Growing demand from the agriculture sector is expected to drive the growth of the India nano DAP market in the forecast period. According to TechSci Research report, “IndiaNano DAP Market – By Region, Competition Forecast and Opportunities, 2021-2031″, the India nano DAP market is anticipated to increase at an impressive rate in the forecast period.
The Important Elements of India Nano DAP Market
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 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 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 direct, retail, 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 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 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 the 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.
“IndiaNano 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 Indianano 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Indianano DAP market.
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