India has witnessed an unprecedented growth in agriculture yields. A new report by IMARC Group titled, “Agriculture Industry in India: Market Segments, Key Drivers, Challenges, Market Trends and Regulations” finds thatthe agriculture market has grown at a CAGR of 14% in the last eight years. The increase in agriculture produce has ensued a shift in the agriculture industry from being labour-intensive to becoming mechanised. This has contributed to the growth of the agriculture equipments industry in the country.
The report finds that the key factors that contributed to the growth of the agriculture equipment industry are easy availability of credit, government incentives, increasing agricultural productivity, emergence of contract farming, increasing rural incomes, etc. According to an analyst at IMARC Group “The significance of ensuring timeliness of agriculture operations has necessitated the need to mechanise agriculture or use equipments. Mechanisation also enables optimum utilisation of inputs such as seeds, water, fertilizers, etc. Even farmers with small land holdings have developed the practice of utilising selected farm equipments, mainly through custom hiring”.
According to the report, the agriculture equipment industry encompasses a wide range of equipments that includes – tractors, harvesting and threshing equipment, plant protection machines, irrigation and drainage pumps, sprinkler systems, land development machinery, agro-processing equipment, etc. Of these, tractors represent the biggest market segment accounting for 38% of the entire market. The report also finds that, although there is an increasing penetration of agriculture equipment in India, there are wide disparities in mechanisation across the country which leaves a lot of room for future growth.
Apart from the agriculture equipments industry, this report also gives an insight into the market trends, market segments, drivers and challenges, opportunities, various sub-sectors, regulations and the marketing requirements of various other agriculture segments such as farming, fertilizers, pesticides, floriculture, apiculture, sericulture, seeds, animal husbandry, etc. The report, which is based on both desk based research and multiple waves of qualitative primary research is a must read for anyone who plans to venture into the agriculture industry.
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To know more please visit: http://www.imarcgroup.com/agriculture-industry-in-india
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Indian Agricultural Equipments Market Report & Forecast: 2012-2017 – http://www.imarcgroup.com/farm-agricultural-equipments-industry-india
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Indian Floriculture Market Report & Forecast: 2012-2017 – http://www.imarcgroup.com/flower-floriculture-industry-india
About IMARC Group
The International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Company Name: IMARC Group
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State: Uttar Pradesh