Agriculture Market Trends in India
In 2021, the Indian farming market was worth INR 22,516 billion. According to IMARC Group, the market will reach INR 41,148.7 billion by 2027, with a CAGR of 10.5% from 2022 to 2027. We're constantly watching and evaluating the pandemic's direct and indirect effects, keeping in mind the uncertainties of COVID-19.
Over the years, a few of the best agriculture companies in India has seen significant advancements in terms of farm machinery, irrigation techniques, and financing availability. It is now the backbone of the Indian economy, providing not just food and raw resources but also employment possibilities to a large portion of the population. Despite the industrialization advent as well as rapid growth in other industries, agriculture continues to contribute significantly to the country's Gross Domestic Product (GDP). It mostly entails creating food goods by growing crops and raising animals.
Agriculture Market Trends in India:
Rapid urbanisation, combined with expanding infrastructure and a growing population across the globe, has resulted in India's arable land diminishing. This, combined with rising food demand, is one of the primary drivers of industry expansion. Furthermore, the market is being driven by an increase in the number of agreements between corporations and farmers for the supply and production of agricultural products. Aside from that, organic products are regarded as safer than conventional items because they are grown without the use of chemical pesticides and are better for the environment.
Organic food items are becoming more popular as people become more health-conscious. As a result, organic farming, as well as the online agri market, is becoming more popular among farmers across the country, resulting in a favourable market outlook. In addition, the Indian government is working on a number of projects to strengthen the country's agricultural infrastructure. To encourage exports, it is also providing financial help to farmers for marketing and shipping of farm produce. These initiatives are expected to propel the market forward.
The criticality of the collected data in farming has been on a dramatic rise in recent years. Advances in technologies like IoT, machine learning, blockchain, cloud computing, as well as Artificial Intelligence (AI) have given farmers new ways to redistribute labour, cut costs, and boost profits.
Despite the numerous challenges, the online agritech companies in India remain optimistic about the emergence of new trends and technology.
- Next-Gen Internet Connection
For farmers, the new-age internet connection tends to open up a window to new possibilities. Farmers, with the help of new-age internet connection, will be able to connect their machines as well as devices in areas where wireless Internet is currently inaccessible due to poor coverage. Moreover, data collection will be done continuously, allowing them to gain real-time insights from farms from anywhere in the world.
- Autonomous Agricultural Machinery
Autonomous as well as semi-autonomous machinery used for farming will enhance harvesting accuracy and cut crop losses. Agronomists will be able to focus on more analytical activities as a result of autonomous technologies, which will greatly lessen the pressure on the human workforce.
- Sustainable Development
Machine Learning (ML) based solutions can assist farmers in achieving their objectives. Precision farming instruments that are data-driven, for example, can detect nutrient deficits in a field and alert agronomists. Farmers can treat only the afflicted regions, saving money on fertiliser and reducing the number of unnecessary chemicals in the soil.
In the case of biodiversity, all the data-driven solutions are capable of advising the agronomists on which crops to grow in which seasons to avoid soil depletion and assure long-term use.
- IoT Devices
The amount of data collected from agricultural machinery as well as the field is just too enormous to be processed manually. Sensor makers are focusing on developing software ecosystems as well as the required hardware to provide clients with a complete IoT experience, including data analysis using AI and machine learning.
- Satellite Imagery
Pleiades, Planet, Sentinel-2, and DigitalGlobe are satellites that offer near-real-time high-resolution photographs of the Earth's surface in several spectral bands. Better frequency and accuracy open up hitherto untapped potential, such as anomaly detection, automated crop classification, and efficient resource allocation.