Indian Bio Agriculture Market Outlook to 2024: INR 63,924 Million Opportunity – IMARCGroup.com
The latest report by IMARC Group, titled “Indian Bio Agriculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian bio agriculture market size reached INR 49,881 Million in 2018. Bio-agriculture refers to organic or biodynamic farming practices without the use of synthetic fertilizers or agricultural chemicals. It utilizes advanced technologies to maximize the activity of soil microbes through the provision of proper soil nutrition and structure. Bio agriculture integrates conventional and organic farming methods to achieve a balance between the physical, chemical and biological facets of the soil aided by improved organic carbon content. At present, India has one of the highest numbers of organic farmers in the world, according to the World Organic Agriculture 2018. Biological farming is widely practiced by farmers in India as it involves technologies and methods of agriculture that do not interfere with natural systems and do not cause harm to the environment.
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Indian Bio Agriculture Market Trends:
In recent years, the excess use of fertilizers and artificial growth regulators has led to increased soil pollution and raised the levels of chemicals in the food chain. Consequently, there has been a significant shift toward bio agriculture practices in India. These bio agriculture activities include sustainable farming practices such as the use of biological replacements for fertilizers and pesticides that increase crop yield. Besides this, with the growing health-consciousness, people across the region are now more inclined toward the consumption and usage of organic products. Along with this, the rising environmental concerns have also encouraged farmers to adopt bio agriculture as it is a chemical-free method of farming that ensures optimum utilization of natural resources and helps in conserving them for future generations. Moreover, the government is promoting bio agriculture by introducing various schemes and programs under the National Mission for Sustainable Agriculture (NMSA)/Paramapragat Krishi Vikas Yojana (PKVY), Rashtriya Krishi Vikas Yojana (RKVY), Mission for Integrated Development of Horticulture (MIDH), National Mission on Oilseeds & Oil Palm (NMOOP), Network Project on Organic Farming of ICAR. Looking forward, the market value is projected to reach INR 63,924 Million by 2024, growing at a CAGR of 4.2% during 2019-2024.
Market Summary:
- Based on the segment, the market has been segregated into transgenic crops, biofertilizers and biopesticides.
- Region-wise, the market has been classified into North India, South India, East India and West India.
- The competitive landscape of the market has also been examined in the report, along with the profiles of the key players operating in the industry.
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