Digital Agriculture Marketplace Market
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.
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.
As the digital agriculture marketplace is emerging, this sector is witnessing a sharp increase in investments. Across the globe, multiple unicorns exist and observe vast amounts of funding, underlining the importance of tech-driven agriculture. Hence, it is likely to witness digital agriculture marketplaces competing for global domination in the forecast year as companies expand beyond their domestic markets.
Digital Agriculture Marketplace Industry Overview
The global digital agriculture marketplace market 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.
Global Digital Agriculture Marketplace Market by Business Channel
Digital agriculture marketplace can be handled by various business channels, such as Business-to-Business (B2B) and Business-to-Consumer (B2C). B2B commerce operates between companies instead of a company and the end user. The B2B segment is the largest business channel in the global digital agriculture marketplace market.
Leading digital marketplace startups in the agriculture sector also offer various tools and services such as data analysis, software tools, algorithms, and value-added services for logistics and purchasing seeds and fertilizer, among others for farmers.
All these tools and services in B2B help the farmers enhance crop productivity and cultivation. B2B helps provide tools and services for free to access the farmers’ crops in the digital agriculture marketplace.
Global Digital Agriculture Marketplace Market by Product Type
A wide range of product types is used in the digital agriculture marketplace, including perishables, non-perishables, Agri raw materials, and others. The perishables are dominating the global digital agriculture marketplace market. Perishable food includes dairy products, fresh fruits and vegetables, meat and poultry, and seafood. Perishable foods are usually stored in the refrigerator. Nevertheless, some fresh fruits and vegetables will keep quite well out of the refrigerator if stored in a cool place.
Global Digital Agriculture Marketplace Market by Region
Asia-Pacific region is expected to dominate the global digital agriculture marketplace market during the forecast period. The high agricultural growth, 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 Asia-Pacific 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 58% 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.
Key Market Players and Competition Synopsis
The companies that are profiled in the report have been selected based on a selective pool of players, primarily Tier-1 (holds 50%-60% share of the market), mid-segment players (holds 30-40% share), and small and emerging companies (holds the remaining 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research and development initiatives, along with a domestic and international presence in the global digital agriculture marketplace market.
Companies such as Twiga Foods Limited, COFCO International, Cranswick PLC, Crofarm Agriproduct Pvt. Ltd., Tanihub, Eden Farm, WayCool Foods and Products Pvt Ltd., Agrofy, Kaset Thai Hitech Co., Ltd., Agri Marketplace, among others, are developing end-use products by collaborating with various companies offering innovative and advanced technologies, products, and others.
Market Report Coverage - Digital Agriculture Marketplace
- Business Channel: Business-to-Business (B2B), Business-to-Consumer (B2C)
- Product Type: Perishables, Non-Perishables, Agri Raw Materials, Others
- North America: U.S., Canada, and Mexico
- Europe: Germany, Netherlands, France, and Rest-of-Europe
- Middle East and Africa: Kenya, Saudi Arabia, and Rest-of-Middle East and Africa
- Asia-Pacific: India, Japan, South Korea, and Rest-of-Asia-Pacific
- South America: Brazil, Rest-of-South America
Market Growth Drivers
- Scope of Global Expansion of Customer Base
- Increasing Investments in Agribusiness Marketplace
- Increasing Government Initiatives
- Lack of Digital Agricultural Knowledge
- Poor Access to Networks and Internet Connectivity
- Harnessing Technology to Enhance Usability
- Scope of Growth in Asia-Pacific Region
Key Companies Profiled
Agrellus, Inc., Agri Marketplace, Agrofy, Agrostar, COFCO International, Cranswick PLC, Crofarm Agriproducts Pvt. Ltd., DeHaat, Diatoz Solutions, Eden Farm, Farmcrowdy, Kaset Thai Hitech Co., Ltd., Ninjacart Platform (63Ideas Infolabs Pvt. Ltd.), Tanihub, Twiga Foods Limited, WayCool Foods and Products Pvt Ltd.
How This Report Can Add Value
Market by Product: Analysis and Forecast: The segment gives a brief overview of the product portfolio of different companies and the market presence of various products existing in the market.
For instance, in February 2021, Clover invested $2 million in launching a new brand, "Deep Rooted Co" for selling packaged fruits and vegetables directly to consumers.
In October 2019, Ceres Imaging launched an additional product known as "Specialty Crop Analytics Suite" on its platform to facilitate farmers with identifying weak areas in their crops by tracking changes of canopy cover and other factors.
Market by Business Channel: Analysis and Forecast: The segment gives a brief overview of the market status of the different business channels of the digital agriculture marketplace and key players offering products using business channels. B2B is expected to lead the market in terms of the business channel. B2B marketplaces are growing in various verticals within the agriculture sector. B2B marketplaces in the agriculture industry are the majored by every metric. It has raised the most capital, transact the most gross merchandise value (GMV), and has a dominant presence on most continents.
For instance, in June 2018, Ninjacart (63Ideas Infolabs Private Limited) expanded its operations from a B2B marketing platform to selling fresh fruits and vegetables directly to customers through retail outlets in various cities.
Key Questions Answered in the Report
- What is the estimated global digital agriculture marketplace market size in terms of revenue during the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
- What are the key trends, market drivers, and opportunities in the market pertaining to the global digital agriculture marketplace market?
- What are the major restraints inhibiting the growth of the global digital agriculture marketplace market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the global digital agriculture marketplace market on the basis of analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of the key global digital agriculture marketplace market players in the agriculture sector based on the analysis of their market coverage and market potential?
- How much revenue each of the following segments is expected to record during the forecast period along with the growth percentage? The segments are as follows:
- Business Channel, including business-to-business (B2B) and business-to-consumer (B2C)
- Product Type, including perishables, non-perishables, Agri raw materials, and others
- Region, including North America, the U.K., Europe, Asia-Pacific, China, and the Middle East and Africa, South America
- Which type of players and stakeholders are operating in the market ecosystem of the global digital agriculture marketplace, and what is their significance in the global market?
- Which are the leading consortiums and associations in the global digital agriculture marketplace, and what are their roles in the market?