Chemicals & Fertilizers - #SectorUpdates
The success of India’s green revolution and consequent self-reliance in food grain production is largely attributed to use of fertilizers. The Indian fertilizer market reached a value of INR 858 Billion in 2021. It is expected that the market will reach INR 1,131 Billion by 2027, exhibiting a CAGR of 4.8% during 2022-2027. The country’s sustainable production of food grains has benefited greatly from the surge in fertilizer consumption. Currently, there are 72 medium and small fertilizer production units in the Indian fertilizer industry, which have a single super phosphate, and 56 large plants generate nitrogenous, phosphatic, and complex fertilizers (SSP). Phosphate-based fertilizers, nitrogenous fertilizers, and complex fertilizers are the three main types of fertilizers produced in India. The Indian fertilizer sector is poised to leave a lasting imprint on the world because to its tremendous growth.