What is the estimated population of smallholder farmers in the world in 2023? I wish to develop and commercialize an Agricultural Commodities Futures Contracts Calculator App to empower agricultural producers (smallholder farmers; co-op producers including agribusiness producers) by supporting them in hedging against price volatility, facilitating price discovery, enhancing decision-making, and enabling these producers to improve their incomes. Are there similar products in the market that can empower agricultural producers as the proposed app?
As of 2023, estimates suggest that there are approximately 500 million smallholder farmers worldwide. These farmers play a crucial role in global food production, particularly in developing countries, where they often contribute significantly to local economies and food security.
Regarding your idea for an Agricultural Commodities Futures Contracts Calculator App, there are indeed several products and platforms in the market aimed at empowering agricultural producers. Some of these include:
Farm Management Software: Many farm management tools offer features for financial planning, including price forecasting and risk management. Examples include Ag Leader, Trimble Ag Software, and FarmLogs.
Commodity Trading Platforms: Some platforms provide tools for trading futures contracts and managing risk. Examples include CME Group's trading platform and various brokerage services that cater to agricultural producers.
Mobile Apps for Farmers: There are mobile applications designed to help farmers with market information, price tracking, and risk management. Apps like AgroStar and Kisan Network provide farmers with access to market prices and other resources.
Advisory Services: Some organizations and cooperatives offer advisory services that include market analysis and risk management strategies, helping farmers make informed decisions about futures contracts.
Blockchain Solutions: Emerging technologies, including blockchain, are being explored to provide transparency and security in agricultural transactions, which can also help in price discovery.
While there are existing products, your app could differentiate itself by focusing specifically on smallholder farmers and cooperatives, offering tailored features that address their unique challenges, such as limited access to market information, financial literacy, and technology. Additionally, incorporating educational resources on futures contracts and risk management could further empower these producers.