India Agricultural Commodities Market to Witness Growth on Back of Technological Advancements

According to TechSci Research report, “India Agricultural Commodities Market- By Region, Competition, Forecast and Opportunities, 2030F”,India Agricultural Commodities Market has reached reach USD 9.07 billion by 2024 and is anticipated to project robust growth to reach USD 12.23 billion in 2030 with a CAGR of 5.15%.

Commodity trading in India serves the purpose of stabilizing commodity prices and establishing a connection between the spot market and the futures market. In India, there are four major commodity trading stock exchanges: MCX, NCDEX, NMCE, and the Indian Commodity Exchange. NCDEX and NMCE primarily focus on agricultural commodities, reflecting the significant government intervention in the agricultural sector aimed at protecting the interests of Indian farmers.

The role of the futures market becomes prominent during periods of devastating price crashes of crop. India, being one of the top producers of agricultural commodities, has a commodity market as old as that in the USA and UK. Despite facing fluctuations, the country is progressively bringing stability to the commodity market through advancing technology and enhanced transparency. Market dynamics are governed by the forces of demand and supply. The commodity market involves trade in the primary sector of the economy, categorized into soft commodities (agricultural products like sugar, coffee, wheat) and hard commodities (mined products like oil and gold). Trading in the commodity market is facilitated through futures contracts, either physically or through derivatives like options, forwards, and futures.

Government initiatives aimed at agricultural commodities have created favorable market conditions for the India Agricultural Commodities Market. Schemes like Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) provide income support to small and marginal farmers, while efforts to promote sustainable agricultural practices focus on conserving water resources and enhancing soil health. These initiatives aim to ensure the long-term sustainability of the agricultural sector and the well-being of farmers and the environment.

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The adoption of new crop varieties, made possible through extensive research and development (R&D) activities, presents a significant opportunity to enhance agricultural productivity. By introducing crops that possess not only higher yield potential but also better disease resistance and improved adaptability to diverse climatic conditions, India's agricultural sector can effectively and sustainably address the ever-increasing demand for food and other essential agricultural products. This proactive approach towards innovation and technological advancements in agriculture will not only bolster food security but also contribute to the overall economic growth and well-being of the nation.

The India Agricultural Commodities Market is segmented into type, product type, regional distribution, and company.

Based on the type, the soft segment has emerged as the fastest-growing player in India's agricultural commodities market. Soft commodities, including sugar, coffee, cocoa, wheat, and fruits, are experiencing increased demand domestically and internationally due to shifting consumer preferences and government support. Policies promoting agricultural production and trade, along with technological advancements, have enhanced the yield and quality of soft commodities, attracting investments in this segment. The soft segment's rapid growth underscores the vital role of agricultural commodities in India's economy and highlights opportunities for further expansion in this sector.

North India has emerged as the fastest-growing region. Several factors contribute to this trend. North India has a long-standing tradition of agriculture, with fertile lands conducive to crop cultivation. Additionally, the region's large population and high consumption rates drive demand for agricultural products. Moreover, government initiatives aimed at promoting agricultural development, such as subsidies and infrastructure investments, have bolstered agricultural production in North India. The region also benefits from favorable climatic conditions and access to irrigation facilities, supporting year-round farming activities.

Advancements in technology and farming practices have improved productivity and efficiency in North India's agricultural sector. This growth trend in North India underscores the region's significance in India's agricultural landscape and presents opportunities for further expansion and investment in the sector.

Major companies operating in India Agricultural Commodities Market are:

• Multi Commodity Exchange of India Ltd.
• Bombay Stock Exchange Ltd.
• National Commodity & Derivatives Exchange Limited
• Indian Commodity Exchange Ltd.
• Agricultural & Processed Food Products Export Development Authority

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“The Indian agricultural commodities market is experiencing robust growth driven by various factors. The country's large population and changing dietary preferences are increasing the demand for agricultural products. Additionally, government initiatives and policies aimed at supporting farmers and promoting agricultural production have contributed to market expansion. Schemes such as the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) provide income support to farmers, while investments in infrastructure and technology enhance productivity and efficiency.

Moreover, increasing awareness of the health and environmental benefits of organic and sustainable farming practices has led to a rise in demand for organic agricultural commodities. This growing trend presents opportunities for farmers to diversify their offerings and cater to niche markets. Thus, the Indian agricultural commodities market is poised for continued growth, driven by evolving consumer preferences, government support, and a focus on sustainability,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“India Agricultural Commodities Market, By Type (Hard, Soft), By Product Type (Soybeans, Corn, Wheat, Rice, Cocoa, Coffee, Cotton, Spices, Others), By Region, Competition, Forecast and Opportunities, 2020-2030F”, has evaluated the future growth potential of India Agricultural Commodities Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Agricultural Commodities Market.

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