India’s agritech sector has the potential to grow to $24.1B in the next 5 years, according to a new report. With a turnover over of $204M, India’s agritech sector is at under 1% of its market potential today. Five key categories that’ll have the lion’s share are – agritech market for supplying farm inputs $1.7B; precision agriculture and farm management $3.4B; quality management and traceability $3B; supply chain and output market 12B; financial services $4.1B.
The adoption of digital rural products and payments have accelerated since the onset of the pandemic, as per Omnivore’s report. Intermediary reduction and tech-enabled payments are the prime boosters of digitization. Investment in horticulture, dairy, poultry etc are much-needed. Robots, automation and other techs will take over manual tasks, making agriculture more gender diverse. Tech-adoption will increase transparency between farmer and customer.