Dominated by Liquid Nano DAP Segment Through 2031
Growing demand from agriculture sector is expected
to drive the growth for the India nano DAP market in the forecast period.
According to TechSci Research report, “India Nano
DAP Market - By Region, Competition Forecast and Opportunities,
2021-2031", India nano DAP market is anticipated to increase at
an impressive rate in the forecast period. Nano DAP is the next-generation
fertilizer that will provide environmentally friendly solutions to farmers.
Growing fertilizer demand having no or low adverse effect on the environment
and government initiatives are expected to propel the need for the nano DAP
market in the country. Nano DAP has numerous benefits including providing essential
minerals to the soil without harming the environment, thereby increasing the
soil health and agricultural outputs. This in turn is expected to support the
market growth through 2028. The product is in its trial phase and doesn’t have
a high popularity among the farmer, the government efforts, and growing trends
for adopting advanced products will change the scenario in the forecasted
period.
The presence of a substitute products available at an affordable cost is
expected to obstruct the nano DAP market growth. Apart from these, the strong
presence of substitute products such as ORG PHOS, DAP, and other phosphatic
fertilizers is expected to hinder the Indian nano DAP market in the forecasted
period.
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India Nano DAP market is segmented based on type, distribution
channel, and end use.
Based on distribution channels, the market is
divided into the direct, retailer, and online. The retailer segment is expected
to hold the largest market share in the projected year. The retailer segment is
a vastly expanded network across the countries on that farmer trust and takes
suggestion. Owing to the fragmented and information-intensive market, the
retailer is used to educate or inform medium in the scenario and dominate the
market. The online segment is expected to grow with the highest CAGR and hold a
second place as the consumer influence toward online stores and the
availability of smartphones.
Based on end use, the market is divided into food
crops, cash crops, horticulture crops, plantation crops, and others. The food
crops segment is expected to hold the largest market share in the projected
year. Owing to the growing population, the demand for food is going to rise and
influence the demand for nano DAP market.
Major companies operating in India Nano DAP Market are:
- IFFCO LTD.
- Radhe Agro Industries India Pvt Ltd
- Chambal Fertilisers and Chemicals Ltd.
- Rashtriya Chemicals and Fertilizers Limited
- National Fertilizers Limited
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“The West region is expected to dominate India's nano DAP Market in the
projected period due to its increasing agricultural activities and growing
demand for DAP in the last financial year. According to the fertilizer.com
report 2020-21, the annual sale of DAP in 2020-21 in the western region
amounted to 39.5 million metric tons and dominated the market as the nano DAP
is the best substitute for DAP. Various government initiatives like Pradhan
Mantri Krishi Sinchai Yojana, Credit facilities for farmers and subsidiaries on
fertilizers, and ongoing R&D such as nano urea, nano DAP, and others for
new applications are going to propel the nano DAP demand. All the
above-mentioned factors are projected to impact India's nano DAP market growth
until 2028." said Mr. Karan Chechi, Research Director with TechSci
research, a research based global management consulting firm.
“India Nano DAP Market By Type (Granule, Liquid), By
Distribution Channel (Direct, Retailer, Online), By End Use (Food Crops, Cash
Crops, Horticulture Crops, Plantation Crops, and others), By Region,
Competition, Forecast and Opportunities, 2031 has evaluated the future growth
potential of India nano DAP Market and provides statistics &
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 decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India nano DAP market.
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