Individual fertilizers are uneconomical, and farmers endure massive labor costs for applying fertilizers on the soil. In addition, these individual fertilizers are homogenous and are made of inferior quality materials. They also comprise less quantity of essential nutrients likewise phosphorous, nitrogen. Complex fertilizers are categorized into two foremost categories, namely incomplete complex fertilizers and complete complex fertilizers. When the fertilizers comprise two primary nutrients, they are named incomplete complex fertilizers and if the fertilizers comprise 3 primary nutrients, they are named complete complex fertilizers.
Complex fertilizers are easier to apply and are economical. The application of complex fertilizers assists to confirm that the nutrients are allocated evenly on the ground. The usage of complex fertilizers with the other conventional methods also assists augment the fertilizers’ productivity when they are utilized in amalgamation with other elements likewise potassium, nitrogen and phosphorous.
To motivate farmers to utilized the complex fertilizers, governments of several governments are undertaking several policies to motivate farmers to adopt the usage of complex fertilizers instead of simple fertilizers. This has also added to the growing adoption of complex fertilizers and is a foremost aspect accountable for the positively affecting the growth of complex fertilizers in India.
Report Analysis
According to the report analysis, ‘India Complex (NPK) Fertilizer Market Outlook to 2022 – Expected Manufacturing Capacity Expansion by Domestic Manufacturers in Next 5 Years’ states that the agriculture and fertilizer sector in India is extremely reliant on monsoons. India has restricted amount of rock phosphate of low grade which can only be optimized for production of SSP. The fertilizer industry is extremely regulated and analysed by the Government of India. The complex fertilizer market weakened at a CAGR of ~% during the period FY’2012-FY’2017 from USD ~ million during FY’2012 to USD ~ million in FY’2017. This was majorly owing to decontrol of fertilizer prices by the Indian government predict for Urea, which augment the demand for Urea and had a negative effect on the sale of complex fertilizers.
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Competition Scenario
India complex fertilizer market is extremely competitive and concentrated with topmost 5 players entailing for over ~% of the market share, in terms of revenue in FY’2017. In terms of complex fertilizer production, the topmost 5 players registered for about ~% of market share as of FY’2017. There are about 13 market players (3 public, 1 cooperative and 9 private companies) employed in the production of complex fertilizer in India. Coromandel international was the market leader and entailed for ~% market share in FY’2017, in terms of revenue. The company produced nearly ~ million MT of complex fertilizers throughout FY’2017. IFFCO emerged as the second greatest player in this space and entailed for ~% market in 2017. Other prominent players involved Paradeep Phosphates, Rashtriya Chemicals and Fertilizers Limited, Fertilizers and Chemicals Travancore, Gujarat State Fertilizers & Chemicals Limited and Gujarat Narmada Valley Fertilizers & Chemicals Limited which entailed for market shares of ~%, ~%, ~%, ~% and ~%, respectively during FY’2017.
Future Outlook and Projections
The Direct Transfer Benefit will soon be deployed around the country from 2018 onwards, since the pilot projects have indicated an accomplishment. This will assist to bring soil health in aim and curb any pilferages and leakages in the subsidy reimbursement procedure as every sale made will be recorded in the POS machine. Numerous companies involving the likes of Coromandel International, Paradeep Phosphates and Fertilizers and Chemicals Travancore have proclaimed investments to augment their production capacity of complex fertilizers. Consumption of complex fertilizers in India is predicted to rise at a CAGR of ~% during the period FY’2017-FY’2022, growing from ~ million MT in FY’2017 to ~ million MT by FY’2022. Complex fertilizers market is predicted to augment at a CAGR of ~% during the period FY’2017-FY’2022.
For More Information, refer to below link:-
India Complex Fertilizer Market Research Report
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