The global Blockchain in agriculture market size is expected to reach US$ 2068.5 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 41.00% CAGR between 2019 and 2029. According to the report, increasing cases of food contamination and food scams in the agricultural sector giving rise to growth of transparent supply chain methods; this factor is expected to act as a driver for the market growth.
The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. According to the FAO, about one-third of the food produced worldwide is wasted each year, which calls for a need to estimate and control the real supply and demand of food items so that they reach the poor. These problems can be tackled easily and efficiently using the blockchain network.
It includes in-depth insights into the blockchain in agriculture market. Some of these are:
- The estimated value of the market was at US$ 66.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific is a leading producer of farm products and foodstuffs. Which means the risk of food contamination and fraud in the supply chain in this area is higher.
- The majority of Asia-Pacific countries export their food products to other nations. For example, most Asian countries export fruits and vegetables to European countries, as the highest food traceability requirements in this area are being witnessed.
- During the forecast era, the application and solution provider segment is expected to rise to the highest CAGR.
- The hacking and piracy of information available on blockchain networks is likely to curb business growth.
- In terms of provider, the middleware provider segment is forecast to remain dominant through the course of the report’s forecast period.
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Production and Distribution Impacted Due to COVID-19 Outbreak
A preliminary picture of the aftermath emerges with the global pandemic of COVID-19 causing an ongoing crisis, of late. Stay-at-home orders and full lockdowns that initially resulted in a sudden increase in the blockchain consumer footprints on the agricultural sector, culminating in many logistical challenges and then a normal sales drop. Market scenes of growth, distribution, sales, and import-export are thus largely hampered. The novel coronavirus epidemic has undoubtedly led to a slump in sales, not because of the scanty stock but because of the disconcerted production and distribution chains.
Who is Winning?
The key players in the global blockchain in agriculture market include BM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia).
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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BLOCKCHAIN IN AGRICULTURE MARKET TAXONOMY
The global Blockchain in Agriculture market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Provider
- Application and solution provider
- Middleware provider
- Infrastructure and protocol provider
Application
- Product traceability, tracking, and visibility
- Payment and settlement
- Smart contracts
- Governance, risk and compliance management
Organization size
- Large enterprises
- Small and medium-sized (SMEs) enterprises
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
BLOCKCHAIN IN AGRICULTURE MARKET – KEY RESEARCH FINDINGS
- The blockchain in agriculture market will surge at a remakable CAGR of 41.0% between 2019 and 2029.
- The large enterprises segment dominated the blockchain in agriculture market.
- The product traceability, tracking, and visibility segment held the largest share, and it is expected to remain dominant through the forecast period owing to factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge of the provenance of food products.
- North America accounts for the largest share of the global blockchain in the agricultural market owing to the presence of major companies such as IBM and Microsoft in the U.S.
- Increasing investment from various stakeholders and government to support exploration and adoption of new technologies is expected to drive the blockchain in India’s agricultural market.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7 years.
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