Market to reach Rs.63,924 million by 2024
The Indian bio agriculture market is projected to reach Rs.63,924 million by 2024, growing at a CAGR of 4.2% during 2019-2024. It was worth Rs.49,881 million in 2018, says a report by ResearchAndMarkets.
The bio agriculture industry represents an emerging scientific area that is useful for breeding nutritious, high-yielding and less resource input-demanding crops, said the report “Indian Bio-Agriculture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”.
It comprises of sustainable methods of agriculture practices such as the use of improved variety of crops, biological substitutes of fertilizers, pesticides among others that improve the yield and provide a solution to food supply, according to the report released 8 May 2019.
The bio agriculture market can be segmented into transgenic crops, biopesticides and biofertilizers. The transgenic crop segment in India currently dominates this market and accounts for the highest market share.
Some of the key drivers of the Indian bioagriculture market include rising food demand as a result of the continuously growing population, increasing regulatory and consumer focus on sustainable agriculture, increasing health consciousness in India and rising demand of organic products. fiinews.com