by Trivium PRThe Boom in Agritech Post-COVID-19 Lockdown: Insights and Trends| Trivium PR
The AgriTech industry mainly functions based on the application of using technology to enhance the produce, efficiency and revenue through farming practices. So, it includes all the products, services, and offerings of agriculture. Today, agriculture cannot survive solely on the basis of traditional practices and technological intervention is necessary to reach a solution.
NASSCOM’s 2019 report declares India the home of around 450 agri-tech start-ups, growing rapidly at 25% annually. This sector has received more than $248 million in funding, signaling the agri-tech industry’s potential. With the decrease in smartphone prices. The rural population too is able to reap the benefits of this invention. Farmers use phones to not only contact their dealers and wholesalers. ut also to track their products, keep a check on their crop, and maintain a detailed record of the outcome. Meanwhile, this has been made available by a number of AgriTech companies. And they start-ups that are booming with the rise in the farmers shifting to online functions.
In spite of the various benefits from this concept, the lockdown due to Covid-19, posed severe obstacles for farmers. And it due to restrictions on any movement of goods from one place to another. What makes this industry stand out is their bounce back posts the lockdown. Many agritech startups started promoting the concept of physical marketplaces to sell produce. With this concept gaining so much demand, more and more startups are offering end-to-end supply chain management, facilitating farmers to directly sell their produce to retailers and the end consumers at the best price.
The rise post lockdown: AgriTech has been successful in exploiting the opportunity of delivering farm-to-fork and soil-to-shelf paradigm products and services. So, this has led to a whole new area of work, opening avenues for a firm to offer online transactions, digitization of processe. And it faster communication among various stakeholders. These mechanisms can put the local business of agriculture on a global map. Hence these firms should lay emphasis on providing farmers the access to innovations, loans and working capital, real-time information, data-sharing, etc. Quality, safety, traceability and sustainability of food produce will be a priority for agri-economy stakeholders.
New age technologies: Even today, farmers are affected by age old issues like climate change, poor soil quality, water shortage, degraded quality seeds, lack of market access and storage facilities, market malpractices and corrupted credit facility leaving the sector in shambles. Agri-tech companies are emerging successful in making ends meet to solve these issues with the help of new-age technology like GIS, Blockchain, Data Analysis, Artificial Intelligence, Internet of Things (IoT), etc. These innovations have helped bring in transparency in dealings and movement of goods and increase the efficiency of traceability. It also provides farmers the necessary inputs to be sustainable and equipped for the future .
AgriTech companies like FarmERP work towards preparing farmers for the future. And they equip them in facing the days to come with complete knowledge about the threats and challenges. So, using advanced technologies like data analytics and AI, they are leading the way forward. At Trivium, we serve AgriTech companies in reaching their audience faster and provide excessive brand exposure to these companies. We are proud to have a complete overview of this industry. And it looks forward to serving more collaborating with more such companies and startups!
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