E-commerce of Agricultural Products Market Anticipated Valuation Exceeds USD 90.1 Billion by 2033 | CAGR of 8.4%
E-commerce platforms are integrating advanced technologies like AI and blockchain to streamline supply chain management. These technologies aid in efficient inventory management, predictive analytics for demand forecasting, and ensuring traceability and transparency from farm to table, which is increasingly important to consumers.
New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- According to Market.us, The net revenue generated by the global E-commerce of Agricultural Products Market in 2023 was nearly *USD 40.2 Billion*. Over the next ten years, the e-commerce of agricultural products industry is expected to surge at *8.4% CAGR*, concluding at a valuation of *USD 90.1 Billion by 2033.*
E-commerce is transforming the agriculture industry and how agricultural products are bought and sold. Online platforms and digital technologies are enabling more direct trade between farmers, distributors, and consumers of agricultural products. The global e-commerce of agricultural products market has seen rapid growth in recent years, fueled by rising internet penetration in rural areas, mobile commerce adoption, and changing consumer behaviors.
The E-commerce of Agricultural Products market has experienced significant growth in recent years, driven by several key factors. The increasing adoption of digital technologies and the internet has expanded the reach and accessibility of agricultural products to a global customer base. E-commerce platforms provide a convenient and efficient means for farmers and suppliers to showcase their products, connect with buyers, and conduct transactions without geographical limitations.
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Additionally, the growing demand for transparency and traceability in the food supply chain has propelled the growth of e-commerce in the agricultural sector. Consumers are increasingly concerned about the origin and quality of the agricultural products they consume. E-commerce platforms enable farmers and suppliers to provide detailed product information, certifications, and even traceability features, instilling trust and confidence in the buyers.
*Key Takeaways*
· The E-commerce of Agricultural Products Market is projected to reach a substantial value of *USD 90.1 billion* by the year 2033, with a Compound Annual Growth Rate (CAGR) of *8.4%* expected during the forecast period from 2024 to 2033. This indicates a promising and steady growth trend in the industry.
· In 2023, *Crop Produce* emerged as the dominant product segment, capturing over *47.1%* of the market share.
· *Business-to-Business (B2B)* also dominated the business model segment with over *52.5%* of the market share in the same year.
· In 2023,* North America* held a dominant position, accounting for over *38.7%* of the market share. This was attributed to its developed digital infrastructure, technological adoption, and the trend of direct-to-consumer sales.
*"Advancements in technology, such as mobile applications, data analytics, and blockchain, are transforming the e-commerce landscape in the agricultural sector. These technologies enable improved inventory management, real-time tracking of orders, efficient payment systems, and enhanced traceability. The integration of technology solutions in e-commerce platforms enhances transparency, efficiency, and trust, driving market growth." say Mr. Yogesh Shinde Team Lead @ Market.us*
*Factors Affecting the Growth of the E-commerce of Agricultural Products Market*
· *Technological Advancements*: The proliferation of digital technologies, such as mobile apps, artificial intelligence, and blockchain, significantly enhances the efficiency and accessibility of e-commerce platforms. This technological evolution allows for smoother transactions, better supply chain management, and improved customer experience, thus propelling the market growth.
· *Internet Penetration and Mobile Device Usage*: A rise in internet penetration globally, coupled with increased usage of smartphones, provides a larger consumer base for e-commerce platforms. This accessibility enables consumers to easily purchase agricultural products online, contributing to market expansion.
· *Changing Consumer Preferences*: There is a noticeable shift in consumer behavior towards convenience and sustainability. The increasing preference for fresh, organic, and locally sourced produce supports the growth of this sector.
· *Government Initiatives and Support*: Governments across various regions are implementing policies and providing incentives to boost the agriculture sector, which in turn, aids the growth of agricultural product e-commerce. Initiatives like providing internet infrastructure, supporting small and medium-sized enterprises (SMEs), and promoting digital literacy among farmers play a significant role.
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*Report Segmentation of the E-commerce of Agricultural Products Market*
*Product Type*
In 2023, the *Crop Produce segment* held a dominant position in the e-commerce market for agricultural products, capturing more than a *47.1%* share. This significant market share can be attributed to several factors. Firstly, the global increase in consumer demand for fresh and organic produce directly sourced from farms has driven substantial traffic to online platforms. Secondly, advancements in logistics and supply chain management have facilitated easier and faster delivery of perishable goods, boosting consumer confidence in purchasing crop produce online.
The Seeds & Fertilizers segment also experienced notable growth. The ease of access to a wide variety of seeds and fertilizers through e-commerce platforms has been pivotal in empowering small-scale farmers and hobbyists, enabling them to optimize crop yields and quality. This segment's expansion is further supported by the increasing trend of home gardening and urban farming, stimulated by growing environmental awareness and the desire for self-sustainability.
*Business Model*
In 2023, the *B2B (Business-to-Business) segment* held a dominant market position within the e-commerce of agricultural products sector, capturing more than a *52.5%* share. This prominence is primarily driven by the increasing digitalization of the agricultural supply chain. Large-scale distributors and retailers are increasingly turning to online platforms to streamline their procurement processes, leading to significant efficiency gains and cost reductions. The ease of comparing prices, quality, and suppliers on a single platform has further bolstered the appeal of B2B e-commerce in this sector.
The B2C (Business-to-Consumer) segment, while smaller, is experiencing rapid growth. This is largely fueled by the rise in consumer interest in directly sourcing fresh produce, organic products, and specialty items such as artisanal cheeses and heirloom vegetables. The B2C model in agricultural e-commerce has been significantly enhanced by advancements in logistics, enabling the delivery of fresh produce to consumers' doorsteps. The growing trend of healthy eating and the desire for transparency in food sourcing are key drivers behind this segment's expansion.
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*Key Players Analysis*
*Top 10 E-commerce of Agricultural Products Market Key Players*
· Amazon.com, Inc.
· Alibaba Group Holding Limited
· JD.com, Inc.
· Walmart Inc.
· ULink AgriTech Pvt. Ltd.
· IndiaMART InterMESH Ltd.
· Rakuten Group, Inc.
· Etsy, Inc.
· Farmers Business Network, Inc.
· Tractor Supply Company
*Recent Developments*
· In *June 2023*, Amazon, a big online shopping company, joined hands with the Indian Council of Agricultural Research (ICAR) to help farmers in India who are part of the Kisan store. They want to make things better for farmers and set up a way for goods to go directly from the farmers to the buyers.
*Scope of the Report*
*Report Attributes* *Details*
Market Value (2023) US$ 40.2 Billion
Forecast Revenue 2033 US$ 90.1 Billion
CAGR (2024 to 2033) 8.4%
North America Revenue Share 38.7%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033
*Key Market Segments*
*Product Type*
· Crop Produce
· Seeds & Fertilizers
· Agricultural Tools
· Livestock & Poultry Products
*Business Model*
· B2B (Business-to-Business)
· B2C (Business-to-Consumer)
· C2C (Consumer-to-Consumer)
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*Driver: Increased Internet Penetration and Mobile Usage*
One significant driver is the increasing penetration of the internet and the widespread use of mobile devices globally. This technological advancement has dramatically expanded the potential consumer base for e-commerce platforms, including those specializing in agricultural products. It facilitates easier access for consumers to purchase fresh produce and agricultural goods directly from producers or through online marketplaces. Enhanced internet connectivity and mobile technology adoption have also enabled farmers and agricultural businesses to reach a broader audience, thereby boosting sales opportunities and market expansion.
*Restraint: Logistical and Supply Chain Challenges*
A major restraint in this market is the complexity of logistics and supply chain management for perishable agricultural products. Ensuring the freshness and quality of produce from the point of harvest to delivery is a significant challenge. The need for cold storage facilities, efficient transportation networks, and effective inventory management to reduce spoilage and ensure timely delivery poses a substantial operational and financial burden. These challenges are exacerbated in regions with underdeveloped infrastructure, impacting the market's growth potential in these areas.
*Opportunity: Growing Consumer Preference for Organic and Fresh Produce*
An emerging opportunity in this market is the increasing consumer preference for organic and fresh produce. Consumers are becoming more health-conscious and environmentally aware, leading to a growing demand for organic, locally-sourced, and sustainably-grown agricultural products. This shift in consumer preferences presents a lucrative opportunity for e-commerce platforms that can effectively source and deliver such products. The ability to cater to this niche but rapidly expanding segment can differentiate e-commerce businesses and drive growth in the global agricultural products market.
*Regional Analysis*
In 2023, *North America* held a dominant market position in the e-commerce of agricultural products sector, capturing more than a* 38.7%* share. This substantial market dominance is attributed to several factors, including high internet penetration, a robust logistics network, and a consumer base increasingly inclined towards online shopping for groceries and agricultural products. Furthermore, the region's advanced agricultural technology and infrastructure have facilitated a seamless transition from traditional to digital platforms for both suppliers and consumers.
Europe follows closely, with its market share bolstered by strong governmental support for digital transformation in agriculture, coupled with a growing consumer preference for organic and locally sourced food products. The region's emphasis on sustainability and traceability in food supply chains has also played a significant role in driving the adoption of e-commerce in this sector.
*Key Regions and Countries Covered in this Report:*
· *North America*
· The US
· Canada
· *Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
· *APAC*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of Asia Pacific
· *Latin America*
· Brazil
· Mexico
· Rest of Latin America
· *Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
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