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IMARC Group’s latest report, titled “Agriculture Industry in India: Growth and Opportunities,” finds that the agriculture industry in India reached a value of INR 71,220 Billion in 2021. The agriculture industry in India represents the most important sector of the Indian economy and the largest source of livelihood and employment for the majority of the country’s population. It is mainly involved in cleaning, processing, storing, and packaging various products obtained from agricultural production. It includes dairies, growing crops, raising fish and animals, and logging wood. It also comprises businesses that support agriculture practices by producing seeds, fertilizers, pesticides, and farming equipment. Besides this, the agriculture industry in India includes warehousing, cold chain, food processing, fisheries, poultry, animal husbandry, and sericulture.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Agriculture Industry in India Trends:
In India, the escalating demand for agricultural products due to the expanding population, rapid urbanization, and elevating income levels represents the primary factor driving the market growth. Additionally, the government of India is introducing supportive initiatives, such as offering credit facilities for farmers, crop insurance schemes, and lucrative incentives for the movement of agriculture products by air transport to improve the overall production and agricultural infrastructure. In line with this, the rising penetration of the organized food retail sector across the country that offers a wide range of products directly or indirectly related to the agriculture industry is positively influencing the market growth. Furthermore, the shifting consumer inclination toward organic agricultural products and the increasing usage of agrochemicals and high-yielding seeds are other major growth-inducing factors. Besides this, recent technological advancements, such as the surging usage of drones and robots, artificial intelligence (AI), blockchain, remote sensing, and geographic information system (GIS) technologies, for monitoring, crop stress detection, and pathogen detection, have propelled the market growth. Other factors, including modernization and mechanization of the agriculture sector, rapid digitization, easy loan facilities, rising adoption of contract farming, and increasing exports, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach INR 142,280 Billion by 2027, expanding at a CAGR of 12.3% during 2022-2027.
Market Summary:
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