Why Agritech Startups Will Call for the Next E-Commerce Revolution
Food and agribusiness industry formed a US$5 trillion global industry based on a 2015 McKinsey report. With the growing population of 7.8 billion as it stands today to the 10 billion projected by the United Nations in 2057, the market size of this industry will only get significantly bigger as demand for food worldwide increases, reports June Boo at e27.
This massive opportunity has, in turn, generated tremendous global investment interests throughout its value chain. Innovation via technology and digitalization are seen as pragmatic solutions to help address some of the greatest challenges facing the global food system. Food demand is increasing and suppliers are seeking greater distribution and access to the regional or global supply chain.
Customers are asking for food traceability, greater price transparency, as well as faster, round the clock access to information. New digital platforms have emerged in an attempt to address these market needs. According to AgFunder’s Agri-FoodTech Funding Report 2019, US$786 million of funding – or 4% of total investment in the agri-foodtech space – across 104 deals with a median deal size of US$1.5 million was invested in agribusiness marketplaces last year as global agribusiness moves quickly to catch up with the e-commerce trends globally.
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