Study: TikTok even impacts the agriculture industry

TikTok, the popular social media platform known for its short-form videos, is not just a hub for entertainment; it has become a significant driver of economic growth, particularly for small- and mid-sized businesses in the agriculture industry.

According to a recent Economic Impact Report conducted by Oxford Economics in collaboration with TikTok, the platform contributed a staggering $24.2 billion to the U.S. gross domestic product in 2023. The study surveyed 1,050 SMBs and 7,500 TikTok users from all 50 U.S. states and Washington D.C.

Researchers say they were able to measure the economic value of the TikTok platform to local communities and businesses across the United States.

By the Numbers: Agriculture industry on TikTok

The #agriculture hashtag on TikTok boasts over 2 million published videos, which have attracted more than 23 billion views and 2.6 billion minutes of watch time in just one year.

The Impact of TikTok on SMBs in the agriculture industry
marketing and branding insights:

46% of SMBs believe TikTok is essential for staying competitive and should continue to be utilized and improved.
41% attribute a significant portion of their business’s success or growth directly to their TikTok marketing endeavors.
48% consider TikTok a crucial tool for reaching potential customers and expanding their business.
33% view TikTok as indispensable to the survival of their business.

Audience reach and engagement

90% of SMBs state that TikTok has enhanced their ability to reach new audiences outside of their local community or state.
87% report an improved ability to expand their business’s reach within areas where they are already active.
57% highlight TikTok’s capability to connect them with diverse communities that would otherwise be inaccessible.

Business outcomes through TikTok

35% have successfully hired an employee through TikTok.
67% have attracted new investors.
70% have experienced product sell-outs.
82% report an uptick in sales following TikTok promotions.

#Farmtok, #FFA, and #Agriculture

In addition to providing marketing resources, TikTok undoubtedly provides an avenue for farmers, ranchers, and FFA members to share information and humorous circumstances, advocate for agriculture, and inform the public.

Family Farm is a TikTok account centered around an 8,500-acre farm in Texas. The account has over 5.9 million likes on its videos so far and 183,100 followers.