India: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in India

The Indian agricultural appliance market plummeted to $X in 2021, with a decrease of -70.3% against the previous year. Over the period under review, consumption saw a deep slump. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Agricultural Appliance Production in India

In value terms, agricultural appliance production reduced dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, showed a measured increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 420% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Agricultural Appliance Exports

Exports from India

In 2021, the amount of agricultural appliances exported from India surged to X units, jumping by 68% on the year before. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 148%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, agricultural appliance exports skyrocketed to $X in 2021. In general, exports saw resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 79%. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Mexico (X units), Turkey (X units) and the United States (X units) were the main destinations of agricultural appliance exports from India, with a combined 54% share of total exports. These countries were followed by Israel, Vietnam, Germany, Guatemala, Tanzania, Brazil, Italy and Nepal, which together accounted for a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tanzania (with a CAGR of +103.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Vietnam ($X) constituted the largest markets for agricultural appliance exported from India worldwide, together accounting for 38% of total exports. Turkey, Nepal, Israel, Germany, Italy, Brazil, Tanzania and Guatemala lagged somewhat behind, together comprising a further 28%.

Turkey, with a CAGR of +44.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average agricultural appliance export price stood at $X per unit in 2021, dropping by -14.6% against the previous year. In general, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 22%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nepal ($X per unit), while the average price for exports to Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (-3.1%), while the prices for the other major destinations experienced a decline.

Agricultural Appliance Imports

Imports into India

In 2021, overseas purchases of agricultural appliances decreased by -14.1% to X units for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 76%. Over the period under review, imports hit record highs at X units in 2020, and then reduced in the following year.

In value terms, agricultural appliance imports declined notably to $X in 2021. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 69%. As a result, imports reached the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2021, China (X units) was the main supplier of agricultural appliance to India, with a 91% share of total imports. Moreover, agricultural appliance imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.3% per year) and Israel (+37.6% per year).

In value terms, China ($X) constituted the largest supplier of agricultural appliances to India, comprising 92% of total imports. The second position in the ranking was taken by the United States ($X), with a 3.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.6% per year) and Israel (+13.2% per year).

Import Prices by Country

The average agricultural appliance import price stood at $X per unit in 2021, declining by -6.3% against the previous year. Over the period under review, the import price recorded a abrupt slump. The pace of growth was the most pronounced in 2013 when the average import price increased by 20%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per unit), while the price for Israel ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-9.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform