Information on agricultural markets in developing nations: A study of the literature

Abstract

The Compared to other industries, the agricultural sector in the majority of developing nations has the capacity to reduce poverty more quickly. Many governments have therefore started programs and policies aimed at enhancing agricultural performance. The local agricultural markets are frequently run by a small number of stakeholders who have significant market power but frequently conceal information from the public, which is why some of these initiatives have failed. The purpose of this study was to identify the difficulties and effects of the dearth of market knowledge in developing nations and to offer solutions. The findings indicate that the primary factors associated with a lack of information are the existence of an oligopsonic market system, modern information and communication technologies (ICTs), the absence of market infrastructure, and gender constraints. Lack of knowledge, in turn, results in an ineffective agricultural market, adverse repercussions on market players, and eventually detrimental socioeconomic consequences. Therefore, better market infrastructure, expanded access to ICTs, and improved capacity building are required to address these issues.