According to a new report published by Fast.MR titled, “India Sugarcane Harvester Market by Type, Swath Width, and Product: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the India sugarcane harvester market was estimated at around USD 82.2 million in 2019 and is expected to grow with the CAGR of 8.9% during forecast period 2020-2027. Rising production of sugarcane in India is expected to drive the market growth over the forecast period.
The production of sugarcane in India has observed steady growth in terms of output. The country has observed an increasing production rate of sugarcane from nearly 306 million tons in 2016 to approximately 400 million tons in 2018. Even the land coverage of sugarcane cultivation in the country increased from 4,436 thousand hectares in 2016 to roughly 5,114 thousand hectares in 2018. Thus, steady production rate of sugarcane coupled with increasing land coverage show positive sign for the growth of India sugarcane harvest market.
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The market growth of the product segment is also likely to be influenced by growing demand for ethanol in India. Ethanol in India is produced using sugarcane molasses. As the demand for ethanol rises in the country, it is likely to fuel the cultivation of sugarcane and thereby offering numerous opportunities for the market growth over the forecast period.
In India sugarcane cultivation Is largely focused in three states including Maharashtra, Uttar Pradesh, and Karnataka. The state of Uttar Pradesh accounted for almost 50% of the total production in 2018.
Key vendors of the industry are Deere & Company, Team Commotrade Private Limited, Tirth Agro Technology Private Limited, New Holland Fiat Pvt. Ltd. CNH Industrial Pvt. Ltd., and Case Inc. The market participants are expanding their market presence through expansion of distribution network around the country.
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