The Indian agriculture market reached a value of about USD 435.9 billion in 2022. The market is further expected to grow at a CAGR of nearly 4.9% between 2023 and 2028 to reach a value of approximately USD 580.82 billion by 2028 

The Budget allocation for Ministry of Agriculture & FW has been increased to Rs. 1,24,000 crore in 2022-23. Food grain production has increased from 308.65 million tonnes in January 2022 to 315.72 million tonnes in December 2022 (as per 4th advance estimates) which is the highest ever food grain production 

# World

• The United Nations Food and Agriculture Organization (FAO) has warned that the world is facing a "perfect storm" of factors that could lead to a global food crisis. These factors include the war in Ukraine, which has disrupted global food trade; climate change, which is leading to more extreme weather events that damage crops; and rising energy prices, which are making it more expensive to produce food.

• The United States Department of Agriculture (USDA) has forecast that global agricultural production will increase by 1.7% in 2023, but that this growth will be unevenly distributed. The USDA expects that production in developing countries will grow by 2.4%, while production in developed countries will grow by only 1.1%.

• The European Union has announced that it will invest €10 billion in sustainable agriculture over the next seven years. This investment will be used to support farmers who are transitioning to more sustainable practices, such as reducing their use of pesticides and fertilizers.

 #India 

• India's agricultural and processed food products exports stood at US$ 9,598 million in FY23 (April-July 2022), up by 30% YoY. The main export commodities were wheat, rice, sugar, fruits and vegetables, and spices.

• The Indian government has announced a number of measures to boost the agricultural sector, including a ₹2 lakh crore (US$26 billion) plan to build the world's largest grain storage capacity. The government has also announced a number of schemes to support farmers, such as the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, which provides direct cash transfers to farmers.

• The Indian agricultural sector is facing a number of challenges, including climate change, water scarcity, and pests and diseases. However, the sector is also seeing some positive developments, such as the increasing adoption of sustainable practices and the growth of the domestic market for processed food products.

The precision agriculture market continues to evolve, allowing farmers to embrace data-driven solutions. While the future opportunities for data analytics in agriculture is limitless, there are already strong benefits emerging 

The Agriculture in India market is projected to register a CAGR of 4.9% over the forecast period. The agriculture sector is the primary livelihood source for about 58% of India's population.