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How to do Market Research on any business Idea?

As a first-time founder or budding entrepreneur, it's always advisable to validate our idea before investing time and money into our startup.

By Asif Alam
New Update
Market Research - Business Idea

Market Research

However, many of us struggle to conduct proper market research or do not even know where to begin.

So we've created a sample "Market Research on Agritech Industry in India" and included a few "Market Research Tools" at the bottom for your convenience.

The agritech industry in India is a rapidly growing sector that leverages technology to improve agricultural productivity and efficiency. India's agriculture sector faces several challenges, including low productivity, lack of infrastructure, and climate change impacts. Agritech solutions aim to address these challenges by providing farmers with access to modern technology and tools to improve crop yields, reduce input costs, and increase profitability.

Market Size and Growth:

The agritech industry in India is estimated to be worth around $24.1 billion and is expected to grow at a CAGR of 25% during the forecast period of 2021-2026, according to a report by MarketsandMarkets. The report suggests that factors such as increasing demand for food, changing consumer preferences, and government initiatives to support the sector are driving the growth of the agritech industry in India.

Key Segments:

The agritech industry in India can be segmented into various categories, including precision agriculture, farm management software, supply chain management, and e-commerce. Here are some of the key segments:

Precision Agriculture: Precision agriculture uses technologies such as drones, sensors, and GPS to monitor and manage crops, soil, and water resources. This technology helps farmers optimize inputs, reduce waste, and increase yields.

Farm Management Software: Farm management software helps farmers manage their farm operations, including planning, monitoring, and analysis of crops, inputs, and resources. This technology helps farmers improve efficiency, reduce costs, and increase profits.

Supply Chain Management: Supply chain management solutions help farmers and agribusinesses manage the supply chain, including procurement, logistics, storage, and distribution. This technology helps improve the efficiency and reliability of the supply chain and reduce wastage.

E-commerce: E-commerce platforms provide farmers with access to markets, buyers, and financing. These platforms help farmers sell their produce directly to consumers, bypassing intermediaries and increasing their profits.

Key Players:

The agritech industry in India includes various stakeholders, including startups, established companies, and investors. Some of the prominent players in the agritech industry in India include:

CropIn: A startup that provides farm management software and analytics solutions to farmers and agribusinesses.

Ninjacart: An e-commerce platform that connects farmers with retailers and consumers and provides logistics and supply chain management services.

AgroStar: A startup that provides farmers with access to inputs, advice, and e-commerce services through a mobile app.

DeHaat: An e-commerce platform that connects farmers with markets and provides them with access to inputs, credit, and advisory services.

WayCool: An agri-commerce startup that provides supply chain management services, including procurement, logistics, and distribution of fresh produce.

Challenges:

The agritech industry in India faces several challenges, including low adoption of technology by farmers, lack of infrastructure and connectivity, and limited access to financing. Other significant challenges include regulatory barriers, market fragmentation, and the need for customized solutions for diverse crops and regions.

Opportunities:

The agritech industry in India presents significant opportunities for investors and businesses, driven by factors such as increasing demand for food, changing consumer preferences, and government initiatives to support the sector. The adoption of technology in agriculture, such as precision farming and e-commerce platforms, also presents significant growth opportunities.

Conclusion:

The agritech industry in India is a rapidly growing sector that leverages technology to address the challenges faced by the agriculture sector. The adoption of technology in agriculture has the potential to improve productivity, reduce input costs, and increase profitability for farmers. However, addressing the challenges faced by the sector, such as low adoption of technology and lack of infrastructure, will be crucial in the long term.

Market Research Tools: Here are a few Market research Tools for you to do market research on any Business Idea.

  1. Statista: Statista is a global statistics database that provides access to data on a wide range of topics, including market research, consumer behavior, and demographics. The platform includes data from more than 80,000 topics and 22,500 sources, making it a valuable resource for researchers, analysts, and marketers. Statista offers both free and paid plans for accessing its database.
  2. Facts and Factors: Facts and Factors is a market research and consulting firm that provides customized research reports for various industries, including healthcare, technology, and automotive. The firm offers a range of services, including market sizing, competitive analysis, and strategic consulting. Facts and Factors provides research reports to help clients make informed business decisions.
  3. Mordor Intelligence: Mordor Intelligence is a market research and consulting firm that provides industry reports, market analysis, and custom research services. The firm specializes in various industries, including healthcare, technology, and energy. Mordor Intelligence offers research reports to help clients understand market trends, competition, and growth opportunities.
  4. Markets and Markets: Markets and Markets is a market research and consulting firm that provides industry reports, market analysis, and custom research services. The firm specializes in various industries, including healthcare, technology, and energy.
  5. Google Trends - This tool helps you to identify search trends and topics over time. You can use it to see the popularity of your business idea and to find out what people are searching for related to your idea.
  6. SurveyMonkey - This is a popular survey tool that allows you to create surveys to collect feedback from potential customers. You can use this tool to ask questions about your business idea, such as what features people would be interested in, how much they would be willing to pay, and more.
  7. SEMrush - This is an SEO tool that allows you to analyze your competitor's websites and find out what keywords they are targeting, how much traffic they are getting, and more. You can use this tool to see if there is a demand for your business idea and to find out what your competitors are doing.
  8. Facebook Audience Insights - This tool allows you to gather data on Facebook users, such as their demographics, interests, and behaviors. You can use this information to understand your target audience better and to create more effective marketing campaigns.
  9. Google Analytics - This is a free tool that allows you to track website traffic and user behavior. You can use it to find out how people are finding your website, what pages they are visiting, and more.
  10. Buzzsumo - This tool allows you to see what content is being shared the most on social media platforms. You can use this tool to find out what topics are popular and to see what type of content your target audience is interested in.