Description
The economic viability of organic farming is discussed in terms of production costs, market opportunities, and profitability. While organic farming may have lower input costs due to reduced use of synthetic fertilizers and pesticides, it can be more labor-intensive. The growing global and domestic market for organic products offers premium prices, potentially offsetting lower yields. The article also highlights the export potential for Indian organic products.
Findings
Lower input costs but higher labor requirements in organic farming
Growing global and domestic market for organic products
Premium prices (20-40% higher) for organic produce
Export opportunities for Indian organic products.
Stats
11.7% reduction in cost of cultivation on organic farms compared to conventional farms
22% higher average net profit in organic farming due to premium prices
India’s organic product export value: Rs. 5,151 crore (757 million US$) in 2018-19
Global organic food market: 100 billion US$.