Firstly I apologize for missing out on the last week due to the depth of the subject and its overall impact.
Today I am going to discuss a few pieces of the puzzle scattered and trying to understand the chances of them to bring together circularly!
India, being the agriculture-based country, its contribution to the economy is highest, and this is one of the significant economy boosters. When I think of the allied industries, bio-fertilizer industries caught my attention.<p class="has-text-align-justify" value="<amp-fit-text layout="fixed-height" min-font-size="6" max-font-size="72" height="80">The major factors involved in the bio-fertilizer industry are market potential, industrial infrastructure, labor, raw material availability, and quality.
- The biofertilizers market is estimated to be valued at USD 2.3 billion in 2020 and projected to reach USD 3.9 billion by 2025, recording a CAGR of 11.6% during the forecast period. The market is driven primarily by the increasing organic farmland as well as the rising acceptance of bio-fertilizers among farmers.
- The Indian fertilizer market was worth INR 4,675 Billion in 2017. Looking forward, the market is projected to reach INR 9,987 Billion by 2023, at a CAGR of around 13% during 2018-2023.
- Key indigenous companies in the global market are T Stanes & Company Ltd. (India), SOM Phytopharma (India) Ltd. (India), International Panaacea Limited (India), Kan Biosys (India), National Fertilizers Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India), Fertilizers Limited (India), Rashtriya Chemicals & Fertilizers Ltd, (India).
- Emerging economy like India can offer profitable growth opportunity.
- Asia Pacific is the fastest growing region with growth over 12% up to 2024.
- Major industry players rely on value chain distribution for better visibility of products and to gain higher profits. Expansion in developing countries along with supply agreements with retailers and major manufacturers are the key strategies adopted by the industry players.
- There are 23 compost marketing companies registered with IFMS, and 34 compost manufacturing companies registered with IFMS (2018 Data).
Now here are the statistics that we can positively interpret.
While reviewing the research paper done in Poland, I came across an interesting image that outlines the inclusion of a circular economy in the biofertilizer industry.
Fertilizers Europe has already mapped out everything and you can visit their site for further information. Gasum a Sweden based company is a good example of the key stakeholder in the circular economy in fertilizer Industry.
According to IBEF there are several efforts that Indian Government is undertaking, I have tried to map the important missing parts of the puzzle.
We should start thinking about the generations to come.
I am mentioning in all my posts, this is the perfect time to incorporate 2Cs and 15R approach to move ahead and create sustainable future. The collective effort can lead us to the real “Atmanirbhar Bharat”
Looking forward for the opinions from the Biofertilizer Industry!
Follow the blog for another interesting topic next week!
Stay Home Stay Safe!
PS- Here are the links for little bit of light reading!
- Indian Fertilizer Scenario 2018
- City Composed.pdf
- Guidlines for Direct Sale of City Compost by Compost manufacturers to farmers in bulk under the policy on Promotion of the City Compost of the Department of Fertilizers (DOF).pdf
- Amendment in guidelines dated 09.01.2017 on Bulk Sale of City Compost by Compost marketing companies to fermers under the policy on promotion of City Compost reg._0.pdf
- Bio-based fertilizers: A practical approach towards circular economy Research Paper
- Circular Economy and the European Fertilizer Sector
- Bio-based fertilizers: A practical approach towards circular economy Research Presentation