Indian foodtech market set to excel despite pandemic
In 2020, over $300m of investments were secured by agritech startups, which have been especially popular in the Indian agritech ecosystem.
According to Ken Research, a research based management consulting company, the Indian Agritech market will grow 32% by FY25.
The report notes that many agritech groups work inefficiently and there is work to be done, which will have to wait until after the worst of the pandemic has passed.
India leads the world in one in four deaths reported worldwide each day - but agritech persists
There have been a total of 349,186 coronavirus-related deaths reported in India, since the pandemic began. COVID-19 infections are decreasing but the country counts one death in every four worldwide.
Despite this devastation, according to India Agritech Market Outlook to FY’2025 by Nature of Services, a wide range of Indian business models are ready to get to work in Indian agriculture, owing to a series of factors:
- Post-harvest losses of around $13 billion in agricultural value (yearly average)
- Supply chain inefficiencies
- Wastage of over 40% of food even before it reaches the end consumer due to supply chain intermediaries.
In the aftermath of the Indian farmers protest of 2020, the pandemic has forced many to review policies which were not working.
It is hoped that a fresh start following the pandemic will be an opportunity for
Indian agriculture to transform with farmers rights and sustainability at the forefront of this new chapter.
LEAF: India’s digital platforms are helping farmers
LEAF is an Indian organisation which undertakes research in:
- Plant material
- Landscape Design
- Environmental Sustainability
Palat Vijayaraghavan, Founder and CEO of LEAF feels that his company is supporting India’s agritech community.
“Our digital platform is helping farmers take out the pain in all these steps for the farmers”, said Vijayaraghavan. “With our on-ground farmer support centres, the farmers can grow the best of the produce, sell the harvest through our centres, easily realise the value for their harvest and access the fruits of their harvest."