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The agriculture industry in India reached a value of INR 63,506 Billion in 2020. The agriculture industry represents an important component of the Indian economy both in terms of its contribution to the GDP as well as a source of employment to the majority of the country’s population. This sector is currently showing immense opportunities, with India presently being one of the world’s largest agricultural producers by value. A number of transformations have taken place in this sector over the past few decades. These include - rising penetration of the organized sector, growth in contract farming, agriculture becoming more mechanized, easy loan facilities, rise of exports, use of agrochemicals and high yielding seeds, and an increasing role of the private sector in processing, branding and marketing, etc. Looking forward, IMARC Group expects the agriculture industry in India to reach a value of INR 125,350 Billion by 2026, exhibiting a CAGR of 12% during 2021-2026.
Indian Agriculture Industry: Market Drivers
This new report from IMARC Group entitled “Agriculture Industry in India: Growth and Opportunities” provides an exhaustive insight into the Indian agriculture industry along with its various segments and sub-segments. This report has divided the Agriculture Industry in India into 17 segments and has provided a thorough analysis for each segment such as current and historical market trends, drivers, challenges, market structure, competitive landscape, market forecast, etc. This study is a must-read for investors, manufacturers, consultants, researchers, marketing strategists and anyone who wants to get a deeper insight into the agriculture industry in India.
The agriculture industry in India reached a value of INR 63506 Billion in 2020.
The significant rise in the need for various agricultural products due to population growth and the rapid adoption of enhanced technologies and methods in dairy, fisheries, and livestock are the major growth-inducing factors.
The emergence of modern retail formats has enabled the farmers to directly sell their products to consumers. The establishment of rural banking and credit system is also playing a pivotal role in the industry’s growth.
The increasing adoption of social distancing measures in the country due to the outbreak of the coronavirus disease (COVID-19) has led to disruptions in the supply of agricultural products across the country. The non-availability of migrant labor is also interrupting harvesting activities, thereby negatively impacting the industry.
The Indian agriculture industry is expected to reach a value of INR 125350 Billion by 2026, exhibiting a CAGR of 12% during 2021-2026.
The agriculture industry in India has been segregated into 17 major sectors, including farming, agriculture equipment, fertilizers, pesticides, warehousing, cold chain, food processing, dairy market, floriculture, apiculture, sericulture, seeds, fisheries, poultry, animal husbandry, animal feed, and bio-agriculture. Amongst these, the farming sector accounts for the largest market share in the agriculture industry.
The leading players operating in the industry are E.I. DuPont India Private Ltd., Rallis India Ltd., Nuziveedu Seeds Ltd., Godrej Agrovet Ltd., Nestle India Ltd., Advanta India Limited, Monsanto Company, Parle Products Private Limited, Britannia Industries Ltd., REI Agro Limited., and Indian Farmers Fertilizer Cooperative Limited (IFFCO).
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