Agriculture has always been at the heart of the Indian economy. The bulk of the population is still dependent on agricultural activity to meet their basic needs. Even though there has been a digital boost amongst the farmer community present in the market, agricultural productivity is still low. Also, the proportion of agricultural employees in India is anticipated to fall to 25.7% by 2050. Furthermore, with high labor costs, a shortage of skilled workforce, and food security among the primary issues impeding agricultural output, farmers require a technological boost to match the rising demand.
Where other businesses are facing a funding winter amidst this economic crisis, the agritech market is anticipated to increase at a CAGR of almost 50%, hitting a $34 billion market by 2027 over the next five years, reveals a new report by Avendus Capital. This will only lead to the rise of agritech ecosystem in India. Here are the 3 major trends dominating the industry: