Agriculture Industry in India: Market Overview, Top Manufactures, Market Size, Opportunities and Forecast by 2024
Indian Agriculture Industry Overview:
Agriculture represents an important component of the Indian economy in terms of both employment opportunities offered by it and its contribution to the GDP of the country. Presently, India is the third largest agricultural producer across the globe in terms of value, after the United States and China. There have been numerous transformations in the agricultural sector of India, over the past few years, which include growth in contract farming, increasing penetration of the organised sector, easy loan facilities, rising mechanisation of agriculture, increasing use of agrochemicals and rise in exports. A new research report by IMARC Group, the Indian agriculture market was worth INR 44,488 Billion in 2017. The report further anticipates the market to cross INR 86,410 Billion by 2023, at a projected CAGR of nearly 12% over the forecast period.
Drivers/Constraints of Agriculture Industry in India:
- The sustained economic growth in India has led to an increase in the per capita income levels due to which there has been a rise in the consumer base for agricultural products. This is one of the primary factors driving the market.
- Across rural areas, there is an easy availability of credit owing to several developments and initiatives which include Kisan credit cards and microfinance. This has led to a boost in agricultural production across the region as the farmers are enabled to get credit easily for numerous activities such as buying fertilisers, land, equipment, etc.
- There has been a rise in the organised food retail sector in India which offers a diversified range of products that are directly or indirectly related to the agriculture sector. This has, in turn, contributed towards the augmented market growth.
- Cost of logistics in India is higher as compared to other regions owing to poor conditions of road, lack of cold chain facilities and improper warehousing methods after harvesting. This is one of the major obstacles which is hindering the growth of the agriculture industry in India.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/agriculture-industry-in-india
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