India represents the third largest agricultural producer by value, after US and China. Agriculture is an important component of the Indian economy as it provides employment to a large portion of the Indian population. According to a new report by IMARC Group entitled, “Agriculture Industry in India: Growth and Opportunities”, the agriculture sector in India has grown at a CAGR of more than 14% during 2008-2015, reaching a value of INR 34,570 Billion in 2015. The report finds that currently, India is the largest producer and consumer of dairy products and spices as well as the second largest producer of fruits, fishes, wheat, rice and raw silk, globally. IMARC Group expects the agriculture sector in India to double in value by 2021 exhibiting a CAGR of around 12%.
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This report has divided the agriculture industry in India into 17 segments – farming, fertilizers, warehousing, food processing, floriculture, apiculture, sericulture, seeds, fisheries, dairy market, poultry, cold chains, animal husbandry, pesticides, animal feed, agriculture equipment and bio-agriculture. For each of these segments, the report has provided an exhaustive analysis which includes current and historical market trends, drivers, challenges, market structure, competitive landscape, market forecast, etc. The farming segment (which consists of fruits, vegetables, cereals, plantation crops, spices and pulses) represents the largest segment of the Indian agriculture industry. Farming, food processing and dairy segments together accounted for around 75% of the entire industry revenues in 2015. On the other hand, the fastest growing segments of the industry include – floriculture, cold chain and sericulture.
Despite being important to the nation’s economy, the agriculture sector in India still faces certain challenges. Regardless of several decades of intense government efforts, India’s yield for major crops is highly heterogeneous and is still below the global average and far below the highest standards. The heterogeneity is a result of uneven penetration of new agricultural technologies within the various regions of India. Moreover, small landholdings and poor logistics infrastructure are also negatively impacting the Indian agriculture industry.
In order to overcome these challenges and provide better conditions, the government is providing subsidies to the farmers, exempting them from certain taxes, running various awareness and educational programmes for them and increasing expenditure on rural infrastructure. Furthermore, India’s large consumer base and rising incomes have also resulted in the increasing consumption of agricultural goods. Other factors that are aiding the growth of the industry are an easy availability of credit, emergence of contract farming and the growth of the food retail sector. As a result, agriculture industry in India is now evolving and progressing towards becoming a professionally managed industry.
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