Agritech Market- India
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 11.50% (2024-2032)
Market Size in 2023: USD 787.5 Million
Market Size in 2032: USD 2,309.75 Million
The India agritech market is rapidly evolving, leveraging technology to enhance agricultural productivity, efficiency, and sustainability across the country. According to the latest report by IMARC Group, the market size reached USD 787.5 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 2,309.75 Million by 2032, exhibiting a growth rate (CAGR) of 11.50% during 2024-2032.
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India Agritech Market Trends and Drivers:
Market Expansion Factors
- Rapid Growth: The India Agritech market is expanding quickly due to several interconnected factors.
- Digitalization: Rising digitalization and technological advancements in agriculture are driving market growth.
Smart Farming Technology
- Innovative Solutions: Emergence of smart farming technologies (AI, precision agriculture, IoT) enhances crop yields, optimizes resources, and reduces environmental impact.
- Data-Driven Decisions: Increasing use of data analytics and machine learning helps farmers make informed decisions on planting, irrigation, and harvesting.
Government Initiatives
- Sustainable Agriculture: Government efforts to promote sustainable agriculture contribute to market expansion.
- Digital Inclusion: Initiatives aimed at digital inclusion in rural areas support the growth of the agritech sector.
- Subsidies and Programs: Various subsidies and innovation-supporting programs accelerate market development.
E-commerce and Digital Marketplaces
- Market Access: Rising focus on e-commerce platforms transforms how farmers access markets and sell their produce.
- Direct-to-Consumer Sales: These platforms enable direct sales to consumers, increasing farmers' profitability by reducing intermediaries.
Agri-fintech Solutions
- Access to Credit and Insurance: Development of agri-fintech solutions helps small and marginal farmers manage risks through better access to credit and insurance.
Eco-Friendly Solutions
- Sustainable Practices: Investment in eco-friendly farming solutions, such as organic farming techniques and sustainable inputs, meets the growing demand for healthy products.
Future Outlook
- Food Security Emphasis: Growing emphasis on food security and innovation is expected to drive the agritech market in the coming years.
India Agritech Market Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the India agritech market size. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Breakup by Type:
- Biotechnology and Biochemical
- Big Data and Analytics
- Sensors and Connected Devices
- Mobility
- Others
Breakup by Application:
- Irrigation
- Production and Maintenance
- Supply Chain
- Marketplace
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=21706&flag=C
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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