Agriculture as a subject and agribusiness as a career have been evolving and their scope has been growing multifold in recent years. With the increasing number of courses, colleges and jobs in the agribusiness sector, comes up the question that what is agribusiness and what all constitutes agribusiness? We will make this a cakewalk for you by breaking the domain into various sectors enlisted below:Agriculture as a subject and agribusiness as a career have been evolving and their scope has been growing multifold in recent years. With the increasing number of courses, colleges and jobs in the agribusiness sector, comes up the question that what is agribusiness and what all constitutes agribusiness? We will make this a cakewalk for you by breaking the domain into various sectors enlisted below:
The list doesn't end here. Never-ending research to meet the ever-growing needs adds to the development of new sectors, thereby, creating new opportunities. In the same wake, animal husbandry and development sectors for agribusiness also have their due place but here in this article we will cover the above enlisted sectors for now.While making important life decisions like that of choosing a career, it is very important to be well informed and then think it through. For aspiring agribusiness professionals, we have tried to explain the various sectors involved in Agribusiness in the simplest way possible. Let’s start!Agri-input sector
The sector comprises of three key sub-sectors viz., crop protection (pesticides), crop nutrition (fertilizers), and seeds. According to FICCI, its value stood at US$ 5 billion, with domestic consumption at US$ 2.77 billion in 2018. Some of the very famous agri-input companies include DuPont India, Rallies India Limited, UPL Limited, Coromandel International Private Limited, Nuziveedu Seeds Limited, well, the list is too big to be enlisted!
Anyone who is connected to agriculture and agricultural processes from the very roots will definitely find this sector to be their cup of tea.
The BFSI (Banking, Financial Services and Insurance) sector, as the name suggests, incorporates the various banking entities, the financial services providers and insurance companies which provide credit, financial security and various other such facilities to the public (here, farmers). IDBI Bank, ICICI Bank, Samunnati Financial Intermediation and Services Pvt. Ltd., Kotak Mahindra Bank and numerous others are the players in this sector in agribusiness.
People interested in numbers, who love to quantify; people who are number freaks or have an inclination towards the same are perfect fits for this sector.
FMCG (Fast Moving Consumer Goods) sector, being the fourth largest sector of the Indian economy is expected to grow at a CAGR of 14.9% to reach US$ 220 billion by 2025, from US$ 110 billion in 2020. Focusing on agriculture, the Indian packaged food market is expected to double to US$ 70 billion by 2025. The immense potential this sector withholds is exhibited from the fact that it is a major contributor to the FDI of the country and is an investor attraction due to the perennial demand for FMCG products. Major players in this sector include ITC Ltd., Britannia Industries Ltd., Hindustan Unilever Ltd., Adani Wilmar Ltd., MARS Inc. amongst many others.
The last and crucial stage in the agricultural supply chain, retailing, holds immense significance as the products are majorly perishable in nature, Indian market being the fifth largest destination for the retail market in the world, the scope the sector embeds is immeasurable. Aditya Birla Retail, Bharti WalMart, Spencer’s Retail and many others are involved in the retail sector of Agribusiness as a major concern.
A consultancy and a consultant are problem solvers and solution advisers. They chalk out plans, recommend the best possible way out and if required help the client to execute the particular solution devised to obtain the required output or result. Good communication skills paired with analytical and problem-solving skills will make you a hotshot for the domain. PwC India Pvt. Ltd., KPMG India Private Limited, Tata Consultancy Services, CRISIL and numerous other big players keep the domain alive.
Commodities for procurement and for trading are the two sub divisions under this sector. Procurement requires extensive mobility from one place to another while trading requires knowledge of commodities, geography and even national and international political and demographic build. The sector provides lucrative career and growth opportunities to the upcoming agribusiness professionals. BUNGE India Pvt. Ltd., Cargill India, KarvyComtrade Ltd., NBHC Pvt. Ltd., NCDEX Ltd., Olam International are the few among the many companies working in this sector.
We hope that we have been able to help you out with your basic doubts regarding Agribusiness and its career prospects. Do wait for more such useful and insightful articles by ConnectAgri!