Agricultural products market is one sector which is experiencing the least impact during the pandemic. Although every sector has undergone small or large downfall, this sector has witnessed minimal reduction in sales compared to other consumer goods. There are numerous considerations that must be touched upon when it comes to selling agro products. One has to look at the demand of the product at that point in time, and other things like the storage facility available. One may take the products directly to the market for selling or choose to store it for sale at later point in future. One may gather a product from the field and sell directly or it goes through a cleaning process before sale by the seller. Sometime processing is done because consumers want it, while sometimes the intention is to conserve the quality of the product.
As per a market forecast by MarketsandMarkets, the food & agriculture technology and products market is slated to become worth USD 729.5 billion by 2023, growing at a CAGR of more than 8 percent. It has become one of the most important segments of agriculture and its growth can be attributed to the increasing demand and rising consumption of livestock-based products and seafood. Another factor that has contributed significantly to the market growth is the fact that customers are now more aware about food safety. In addition, it is garnering more support than ever from government with regard to implementing modern agricultural techniques and methodologies. While the need for agro products is bound to maintain a steady demand, marketing of agro products is equally important. Agricultural marketing being one of the significant factors makes the cultivator’s profitability incumbent on it. On the whole, it encompasses operations ranging from transit of raw materials from the field to the consumer. To tap into this market potential, several players have ventured into this industry.
Moving forward, although the country can take pride in being the world leader in specialist products such as buffalo milk, spices and bananas, mangoes, chickpeas etc., it must take measures to improve its operations on the processing and storage fronts to compete with the global market and increase its export to countries all over the world. “Farmers are increasingly investing more in advanced agricultural infrastructure such as irrigation facilities, quality seeds, equipments, fertilizers, warehousing, cold storage, etc. Also, there has been an increase in the consumers’ purchasing power creating a positive impact on the domestic demand of agriculture products,” says a report by IMARC Group.