Global Digital Agriculture Marketplace Market Highlights over 2022 – 2030
The global digital agriculture marketplace market is estimated to grow at a CAGR of ~16% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the penetration of smart devices in agriculture market, and rising market digitalization. Digital agriculture marketplace provides a digital platform for the transaction of agriculture products, directly from farmers to traders or consumers. Similar to other online marketplaces, agriculture marketplace offers transparency, traceability, and sustainability, which is estimated to drive the market growth. Moreover, due to COVID-19 pandemic, farmers across the globe are experiencing financial losses. In fact, various studies displayed that more than 65% of the farmers had to sell their produce at a lower price, despite the hike in food prices. Further, digital marketplace provide farmers with a platform to sell their produce globally, and also offers a fair competition in the market. Such factors are further estimated to boost the market growth. Along with this, the scope for global expansion, and increasing investment in digital agriculture, backed by rising demand for food, are some other major factors, anticipated to promote the market growth. Additionally, government initiatives to combat global hunger, are also estimated to encourage the market growth. According to the Food and Agriculture Organization (FAO), by 2050, food production will need to increase by 60% to feed a world population of about 9.3 billion.
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The market is segmented by business channel into business-to-business (B2B), business-to-consumer (B2C), and others. Out of these, the business-to-business segment is anticipated to hold the notable share in the global digital agriculture marketplace market over the forecast period on account of increasing presence of farmers and agriculture product traders at the digital marketplace, along with the advantages, such as, direct transactions, reasonable prices, and transparency, provided by digital agriculture market place.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Digital Agriculture Marketplace Market Regional Synopsis
On the basis of geographical analysis, the global digital agriculture marketplace market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing penetration of digitalization in the agriculture industry, along with growing government focus on improving agriculture. Moreover, a large section of the population in countries, such as, China, and India, is employed in agriculture sector. According to the data by the India Brand Equity Foundation (IBEF), about 58% of India’s population is dependent on agriculture for livelihood. Such factors are estimated to boost the market growth. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of advanced technology in the agriculture industry, backed by rising investment in the industry, along with the growing need for smart agriculture solutions.
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The global digital agriculture marketplace market is further classified on the basis of region as follows:
Our in-depth analysis of the global digital agriculture marketplace market includes the following segments:
By Business Channel
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing demand for food products, and increasing penetration of digital marketplace in agriculture sector are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2030.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the rising adoption of technology in the agriculture industry in the region.
The major players in the market are Agrellus, Inc., AGCO Corporation, Trimble, Inc., Hummingbird Technologies, Gamaya SA, Conservis LLC, Raven Industries, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by business channel, product, and by region.
The business-to-business segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The disruptions in the agriculture supply chain are estimated to hamper the market growth.
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