Increasing penetration of internet around the globe to fuel the growth of the E-commerce of the agricultural products market

E-commerce of Agricultural Products Market

 A modern E-commerce of agricultural products has opened up new avenues of development. This new breed of E-commerce is focused on the selling of agricultural products and the movement of physical goods. These goods are being traded online, through auctions and the traditional markets. The agricultural industry has been one of the major drivers behind this boom in E-commerce.

Expanding e-commerce industry due to the growing penetration of the internet is fueling the growth of the E-commerce of the agricultural products market. According to the India Brand Equity Foundation, the Indian e-commerce sector will reach US$99 billion by 2024 from US$30 billion in 2019. Much of the growth in the industry has been triggered by increasing internet and smartphone penetration. As of August 2020, the number of internet connections in India significantly increased to ~760 million, driven by the ‘Digital India’ program. Moreover, the increasing reach of e-commerce to small farmers coupled with the expanding agriculture industry is further anticipated to propel the growth of the E-commerce of agricultural products market over the forecast period.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the strong presence of agriculture in the region. According to the report published by PwC, Indian agriculture has been a key contributor to India’s growth story and continues to be one of the biggest employers. The Gross Value Add (GVA) for the agriculture sector was INR 17.67 trillion (USD 274 billion) in 2018, over a production base of 285 million tons.  Moreover, increasing demand for food due to the growing population is again contributing to the growth of the agriculture industry which in turn augmenting the regional market growth.

Key Developments:

1.      In February 2021, Bank of Baroda plans to launch an online marketplace for its customers offering banking services and farm-related products

2.      In October 2020, an Indian fresh produce company has officially entered the e-commerce race currently booming in India with the launch of its website, Kimaye.com.

3.      In January 2020, Perdue Farms has launched a new e-commerce website that will offer a selection of its family of brands for sale directly to consumers at PerdueFarms.com.

4.      In February 2019, The Brong Ahafo region in Ghana has launched its e-commerce platform, Brong Ahafo Agro Market online, to help farmers digitized the marketing of agricultural products.

Location: India

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