Agricultural technology, or "AgriTech," refers to the application of technology to enhance farming and agriculture along various value chains. It incorporates advanced technology that power the 'fourth agricultural revolution,' comparable to the sector. Precision farming, quality control, production, supply-chain/market linkage, and digital traceability are just a few of the innovative and digital technologies that entrepreneurs in the agritech space are utilizing to fuel their growth. increasing consumer demand for premium goods and expanding venture finance and private equity investment.India's agritech firms have been dubbed the "ray of hope" because they are fostering innovation and revolutionizing the country's agricultural practices.
According to SPER Market Research, ’India Agritech Market Size- By Nature of Services- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ states that the India Agritech Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
Precision farming is one of the main areas where AgriTech firms are having a big influence. Precision farming enhances productivity and lessens environmental impact by applying resources like pesticides, fertilizers, and water more precisely. Making agricultural equipment and inputs more accessible to farmers is another major goal of many businesses. They offer fertilizers, seeds, farm equipment, and other supplies for sale on mobile applications and internet markets. In India, a lot of farmers struggle to sell their produce in the correct places and at reasonable prices. AgriTech companies have developed platforms that eliminate middlemen and guarantee a more equal profit sharing by bringing farmers and buyers together directly. Aside from all of this, there has also been a boom in the quality management industry, which evaluates product quality using machine-based picture analytics.
The collection and use of data in agritech raises concerns about data security and privacy. If there aren't clear assurances regarding data privacy, farmers can be hesitant to use technologies that need sharing private data. Moreover, integrating various agritech solutions into conventional farming practices might be challenging. Farmers may face challenges in making the most of and optimizing these technologies. Thus, during the course of the projected period, the agritech business faces significant challenges related to data security and technology integration.
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The COVID-19 pandemic has had an impact on the Indian agritech market's overall growth rate. Food supply chains went cold, farmers had trouble getting inputs before harvest, there was little access to markets and mandis, agri-logistics and transport systems were malfunctioning, post-harvest losses increased, and the price of unsold goods squeezed farmer profits. The industry was completely in turmoil overall.
Trends in the agritech startup space are evident, with over half of all firms founded in India, and three well-established ecosystem hubs at the top of the rankings. and Karnataka has been home to the majority of startups for more than a quarter of the total startups . Maharashtra is next in line, and then other states like Telangana, Haryana, Delhi-NCR, Tamil Nadu, and Haryana have roughly the same amount of companies. The major key players in Indian agritech market are Agrostar, Costar, Country Delight, Cropin, Farmart, Fasal, Farmlink, Goldfarm, Jai Kisan, Milk Mantra.
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