Agriculture Industry in India Size, Share, Latest Trends, Opportunity and Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Agriculture Industry in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the agriculture industry in India share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the agriculture industry in India?

The agriculture industry in India size reached INR 80,550 Billion in 2022. Looking forward, IMARC Group expects the market to reach INR 158,991 Billion by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.

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Factors Affecting the Growth of the Agriculture Industry in India:

• Government Policies and Initiatives:

Government policies and initiatives play a vital role in shaping India's agriculture industry. Key strategies include providing subsidies for fertilizers, seeds, and equipment to reduce input costs for farmers. The government also implements minimum support price (MSP) schemes for certain crops, ensuring farmers a baseline income. Investment in irrigation infrastructure, like the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), aims to expand and improve water access, crucial for farming. The National Food Security Mission focuses on increasing the production of staple crops. Additionally, the e-NAM (electronic National Agriculture Market) platform is designed to enhance farmers' market access. These policies and initiatives aim to increase agricultural productivity, ensure food security, improve farmers' incomes, and encourage sustainable farming practices, addressing both immediate needs and long-term growth of the sector.

• Technological Advancements:

Technological innovation in India's agriculture industry is revolutionizing farming practices and enhancing productivity. The adoption of precision agriculture technologies, such as satellite imagery, drones, and IoT devices, is enabling farmers to make informed decisions about crop planting, irrigation, and harvesting. Mobile applications provide real-time access to weather forecasts, market prices, and agricultural advice, empowering farmers with crucial information. Agri-tech startups are introducing innovative solutions in farm management, supply chain logistics, and direct-to-consumer platforms, bridging gaps between farmers and markets. Additionally, biotechnology advances are aiding in the development of high-yield, disease-resistant crop varieties. These technological strides are critical in addressing traditional agricultural challenges, improving efficiency, reducing costs, and ultimately, increasing the profitability and sustainability of farming in India.

• Changing Climate Patterns:

Changing climate patterns significantly impact India's agriculture industry, a sector highly dependent on consistent and predictable weather. Fluctuations in monsoon patterns, a key source of water for irrigation, lead to irregularities in rainfall, thus causing either droughts or floods. These extreme weather events not only disrupt crop cycles but also affect crop quality and yield. The rising temperatures and changing precipitation patterns are also altering the suitability of certain crops in various regions, necessitating a shift in cropping patterns and practices. To combat these challenges, there's an increasing focus on developing climate-resilient crops and implementing sustainable farming practices. Water management, soil health improvement, and the adoption of technologies for better weather forecasting and resource use optimization are becoming crucial in adapting India's agriculture to the changing climate.

Agriculture Industry in India Report Segmentation:

Breakup By Subsectors:

• Farming
• Agriculture Equipment
• Fertilizers
• Pesticides
• Warehousing
• Cold Chains
• Food Processing
• Dairy Market
• Floriculture
• Apiculture
• Sericulture
• Seeds
• Fisheries
• Poultry
• Animal Husbandry
• Animal Feed
• Bio-Agriculture Market

Farming constitutes the largest subsector segment in the agriculture industry of India due to the country's large agrarian base, where a significant portion of the population is engaged in farming activities for livelihood, which is contributing extensively to the nation's GDP and food security.

Agriculture Industry in India Trends:

The increasing shift towards sustainable and organic farming practices represents one of the key factors driving the growth of the agriculture industry in India. This is primarily due to the rising environmental awareness and consumer demand for organic produce which is influencing the market growth. Precision agriculture is gaining momentum, with the adoption of technologies like IoT, AI, and remote sensing for enhanced crop management and yield prediction. The growth of agri-tech startups, introducing innovative solutions in farm management, supply chain efficiency, and market access is acting as a major growth-inducing factor.

The government's push for agricultural reforms and digital initiatives is also noteworthy, aiming to modernize the sector and improve farmers' incomes. Furthermore, there's a growing focus on diversifying crops beyond traditional staples to include high-value crops like horticulture and floriculture. Apart from this, the integration of agriculture with e-commerce platforms is expanding market access for farmers, enabling direct sales to consumers, and reducing dependency on traditional supply chains.

Leading Companies Operating in the Agriculture Industry in India:

• DuPont India
• Rallis India Limited (Tata Chemicals Limited)
• Nuziveedu Seeds Limited
• Godrej Agrovet Limited
• Nestle India Limited
• Advanta Seeds
• Parle Products Pvt. Ltd.
• Britannia Industries Limited
• IFFCO

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