Digital Agriculture Marketplace Market Challenge [BIS Research]
Considering the increase in food demand, innovation in the agriculture sector through technology and digitalization have been noticed as practical solutions to address some of the challenges coping with the global food system. Various agricultural sector suppliers are pursuing more excellent distribution and access to the regional or global supply chain. Also, the customers demand food traceability, better price transparency, and faster access to information about products. Digital platforms in the agriculture sector have emerged to address all the market needs.
Read Report Overview: Digital Agriculture Marketplace Market
Currently, the digital agriculture marketplace is at an emerging stage. The digital marketplace seeks to bring greater efficiency to the agri-food supply chain upstream and downstream of the farmer. Digital platform in agriculture helps to connect growers and livestock reapers with resources such as machinery, financing, marketing, and sales. It also helps in everything from buying seeds and offering cash advances to farmers to managing distribution and logistics, among others.
Digital Agriculture Marketplace Industry Overview
The global digital agriculture marketplace markets was valued at $10.00 billion in 2020 and is projected to reach $22.88 billion in 2026, following a CAGR of 15.0% during the forecast period 2021-2026. The market growth is highly impacted by increasing awareness about digital platforms among consumers and suppliers and rising investment in the agri-food sector, especially in the digital platforms.
Perishables Segment Dominates the Global Digital Agriculture Marketplace Market
Digital agriculture marketplace offers various products such as organic produce, seeds, and fertilizers, among others, which can be characterized by perishables, non-perishables, Agri raw materials, and others. Digital agriculture marketplace uses marketing to raise awareness and drive usage of their platform. Digital agriculture marketplace offers fresher produce, equipment, and services and improved incomes for farmers compared with the conventional value chain.
Asia-Pacific to Register Highest Demand for the Global Digital Agriculture Marketplace Market
Asia-Pacific region is expected to dominate the global digital agriculture marketplace market during the forecast period. The high agricultural growth in these regions, along with the increased emphasis on digitization in agriculture, is expected to boost the development of the digital agriculture marketplace in these regions.
India is a significant player in the North America digital agriculture marketplace market. India is dominated by various players of the digital agriculture marketplace, including Ninjacart Platform (63Ideas Infolabs Pvt. Ltd.), Diatoz Solutions, Agrostar, DeHaat, among others. According to the Indian Brand Equity Foundation, agriculture is the primary source of livelihood for about XX% of India’s population. The agriculture sales are the highest in the Asia-Pacific region, and India can become a vast digital agriculture marketplace market in the coming years.
The competitive landscape for the global digital agriculture marketplace market demonstrates a pattern toward an inclination of companies adopting strategies such as mergers, collaborations, product launches, and contracts, among others. Moreover, the industry is developing; thus, the market players are organizing or taking part in several events to generate greater awareness about the same.
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Some of the leading companies operating in the global digital agriculture marketplace market are Twiga Foods Limited, COFCO International, Farmcrowdy, Agrellus, Inc., Cranswick PLC, Crofarm Agriproducts Pvt. Ltd., Tanihub, Eden Farm, Diatoz Solutions, WayCool Foods and Products Pvt Ltd., Agrofy, Kaset Thai Hitech Co., Ltd., Agri Marketplace, Agrostar, and DeHaat. In addition to this, COFCO International, Cranswick PLC, and Agrellus, Inc. were the most prominent names surfaced in the global digital agriculture marketplace market. These companies launched a range of new products and entered various partnerships and collaborations.
For instance, In October 2018, COFCO International announced a partnership with major companies Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, and Louis Dreyfus Company, aiming to standardize the digital transaction system for the agriculture sector globally.
In February 2020, Cranswick PLC acquired Packington Pork, a Yorkshire-based pig farm, to expand its pig and pork business.