Exploring the development scope of crop-based agribusiness farms in Bangladesh

Abstract

Agribusiness is one of the most important sectors of the economy in Bangladesh, making a significant contribution to the country's gross domestic product (GDP) and employment generation. To cope with the international business environment, developing the agribusiness sector in Bangladesh is essential. This study aims to assess the current status, challenges, and future potential of crop-based agribusiness farms in the country. Cross-sectional data were collected from 60 participants using purposive sampling. Frequency distribution tables were generated, and descriptive statistics were employed for data presentation. The results of the study showed that 60% of respondents from crop-based agribusiness farms faced financial crises when starting their businesses. 40% of respondents stated that the lack of experience is the primary challenge for exporting agribusiness products to international markets. Price fluctuation was mentioned as a significant threat by 48.3% of respondents. Moreover, 83.3% of respondents stated that the existing training institutions are insufficient for entrepreneurship development in Bangladesh. Respondents also identified some other challenges, such as decreased revenues due to COVID-19, low adoption of advanced technologies, lack of high-quality products, and unfavorable government policies. Policymakers should prioritize incorporating frontier technologies, implementing favorable policies, maintaining price stability, facilitating bank loans, and establishing new training institutions to address existing drawbacks. Furthermore, researchers identified future research areas that offer opportunities to advance theoretical boundaries and gain further insights into the study of agribusiness sectors.