Indian Bio Agriculture Market is Set for Strong Growth, To Reach INR 61,466 Million by 2025
The latest report by IMARC Group, titled “Indian Bio Agriculture Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025” finds that the Indian bio agriculture market size reached INR 52,026 Million in 2019. Bio agriculture refers to organic or biodynamic farming practices that produce high quality and nutritious produce without the use of synthetic fertilizers or agricultural chemicals. According to the World Organic Agriculture 2019 study, published by IFOAM – Organics International and the Research Institute of Organic Agriculture (FiBL), India has one of the highest numbers of organic farmers in the world. Biological farming is widely practiced by farmers in India to achieve a balance between the physical, chemical and biological facets of the soil aided by improved organic content. They utilize the latest technologies to maximize the activity of soil microbes through the provision of proper soil nutrition and structure.
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Indian Bio Agriculture Market Trends:
In recent years, there has been a significant shift toward bio agriculture practices in India. This trend can be accredited to the excessive use of fertilizers and artificial growth regulators that have led to soil pollution and increased the levels of chemicals in the food chain. Besides this, the growing health-consciousness has encouraged consumers to opt for organic products, which in turn is providing a positive impact on the industry. Along with this, the rising environmental concerns have also prompted farmers to practice bio agriculture as it is a chemical-free method that ensures optimum utilization of natural resources and helps in conserving them. Moreover, the Government of India has introduced various schemes and programs to promote bio- agriculture so as to meet the rising demand for food across the country. Some of these schemes include the National Mission for Sustainable Agriculture (NMSA)/Paramapragat Krishi Vikas Yojana (PKVY), Rashtriya Krishi Vikas Yojana (RKVY), Mission for Integrated Development of Horticulture (MIDH), National Mission on Oilseeds & Oil Palm (NMOOP), and Network Project on Organic Farming of ICAR. Looking forward, the market value is anticipated to reach INR 66,593 Million by 2025, exhibiting a CAGR of 4.1% during 2020-2025.
Market Summary:
· Based on the segment, the market has been divided into transgenic crops, biofertilizers and biopesticides. Transgenic crops currently represent the most popular segment, holding the largest market share.
· Region-wise, the market has been divided into North, South, East and West India.
· The competitive landscape of the market has also been examined in the report, along with the detailed profiles of the key players operating in the industry.
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