Agriculture is a vast industry that provides the world with an ample food supply. Many companies and businesses are looking to improve how the industry currently works. The agriculture industry and consumers will be better off if agriculture processes are enhanced through technology.

There is a massive increase in technology and digitalization, and it is sure to have a significant impact on global food demand and supply. From virtual reality to search engines and sensors, the ways people find and grow food and weed out inefficiencies and waste are exciting.

Consumer Demand

Various agricultural sector suppliers pursue better distribution and access to the regional or global supply chain. They want improved methods of delivering fresh produce and other eatables to various distributors. 

Consumers search for healthier food, better food traceability, price transparency, and faster access to information about products. Therefore, Digital platforms in the agriculture sector have emerged to address several market needs.

Developments in Digital Agriculture Marketplace Market

Technology is becoming an essential part of agriculture, especially automation, robots, and monitoring to assist farmers. As technology improves, people will continue to see a more extensive spread of it in the agriculture industry. 

Farm Management Software (FMS) is the most crucial aspect of agriculture technology. It helps farmers keep track of their crops throughout the entire growing cycle. 

Crop management software solutions are well equipped with data analytics capabilities for measuring crop performance. They also feature tools that help reduce disruption within the supply chain and boost efficiency. 

Fintech and insurance are the next two most significant factors driving the progress of developing countries. The agricultural insurance market is expanding as farmers look for financial solutions that help alleviate risk and ensure their long-term success. 

Farm consultants are needed to introduce farmers to the insurance products offered by various companies, many of which are becoming more available as legislation supports them. 

Agri-marketplaces provide farmers with cost savings by enabling them to share costly machinery or lease unused land. Blockchain supports the growth of these marketplaces by verifying transactions and enhancing transparency.

Digital Agriculture Market

Currently, the digital agriculture marketplace market is in its early stages. The digital marketplace is used to bridge the gap between producers and consumers. The machinery required to achieve this, the financial resources and marketing tools is provided to those whoare involved in food processing, as well as sales and distribution channels such as transportation between producer and consumer. 

A digital agriculture marketplace also helps farmers in everything from buying seeds and offering cash advances to assisting farmers in managing distribution and logistics, among others. 

The digital agriculture marketplace sector is witnessing a sharp increase in investments. Across the globe, multiple companies exist and get vast amounts of funding. This is because tech-driven agriculture is gaining global traction as industries look to take advantage of the efficiencies created by the application of technology. 

Some companies will likely be competing for global domination in the upcoming years. The digital agriculture marketplace market will become even more popular as we see businesses across different countries using online systems like online marketplaces. Businesses will connect with individuals looking to buy or sell goods or services - whether food, equipment, or other things related to agricultural processes such as watering tools used in farming. 

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 influenced by consumer awareness regarding the digital marketplace and increased investment in the agri-food sector, specifically the onset of new technology to help consumers learn about organic food products.

Benefits to Farmers

Digital marketplace startups operating in the agricultural sector offer various tools and services for farmers, such as data analysis, software tools, algorithms, and value-added services for logistics. They also provide specific subscription plans for seeds and fertilizer based on their needs.

These tools, services, and technology in Business to Business (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.

Which Region is Expected to Dominate the Market?

Asia Pacific region is anticipated to have a dominant position in the global digital agriculture marketplace market throughout the forecast period. India is a significant player in the Asia-Pacific digital agriculture marketplace market. The high agricultural growth rate and the increasing focus on digitization in agriculture are expected to boost the progress of the digital agriculture marketplace in these regions. 

As discussed above, the market growth is highly influenced by consumer awareness regarding the digital marketplace and increased investment in the agri-food sector, specifically the onset of new technology. Read more in our recent report on Global Digital Agriculture Marketplace Market.