India has witnessed an unprecedented growth in agriculture yields. A new report by IMARC Group titled, “Agriculture Industry in India: Market Segments, Key Drivers, Challenges, Market Trends and Regulations” finds that the agriculture market has grown at a CAGR of 14% in the last eight years. The increase in agriculture produce has ensued a shift in the agriculture industry from being labour-intensive to becoming mechanised. This has contributed to the growth of the agriculture equipments industry in the country.
The report finds that the key factors that contributed to the growth of the indian agriculture equipments industry are easy availability of credit, government incentives, increasing agricultural productivity, emergence of contract farming, increasing rural incomes, etc. According to an analyst at IMARC Group “The significance of ensuring timeliness of agriculture operations has necessitated the need to mechanize agriculture or use equipment. Mechanisation also enables optimum utilisation of inputs such as seeds, water, fertilizers, etc. Even farmers with small land holdings have developed the practice of utilizing selected farm equipments, mainly through custom hiring”.
According to the report, the agriculture equipments industry encompasses a wide range of equipment that includes - tractors, harvesting and threshing equipment, plant protection machines, irrigation and drainage pumps, sprinkler systems, land development machinery, agro-processing equipment, etc. Of these, tractors represent the biggest market segment accounting for 38% of the entire market. The report also finds that, although there is an increasing penetration of agriculture equipment in India, there are wide disparities in mechanisation across the country which leaves a lot of room for future growth.
Apart from the agriculture equipments industry, this report also gives an insight into the market trends, market segments, drivers and challenges, opportunities, various sub-sectors, regulations and the marketing requirements of various other agriculture segments such as farming, fertilizers, pesticides, floriculture, apiculture, sericulture, seeds, animal husbandry, etc. The report, which is based on both desk based research and multiple waves of qualitative primary research is a must read for anyone who plans to venture into the agriculture industry.
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