According to our latest market study on "B2B Food Marketplace Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Food Category and Enterprise Size," the market is expected to grow from US$ 29,326.79 million in 2022 to US$ 78,988.62 million by 2028; it is expected to grow at a CAGR of 18.0% from 2022 to 2028.
B2B food marketplace platforms connect buyers and sellers across the world. The sellers at these platforms can be producers or vendors, while the buyers can be retailers; vendors; and food service industry players, such as restaurants, hotels, and canteens. These platforms are used for trading processed and unprocessed foods. The B2B food marketplace platform market is experiencing significant growth owing to the proliferation of smartphones and tablets, facilitating better communication between SMEs and buyers. Moreover, the contractual pricing of the products is fueling the B2B food marketplace platform market growth. The increasing adoption of packaged food products, the growing food service industry owing to rising disposable income and increasing inclination toward modern lifestyle, and the flourishing offshore renewable industry are likely to continue to propel the adoption of B2B food marketplace platforms in the coming years. The COVID-19 pandemic has positively impacted the B2B food marketplace platform market growth as buyers and sellers opt for digital solutions for business operations.
The COVID-19 pandemic hampered the operations of the food & beverages industry, adversely impacting the growth of the North America B2B food marketplace platform market. The COVID-19 outbreak disrupted operational efficiency and the value chain due to the sudden shutdown of the national and international boundaries, creating revenue loss and damage. The disruptive value chain resulted in a shortage of raw material supply, which impacted the growth of the B2B food marketplace platform market in the region. Further, the pandemic led to a notable shift in the buying behavior of consumers as they preferred online purchases over traditional brick-and-mortar stores, thereby boosting e-commerce sales. Hence, many companies and retailers operating in the food & beverages and food service industries adopted an online selling model during the pandemic, which encouraged them to employ digital solutions for the effective execution of their online operations. As a result, the demand for B2B food marketplace platforms increased in North America during the crisis.
Key Findings of Study:
The B2B food marketplace platform market is segmented based on food category, enterprise size, and geography. Based on food category, the B2B food marketplace platform market is divided into chilled & dairy, grocery, beverages, and others. Based on enterprise size, the B2B food marketplace platform market is segmented into small and medium enterprises and large enterprises. Based on geography, the B2B food marketplace platform market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the B2B food marketplace platform market.
The major contributors to the growth of the B2B food marketplace platform market in APAC are Australia, China, Japan, India, and South Korea. Rapid technological advancements, digitalization of economies, and sufficient government support are a few of the key factors affecting the adoption of digital solutions such as B2B food marketplace platforms across the region.
APAC experienced significant growth in packaged food and beverages over the last two decades owing to the flourishing economic development, the increasing influence of the western lifestyle, and the growing population. The rising demand for packed food will further increase the use of the B2B food marketplace platform for the import and export of food products, thus, fueling the B2B food marketplace platform market growth. Further, the region is one of the biggest exporters of raw materials for the food processing industry based in North America and Europe. Also, many agricultural products, such as groceries, are exported to the food service industry in North America and Europe. Thus, owing to the increasing export of food products to North America and Europe, the B2B food marketplace platform market is experiencing significant growth.
Moreover, the growth of the food service industry in APAC is characterized by the presence of a large young population and a surge in disposable income. Further, fast-food restaurant chains are heavily investing in Malaysia, China, India, Indonesia, and South Korea, among others, owing to the growing rate of the food service industry in this region. Moreover, the major players operating in the APAC B2B food marketplace platform market, such as Telio Vietnam Co., Ltd; IndiaMart; Flipkart; Agorara; eFoodChoice.com; and Jumbotail Technologies Pvt. Ltd., are actively expanding their reach by adopting various strategic activities. For instance, in December 2019, Telio, a Vietnamese B2B e-commerce platform, announced that it raised US$ 25 million in its series A funding round led by Tiger Global. Also, various other companies, such as GGV Capital, Sequoia India, and RTP Global, participated in the round. Similarly, in November 2021, the company raised US$ 51 million in pre-Series B funding. Thus, the growing adoption of B2B e-commerce platforms by the market players will boost the B2B food marketplace platform market growth during the forecast period.
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