Asia Pacific B2B Food Marketplace Platforms Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Enterprise Size (Large Enterprises and SMEs) and Food Category (Chilled & Dairy, Grocery, Beverages, and Others)
The B2B food marketplace platforms market in APAC is expected to grow from US$ 9,846.03 million in 2021 to US$ 34,990.30 million by 2028; it is estimated to grow at a CAGR of 19.9% from 2021 to 2028.
An increase in online purchasing has been attributed to the growing number of online retailers and virtual marketplaces across the region. Small enterprises, c-stores, and e-commerce corporations are increasingly focusing on sophisticated solutions such as marketplace platforms. This is basically to efficiently and effectively manage and control operations and processes. Furthermore, the increasing emphasis on digitization by brick-and-mortar retailers, grocery shops, and start-up firms, as well as revenues from online selling, is augmenting market expansion. Lowering cross-border trade barriers throughout the world is creating significant opportunities for sellers and enterprises, presumably allowing them to increase their product reach across several nations. E-commerce companies, shopping malls, and other businesses such as small stores and shops are turning to online marketplaces to sell their products, which is boosting the B2B food marketplace platform industry.
Based on food category, the APAC B2B food marketplace platforms market for the beverages segment is expected to grow fastest during the forecast period. Beverages comprise alcoholic and non-alcoholic drinks. The demand for alcoholic drinks is more. In China, customers are more likely to spend on quality products, which are safe and pollution-free. This factor has created an increase in imported goods. Thus, the demand for milk and protein beverages is gaining high acceptance in China. In addition, demand for flavored water is very high among supermarkets and consumers are procuring the same heavily. Therefore, the production of flavored water is increasing, which would further impact the supply of raw materials used to produce flavored water. For instance, the sales of artificial food color will be more and would provide at a high volume to the flavored water company. This aspect will positively impact the growth of the APAC B2B food marketplace platforms market for the beverages segment during the forecast period.
The COVID-19 pandemic has severely impacted APAC due to the wide spread of infection. The region has highly populated countries, which leads to a greater risk of infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has adversely affected major economies such as China, India, Australia, and Japan. These economies are experiencing inflation. India is the worst-hit country in the region due to the pandemic. The limitations imposed by governments to control the spread of the novel coronavirus that causes COVID-19 have adversely impacted the food & beverage industry in Asian countries. The closure of hotels, restaurants, and catering businesses has negatively impacted the adoption of B2B food marketplace platforms in Asia.
The overall APAC B2B food marketplace platforms market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC B2B food marketplace platforms market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC B2B food marketplace platforms market. Agorara; eFoodChoice.com; FoodsTrade; Jumbotail Technologies Pvt. Ltd.; Mindcurv GmbH; Telio Vietnam Co., Ltd; and Ukrainian Food Platform are a few players operating in the market.
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