India Micronutrient Fertilizer Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 0.76 Billion |
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Market Size (2030) | USD 1.12 Billion |
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Largest Share by Product | Copper |
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CAGR (2024 - 2030) | 6.62 % |
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Fastest Growing by Product | Zinc |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
India Micronutrient Fertilizer Market Analysis
The India Micronutrient Fertilizer Market size is estimated at 0.76 billion USD in 2024, and is expected to reach 1.12 billion USD by 2030, growing at a CAGR of 6.62% during the forecast period (2024-2030).
0.76 Billion
Market Size in 2024 (USD)
1.12 Billion
Market Size in 2030 (USD)
5.92 %
CAGR (2017-2023)
6.62 %
CAGR (2024-2030)
Largest Segment by Type
42.74 %
value share, Copper, 2023
The demand for copper fertilization has increased due to the reduced availability of copper caused by higher nitrogen application and decreased NUE in the soil of the country
Fastest Growing Type
8.15 %
Projected CAGR, Zinc, 2024-2030
The demand for zinc fertilization has increased due to the rise in zinc deficiency in country's acidic soils with high pH content and increased use of P fertilizers
Largest Segment by Crop Type
89.46 %
value share, Field Crops, 2023
Rise in nutrient deficiencies, higher cultivation areas under field crops and need for proper micronutient levels in the soils resulted in field crops higher market share
Largest segment by Application Mode
97.41 %
value share, Soil, 2023
Applying micronutrients through soil application mode improves the nutrient balance, increases the crop quality and yield, these benefits lead to higher market share
Leading Market Player
14.44 %
market share, Chambal Fertilizers & Chemicals Ltd, 2022
The company leading the market by establishing a marketing network with 22,000 village level outlets, 2200 dealers and 15 regional offices and offering various micronutrients
With the expansion of cultivation with increasing requirements of micronutrients to improve quality and yield, the demand for micronutrients is expected to grow
- Zinc dominated India's micronutrient fertilizer consumption in 2022, accounting for 26.9% of the total. This high consumption is primarily driven by the prevalent zinc deficiency in Indian cropping soils. Notably, the buffalo bulletin highlights significant zinc deficiencies in the soils of Maharashtra (83%), Karnataka (73%), and Andhra Pradesh (58%).
- Iron follows zinc as the second-most consumed micronutrient fertilizer in India, representing 19.9% of the total consumption. Continuous cultivation of field crops in the same area for extended periods leads to soil nutrient depletion. These factors are projected to drive the market's value, registering a CAGR of 6.8% from 2023 to 2030.
- Manganese ranks third in micronutrient consumption, comprising 8.1% of the total. Driven by the need for higher productivity and quality, the demand for manganese fertilizers is expected to rise, registering a CAGR of 5.2% in terms of value during 2023-2030.
- India has witnessed a notable surge in micronutrient consumption, projected to register a 4.4% CAGR during 2023-2030. This uptick is attributed to the increasing awareness among farmers about the role of micronutrients in enhancing crop productivity.
- Looking ahead, the demand for micronutrient fertilizers in India is poised to register a 6.5% CAGR in value from 2023 to 2030. This surge is driven by the twin factors of a need for higher crop yields and productivity, coupled with escalating soil micronutrient deficiencies. Additionally, advancements in chelated fertilizers, known for their enhanced stability in soil applications, are expected to further bolster the growth of micronutrients.
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India Micronutrient Fertilizer Market Trends
Manganese deficiency is a common problem in European countries, which most frequently affects sandy soils and organic soils with a pH above 6
- The area under field crop cultivation in the country increased by 3.5% from 2017 to 2021. The increased cultivation of cereals, pulses, and oilseeds in the country due to the rising consumer demand domestically and internationally is the major driving factor for the rising acreage.
- By crop type, rice, wheat, and soybean occupied the largest area under cultivation in the country, accounting for 47 million ha, 31.1 million ha, and 12.3 million ha, respectively, in the year 2022. Rice is the most important food crop of India, covering about one-fourth of the total cropped area and providing food to about half of the Indian population. It is cultivated in almost all the states of the country, mainly in West Bengal, Uttar Pradesh, Andhra Pradesh, Punjab, and Tamil Nadu.
- Accordingly, rice consumption in the country increased from 95.8 million tons in 2016 to 107 million tons in 2022, which shows the rising demand for the crop in the country. This trend is further anticipated to drive the demand for fertilizers during 2023-2030. Similarly, wheat cultivation in the country increased from 98.5 million tons in 2017 to 107.6 million tons in the year 2020. It is cultivated majorly in Punjab, West Bengal, Haryana, and Rajasthan. Wheat is the second most important cereal crop in India and plays a vital role in the food and nutritional security of the country. Therefore, the intense cereal cultivation in the country, coupled with rising domestic and international demand, is anticipated to drive the Indian fertilizer market during 2023-2030.
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Widespread micronutrient deficiency in soils of India is leading to reduced crop yield
- The increasing consumption of chemical fertilizers has led to a higher deficiency of micronutrients in the soil, leading to lesser crop yield over the years. The State of Biofertilizers and Organic Fertilizers stated that the soil was highly deficient in boron (47.0%), zinc (39.0%), iron (37.0%), and sulfur (36.0%) in 2022.
- Empirical studies show that high-yielding cultivars were introduced to meet the growing demand for food, fiber, and fuel. These high-yielding crop cultivars were highly responsive to fertilizers. Thus, the soils were slowly exhausted from their nutrients. In 2021, manganese, copper, and zinc were found to have the highest average nutrient application rates of 9.8 kg/ha, 7.3 kg/ha, and 4.1 kg/ha, respectively.
- Crops such as rapeseed/canola, corn/maize, and rice were found to be the largest consumers of average micronutrients in 2021, accounting for 10.7, 6.8, and 6.3 kg/ha, respectively. The adoption of intensive and modern cropping practices with high-yielding crop cultivars and unbalanced fertilizer application resulted in the emergence of widespread micronutrient deficiency in soils and crops of India, leading to reduced crop yield and low micronutrient concentration in agricultural produce.
- States such as Maharashtra, Karnataka, Haryana, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, West Bengal, Orissa, Bihar, and Uttar Pradesh are highly deficient in zinc and boron. Hence, micronutrient management depending upon crops, soil types, the severity of the deficiency, rates, and frequency of application has been adapted by the farmers in the country for sustainable agricultural production over the past few years, which is anticipated to drive the micronutrient market in the country.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The area under horticulture is steadily increasing due to the increasing demand for fruits and vegetables
- Manganese and copper are the highly applied nutrients in India, with 12.3 kg/ha and 7.3 kg/ha in 2022, due to their widespread deficiencies in soil
- Widespread micronutrient deficiency in soils of India is leading to reduced crop yield
- More than half of India’s cultivated land now has access to assured irrigation
India Micronutrient Fertilizer Industry Overview
The India Micronutrient Fertilizer Market is fairly consolidated, with the top five companies occupying 66.71%. The major players in this market are Chambal Fertilizers & Chemicals Ltd, Coromandel International Ltd., Grupa Azoty S.A. (Compo Expert), Yara International ASA and Zuari Agro Chemicals Ltd (sorted alphabetically).
India Micronutrient Fertilizer Market Leaders
Chambal Fertilizers & Chemicals Ltd
Coromandel International Ltd.
Grupa Azoty S.A. (Compo Expert)
Yara International ASA
Zuari Agro Chemicals Ltd
Other important companies include Deepak fertilizers & Petrochemicals Corporation Ltd, Haifa Group, Indian Farmers Fertiliser Cooperative Limited, Mangalore Chemicals & Fertilizers Ltd., Sociedad Quimica y Minera de Chile SA.
*Disclaimer: Major Players sorted in alphabetical order.
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India Micronutrient Fertilizer Market News
- November 2019: IFFCO Launches its Nano Technology based Products nano nitrogen, nano zinc and nano copper for on- field trials as part of its efforts to cut United Statesge of chemical fertilisers and boost farmers' income.
- February 2019: Coromandel International announced a strategic partnership with Agrinos. The partnership allows Coromandel to widen its product offerings of complete plant nutrition solutions, organic fertilizers, and specialty nutrients. Coromandel, in partnership with Agrinos, will offer growers high-technology inputs under the brand name ARITHRI.
- November 2018: ICL Fertilizers developed a new line of premium fertilizers that help farmers feed their crops precisely. Polysulphate, ICLPotashpluS, and ICLPKpluS are manufactured from polyhalite, a mineral extracted at the ICL mine in Boulby, United Kingdom, to meet the agricultural need for balanced, targeted nutrition.
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India Micronutrient Fertilizer Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Acreage Of Major Crop Types
2.1.1. Field Crops
2.1.2. Horticultural Crops
2.2. Average Nutrient Application Rates
2.2.1. Micronutrients
2.2.1.1. Field Crops
2.2.1.2. Horticultural Crops
2.3. Agricultural Land Equipped For Irrigation
2.4. Regulatory Framework
2.5. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Product
3.1.1. Boron
3.1.2. Copper
3.1.3. Iron
3.1.4. Manganese
3.1.5. Molybdenum
3.1.6. Zinc
3.1.7. Others
3.2. Application Mode
3.2.1. Fertigation
3.2.2. Foliar
3.2.3. Soil
3.3. Crop Type
3.3.1. Field Crops
3.3.2. Horticultural Crops
3.3.3. Turf & Ornamental
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Chambal Fertilizers & Chemicals Ltd
4.4.2. Coromandel International Ltd.
4.4.3. Deepak fertilizers & Petrochemicals Corporation Ltd
4.4.4. Grupa Azoty S.A. (Compo Expert)
4.4.5. Haifa Group
4.4.6. Indian Farmers Fertiliser Cooperative Limited
4.4.7. Mangalore Chemicals & Fertilizers Ltd.
4.4.8. Sociedad Quimica y Minera de Chile SA
4.4.9. Yara International ASA
4.4.10. Zuari Agro Chemicals Ltd
5. KEY STRATEGIC QUESTIONS FOR FERTILIZER CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- CULTIVATION OF FIELD CROPS IN HECTARE, INDIA, 2017 - 2022
- Figure 2:
- CULTIVATION OF HORTICULTURAL CROPS IN HECTARE, INDIA, 2017 - 2022
- Figure 3:
- CONSUMPTION OF MICRONUTRIENTS BY FIELD CROPS IN KG/HECTARE, INDIA, 2022
- Figure 4:
- CONSUMPTION OF MICRONUTRIENTS BY HORTICULTURAL CROPS IN KG/HECTARE, INDIA, 2022
- Figure 5:
- AGRICULTURAL LAND EQUIPPED FOR IRRIGATION IN HECTARE, INDIA, 2022
- Figure 6:
- MICRONUTRIENTS FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 7:
- MICRONUTRIENTS FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 8:
- FERTILIZER CONSUMPTION BY MICRONUTRIENTS IN METRIC TON, INDIA, 2017 - 2030
- Figure 9:
- FERTILIZER CONSUMPTION BY MICRONUTRIENTS IN USD, INDIA, 2017 - 2030
- Figure 10:
- FERTILIZER CONSUMPTION VOLUME BY MICRONUTRIENTS IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 11:
- FERTILIZER CONSUMPTION VALUE BY MICRONUTRIENTS IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 12:
- BORON FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 13:
- BORON FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 14:
- BORON FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 15:
- COPPER FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 16:
- COPPER FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 17:
- COPPER FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 18:
- IRON FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 19:
- IRON FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 20:
- IRON FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 21:
- MANGANESE FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 22:
- MANGANESE FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 23:
- MANGANESE FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 24:
- MOLYBDENUM FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 25:
- MOLYBDENUM FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 26:
- MOLYBDENUM FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 27:
- ZINC FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 28:
- ZINC FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 29:
- ZINC FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 30:
- OTHERS FERTILIZER CONSUMPTION IN METRIC TON, INDIA, 2017 - 2030
- Figure 31:
- OTHERS FERTILIZER CONSUMPTION IN USD, INDIA, 2017 - 2030
- Figure 32:
- OTHERS FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 33:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY APPLICATION MODE IN METRIC TON, INDIA, 2017 - 2030
- Figure 34:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY APPLICATION MODE IN USD, INDIA, 2017 - 2030
- Figure 35:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VOLUME BY APPLICATION MODE IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 36:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY APPLICATION MODE IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 37:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, INDIA, 2017 - 2030
- Figure 38:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, INDIA, 2017 - 2030
- Figure 39:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 40:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, INDIA, 2017 - 2030
- Figure 41:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, INDIA, 2017 - 2030
- Figure 42:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 43:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, INDIA, 2017 - 2030
- Figure 44:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, INDIA, 2017 - 2030
- Figure 45:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, INDIA, 2023 VS 2030
- Figure 46:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY CROP TYPE IN METRIC TON, INDIA, 2017 - 2030
- Figure 47:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY CROP TYPE IN USD, INDIA, 2017 - 2030
- Figure 48:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VOLUME BY CROP TYPE IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 49:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, INDIA, 2017 VS 2023 VS 2030
- Figure 50:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY FIELD CROPS IN METRIC TON, INDIA, 2017 - 2030
- Figure 51:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY FIELD CROPS IN USD, INDIA, 2017 - 2030
- Figure 52:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, INDIA, 2023 VS 2030
- Figure 53:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY HORTICULTURAL CROPS IN METRIC TON, INDIA, 2017 - 2030
- Figure 54:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY HORTICULTURAL CROPS IN USD, INDIA, 2017 - 2030
- Figure 55:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, INDIA, 2023 VS 2030
- Figure 56:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY TURF & ORNAMENTAL IN METRIC TON, INDIA, 2017 - 2030
- Figure 57:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY TURF & ORNAMENTAL IN USD, INDIA, 2017 - 2030
- Figure 58:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, INDIA, 2023 VS 2030
- Figure 59:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, INDIA, 2017 - 2030
- Figure 60:
- INDIA MICRONUTRIENT FERTILIZER MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 61:
- MARKET SHARE OF MAJOR PLAYERS IN %, INDIA, 2022
India Micronutrient Fertilizer Industry Segmentation
Boron, Copper, Iron, Manganese, Molybdenum, Zinc, Others are covered as segments by Product. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type.
- Zinc dominated India's micronutrient fertilizer consumption in 2022, accounting for 26.9% of the total. This high consumption is primarily driven by the prevalent zinc deficiency in Indian cropping soils. Notably, the buffalo bulletin highlights significant zinc deficiencies in the soils of Maharashtra (83%), Karnataka (73%), and Andhra Pradesh (58%).
- Iron follows zinc as the second-most consumed micronutrient fertilizer in India, representing 19.9% of the total consumption. Continuous cultivation of field crops in the same area for extended periods leads to soil nutrient depletion. These factors are projected to drive the market's value, registering a CAGR of 6.8% from 2023 to 2030.
- Manganese ranks third in micronutrient consumption, comprising 8.1% of the total. Driven by the need for higher productivity and quality, the demand for manganese fertilizers is expected to rise, registering a CAGR of 5.2% in terms of value during 2023-2030.
- India has witnessed a notable surge in micronutrient consumption, projected to register a 4.4% CAGR during 2023-2030. This uptick is attributed to the increasing awareness among farmers about the role of micronutrients in enhancing crop productivity.
- Looking ahead, the demand for micronutrient fertilizers in India is poised to register a 6.5% CAGR in value from 2023 to 2030. This surge is driven by the twin factors of a need for higher crop yields and productivity, coupled with escalating soil micronutrient deficiencies. Additionally, advancements in chelated fertilizers, known for their enhanced stability in soil applications, are expected to further bolster the growth of micronutrients.
| Product | |
| Boron | |
| Copper | |
| Iron | |
| Manganese | |
| Molybdenum | |
| Zinc | |
| Others |
| Application Mode | |
| Fertigation | |
| Foliar | |
| Soil |
| Crop Type | |
| Field Crops | |
| Horticultural Crops | |
| Turf & Ornamental |
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Market Definition
- MARKET ESTIMATION LEVEL - Market Estimations for various types of fertilizers has been done at the product-level and not at the nutrient-level.
- NUTRIENT TYPES COVERED - Micronutients: Zn, Mn, Cu, Fe, Mo, B, and Others
- AVERAGE NUTRIENT APPLICATION RATE - This refers to the average volume of nutrient consumed per hectare of farmland in each country.
- CROP TYPES COVERED - Field Crops: Cereals, Pulses, Oilseeds, and Fiber Crops Horticulture: Fruits, Vegetables, Plantation Crops and Spices, Turf Grass and Ornamentals
| Keyword | Definition |
|---|---|
| Fertilizer | Chemical substance applied to crops to ensure nutritional requirements, available in various forms such as granules, powders, liquid, water soluble, etc. |
| Specialty Fertilizer | Used for enhanced efficiency and nutrient availability applied through soil, foliar, and fertigation. Includes CRF, SRF, liquid fertilizer, and water soluble fertilizers. |
| Controlled-Release Fertilizers (CRF) | Coated with materials such as polymer, polymer-sulfur, and other materials such as resins to ensure nutrient availability to the crop for its entire life cycle. |
| Slow-Release Fertilizers (SRF) | Coated with materials such as sulfur, neem, etc., to ensure nutrient availability to the crop for a longer period. |
| Foliar Fertilizers | Consist of both liquid and water soluble fertilizers applied through foliar application. |
| Water-Soluble Fertilizers | Available in various forms including liquid, powder, etc., used in foliar and fertigation mode of fertilizer application. |
| Fertigation | Fertilizers applied through different irrigation systems such as drip irrigation, micro irrigation, sprinkler irrigation, etc. |
| Anhydrous Ammonia | Used as fertilizer, directly injected into the soil, available in gaseous liquid form. |
| Single Super Phosphate (SSP) | Phosphorus fertilizer containing only phosphorus which has lesser than or equal to 35%. |
| Triple Super Phosphate (TSP) | Phosphorus fertilizer containing only phosphorus greater than 35%. |
| Enhanced Efficiency Fertilizers | Fertilizers coated or treated with additional layers of various ingredients to make it more efficient compared to other fertilizers. |
| Conventional Fertilizer | Fertilizers applied to crops through traditional methods including broadcasting, row placement, ploughing soil placement, etc. |
| Chelated Micronutrients | Micronutrient fertilizers coated with chelating agents such as EDTA, EDDHA, DTPA, HEDTA, etc. |
| Liquid Fertilizers | Available in liquid form, majorly used for application of fertilizers to crops through foliar and fertigation. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: IDENTIFY KEY VARIABLES: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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