The global digital agriculture marketplace market was valued at USD 6.89 billion in 2021 and is projected to hit around USD 16.35 billion by 2028, expected to grow at a compound annual growth rate (CAGR) of 13% from 2022 to 2028. The market’s growth can be attributed to the growing use of smart devices in agriculture and more market digitalization. A digital agriculture Marketplace Market is a digital platform that allows farmers to sell their products directly to traders or customers. Like other internet markets, Agriculture Marketplace Markets provide transparency, traceability, and sustainability, expected to promote market growth. Furthermore, the market’s expansion can be attributed to the growing use of smart devices in agriculture and more market digitalization. The digital agriculture market is still in its infancy. Moreover, the digital Marketplace Market aims to make the agri-food supply chain more efficient both upstream and downstream of the farmer. It also helps purchase seeds, provide monetary advances to farmers, and manage distribution and logistics, which is projected to drive the market significantly.
Digital agriculture is sometimes known as smart farming or e-agriculture. The application of digital technologies to integrate agricultural output from the paddock to the customer is known as digital agriculture. These technologies can give the agricultural business the tools and data to make better decisions and increase productivity. It can make agriculture more productive, consistent, and efficient in time and resources. It has tools for collecting, storing, analyzing, and sharing electronic data and information in agriculture in a digital format.
Agribusiness Marketplace Markets are online e-commerce platforms designed specifically for farmers to buy inputs, equipment, and other business supplies. Many of these Marketplace Markets have since grown to provide farmers with additional products and services, such as financing, insurance, transportation, and other logistical assistance – as well as access to buyer markets, which include both B2B and end-consumer clients. As the digital agricultural business develops, this industry sees a significant rise in investment. Multiple unicorns exist worldwide, each with a large amount of financing, underscoring the importance of tech-driven agriculture. As a result, as companies grow beyond their native markets, digital agriculture Marketplace Markets are likely to compete for global dominance in the forecast year.
A slew of new technologies has been created to help scientists better understand a field’s soil acidity, nutrient level, historical yield, and climate fluctuations. Farmers now have access to a huge array of information to help them make better-informed decisions, from GPS-enabled tractors and aerial drones carrying multispectral sensors to connected Internet of Things (IoT) devices that monitor individual crops. Agriculture has also realized the value that big data can offer to operations. Software and algorithms are being developed to raise yields, improve farm profitability, and promote farm sustainability.
Furthermore, it’s catching the attention of investors. Over US$4.6 billion was invested in farm technologies in 2015, according to “AgFunder.” Much of this money went into software and technology to enable digital agriculture, a combination of data and algorithms that generates unique suggestions for each square meter of land.
Moreover, digital technologies can help agriculture and food commerce by connecting private sector suppliers to new markets and allowing governments to monitor and ensure compliance with regulations and provide faster and more efficient border procedures, critical for perishable goods.
Growing concerns about food security and nutrition were expected to offer several new prospects for the business to develop before Covid-19. It was becoming increasingly difficult to feed the growing population with the fast-growing population, putting a strain on agricultural production. Precision farming software coupled with Internet of Things (IoT) solutions provided solutions to these demands.
Farmers across the world are suffering financial losses because of the COVID-19 outbreak. In fact, despite the increase in food prices, more than 65% of farmers had to sell their produce at a reduced price. Furthermore, digital Marketplace Markets give farmers a global platform to sell their products and a level playing field in the market. Such factors are expected to enhance market expansion even more.
Post Covid-19, the market is being driven by increased demand for agricultural food products, a movement in consumer preferences toward better food safety and quality standards, and labor shortages. Additionally, farmers are likely to adopt digital agriculture owing to increased agricultural mechanization and the development of digital agriculture infrastructure. The commercial impact of COVID-19 is expected to be beneficial. Worldwide, labor shortages and supply chain disruptions are projected to increase demand for the digital agriculture marketplace.
Based on the Business Channel, the market is categorized as Business-to-Business (B2B), Business-to-Consumer (B2C), Others, and Other. The business-to-business segment is expected to hold a significant share of the global digital agriculture marketplace market over the forecast period, owing to the growing presence of farmers and agriculture product traders on the digital Marketplace Market, as well as the benefits provided by the digital agriculture Marketplace Market, such as direct transactions, reasonable prices, and transparency. All B2B services help farmers in enhancing crop productivity and cultivation. B2B helps give free tools and services to access farmers’ products in the digital agriculture Marketplace Market.
Based on the Product, the market is classified into Raw Agricultural Products, Perishables, Non-Perishables, Others, and Others. The Perishables segment is estimated to dominate the global digital agriculture marketplace market over the forecasted period. Foods that spoil rapidly and must be refrigerated are known as perishables. Dairy products, fresh fruits and vegetables, meat and poultry, and seafood are perishable foods. Nevertheless, if stored in a cool environment, several fresh fruits and vegetables will keep quite well out of the refrigerator.
Based on region segment, the market is bifurcated into North America, Europe, Asia-Pacific, South America, and The Middle East & Africa. Asia-Pacific will likely lead the Global Digital Agriculture Marketplace Market over 2022-2028. On the back of increased digitalization in the agriculture industry and growing government focus on improving agriculture, the market in the Asia Pacific region is expected to rise modestly over the forecast period. Furthermore, agriculture employs a huge portion of the people in nations such as China and India. Expansion in the region.
The Companies includes Conservis LLC, Hummingbird Technologies, Crofarm Agriproducts Pvt. Ltd, AGCO Corporation, Raven Industries, Inc, Gamaya SA, Trimble, Inc., Cranswick plc, Agrellus, Inc., Agrofy, and Other Prominent Players in the Digital Agriculture Marketplace Market.
Key Stakeholders
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | USD 6.89 Billion |
| The revenue forecast in 2028 | USD 16.35 Billion |
| Growth Rate | CAGR of 13% from 2022 to 2028. |
| Historical data | 2017 – 2020 |
| Base Year | 2021 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | The Companies includes Conservis LLC, Hummingbird Technologies, Crofarm Agriproducts Pvt. Ltd, AGCO Corporation, Raven Industries, Inc, Gamaya SA, Trimble, Inc., Cranswick plc, Agrellus, Inc., Agrofy, and Other Prominent Players in the Digital Agriculture Marketplace Market. |
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Digital agriculture is sometimes known as smart farming or e-agriculture. The application of digital technologies to integrate agricultural output from the paddock to the customer is known as digital agriculture. These technologies can give the agricultural business the tools and data to make better decisions and increase productivity.
The global Digital Agriculture Marketplace Market was valued at USD 6.89 billion in 2021 and is projected to hit around USD 16.35 billion by 2028, expected to grow at a compound annual growth rate (CAGR) of 13% from 2022 to 2028.
Rising research and technological advancements are expected to promote market growth in future years further. Moreover, rising digitalization demand is another important element expected to drive market expansion.
Asia-Pacific is expected to have the largest share in the global Digital Agriculture Marketplace Market.
The Companies includes Conservis LLC, Hummingbird Technologies, Crofarm Agriproducts Pvt. Ltd, AGCO Corporation, Raven Industries, Inc, Gamaya SA, Trimble, Inc., Cranswick plc, Agrellus, Inc., Agrofy, and Other Prominent Players in the Digital Agriculture Marketplace Market.
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