India's agriculture technology sector has the potential to grow manifold to $24.1 bn in the next five years, according to a new report.
With a turnover of $204 mn, India's agri-tech sector is at under 1% of its market potential today. A big chunk of the gains will likely be made by companies addressing supply chain and financial services solutions, driven by the availability of affordable high-speed internet and maturing of India's digital content ecosystem, the EY report on India's agri-tech potential said.
“Attractive market opportunity, nascency in investment funding and minuscule penetration by incumbent agritech players offer an opportunity for established players such as institutional retailers, e-commerce players and food processing companies to create impact at scale,” said Ankur Pahwa, partner and national leader - e-commerce and consumer internet at EY India.