Trends in B2B E-commerce in Agriculture Market: Key Points to Know
What is B2B E-commerce in Agriculture Market?
Rapidly rising technology advancements are the factor driving the adoption of B2B E-commerce in Agriculture Market. The digital development and developments of Internet technology in the agricultural industry supply chain from the source to operation, production, maintenance, security, and sales are being examined in an attempt to improve the high-quality agriculture platform and broaden the integration model of B2B e-commerce.
According to the research report published by Polaris Market Research, the global B2B e-commerce in the agriculture market was valued at USD 6.90 billion in 2021 and is expected to reach USD 11.86 Billion by 2030, growing at a CAGR of 6.4% during the forecast period.
Actual examples show that a developed system of agricultural B2B e-commerce based on blockchain technology can boost the B2B e-commerce industry’s growth potential while also improving security and traceability. Further, the other technology metaverse, which combines the features of AR (Augmented Reality) and VR (Virtual Reality) to provide users with a genuine experience, is another technology that could potentially improve the agriculture sector. This can help with machinery maintenance as well as virtual farm management. As a result, the industry expansion will be fueled by the development and implementation of various technologies over the forecast period.
Based on the marketplace, the paid/premium segment accounted for the leading revenue share in 2021. Entities operating in the agriculture sector can use B2B e-commerce platforms to reach out to new customers or obtain better access to existing clients. Producers who meet the product specifications of such a platform can reduce post-harvest waste by attracting buyers more quickly and potentially selling higher volumes.
Farmers can also earn more money by receiving premiums for high-quality products and having positive customer reviews. Finally, these platforms can offer intermediary services like transportation, packing, and storage to help buyers and sellers trade more easily and minimize the load on small businesses. There are many platforms available such as KhetiFood, Fruitee-Kenya, and Kaomini, among others.
Some of the Top Companies in the Market Are:
Market players such as FoodDirectories.com, ExportsManager, Farmlead, Korea Agro-Fisheries & Food Trade Corp, Alibaba Group Holdings Limited, TradeB2B, and TradeFord are some key players operating in the industry.
In November 2021, Farmers Business Network, and ADM, announced a partnership that combines ADM’s scale and expert knowledge from across the global food and agriculture value chain with FBN’s cutting-edge data farm consumer-to-consumer and data-analytics capabilities to recognize opportunities to increase farmer profitability, broaden sustainable agricultural practices, and provide better nutrition.