B2B Food Marketplace Platform Market is expected to reach US$ 78,988.62 Million by 2028

The B2B food marketplace platform market is expected to reach at US$ 78,988.62 million by 2028; registering at a CAGR of 18.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners

Innovations in Product Selling Models to Create Growth Opportunities for B2B Food Marketplace Platform Market Players During Forecast Period

Companies are concentrating their efforts on enhancing their production capacities, go-to-market processes, and digital activities (such as e-commerce presence and scale expansion). The COVID-19 pandemic has encouraged every firm to make reforms in their marketing strategies post-normalcy. Every organization, big or small, has been concentrating on developing new business models to meet the changing customer needs. For example, PepsiCo Inc. has launched its direct-to-consumer (DTC) websites Snacks.com and PantryShop.com in response to the increased demand during the COVID-19 pandemic. Both websites are aimed to gain profit from the growing trend of e-commerce among customers to satisfy their food and beverage demands amid the current health crisis. PepsiCo is promoting its Pepsi, Frito-Lay, Gatorade, Quaker Oats, and other well-known brands on these sites. Such initiatives influence other businesses to innovate their online marketplaces based on demand. Thus, such innovations in product selling models are likely to provide opportunities for B2B food marketplace platform market growth in the coming years.

B2B Food Marketplace Platform Market – by Region, 2021 and 2028 (%)

APAC held the largest share of the B2B food marketplace platform market, followed by North America and Europe. In addition, APAC is expected to register the highest CAGR in the B2B food marketplace platform market from 2022 to 2028. The market growth in APAC is attributed to the growing presence of a large population, increasing digitization, and the expanding food & beverages and food service industries. Moreover, the region is one the largest food producer in the world and exports a significant number of raw materials to North America, Europe, and other regions. The steady growth of the food & beverages and food service industries and a surge in the adoption and integration of advanced technologies are fueling the adoption of B2B food marketplace platform market growth in North America. Moreover, the US is the largest food exporter in the world. According to the US Department of Agriculture, the US farm and food exports are projected to reach US$ 177.5 billion, which is increased by US$ 4 billion from 2021. Similarly, according to Euromonitor, the retail sales of packaged food in Canada is expected to reach US$ 59.1 billion in 2022. Thus, the growing food industry in North America is further contributing to the growth of the B2B food marketplace platform market.

The B2B food marketplace platform market is segmented based on food category, enterprise size, and geography. Based on food category, the market is divided into chilled & dairy, grocery, beverages, and others. Based on enterprise size, the market is segmented into small and medium enterprises and large enterprises. Based on geography, the B2B food marketplace 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.

Impact of COVID-19 Pandemic on B2B Food Marketplace Platform Market

The onset of the COVID-19 pandemic forced governments of various countries across the globe to impose strict restrictions, including travel bans and lockdowns. The imposition of the lockdown resulted in a decline in the production of goods and commodities. The B2B food marketplace platform market players also experienced a slowdown in production due to the shortage of workforce in production units, which hampered the B2B food marketplace platform market. During the pandemic, the food & beverages industry experienced serious disruptions such as supply chain interruptions, technology events cancellations, and production plant shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa adversely impacted the global supply chain and manufacturing, delivery schedules, and sales of various goods.

Furthermore, various companies announced possible delays in product deliveries and slumps in the future sales of their products. In addition, the travel bans imposed by governments of various countries in North America, Europe, and Asia Pacific affected business collaborations and partnership opportunities. All these factors adversely affected the food & beverages industry during the COVID-19 pandemic. However, the rise in technological and digital enhancements in the food service industry is expected to support the growth of the B2B food marketplace platform market.

The key players operating in the B2B food marketplace platform market include FoodMaven, Amazon, eFoodChoice.com, Cheetah technologies Inc., Eworldtrade.com, FoodsTrade, Ufoodin, Pod foods Co., Emerge Srl, and Notch.

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