Rising demand for supply chain transparency, Rising instances of food fraud, rising concerns over food waste are critical factors contributing to the growth of the market over the forecast period.
Market Size – USD 52.36 million in 2018, Market Growth – CAGR of 45.13%, Market Trends – Rising Funds and Investments in Food Industry, Growing Adoption of Blockchain in Supply Chain eating
According to the current Reports and Data analysis, the Blockchain in the agriculture market was valued at USD 52.36 million in 2018 and is expected to reach USD 122.7 million by 2028, growing at a CAGR of 45.13%. The world faces enormous challenges when it comes to providing food for an ever-growing population, in particular: the challenges of climate change, floods, drought, desertification, loss of biodiversity, pests and diseases. Innovation in agricultural processes is needed to overcome some of these challenges and make agriculture attractive and profitable for smallholder farmers involved in feeding the world. Blockchain technology enables highly secure record keeping and digital transaction. This technology creates a secure and transparent ledger system available to all parties in the supply chain. In the agricultural sector and its related products, this technology can be used to promote safety and the prevention of food fraud and to verify the origin and authenticity of agricultural products and agricultural inputs. All of this is made possible because this technology improves traceability and transparency. In agriculture, self-executing smart contracts, coupled with electronic payments, would be a game-changer. The share of smart contracts, especially in agricultural insurance, green bonds and traceability, could be beneficial. Agricultural insurance built on a blockchain with critical weather incidents and associated payments written on a smart contract, linked to mobile wallets with weather data provided regularly by sensors in the field and correlated with data from nearby weather stations would facilitate immediate payment in the event of a drought or flood in the field. Many organizations such as Walmart (USA) Nestlé (Switzerland) have started pilot projects with these technological solutions provided by IBM (USA) to improve feed safety and rapid food recalls in the event of infection. Besides IBM, there are other big players such as SAP-SE (Germany), Microsoft (US) and smaller players such as AgriDigital (Australia), Provenance (UK) and OriginTrail (Slovenia) that provide platforms and solutions for complete traceability. of food products throughout the supply chain.
The main participants are IBM (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).
other key findings from the report
- , based on organization size, blockchain in agriculture and food supply chain market has segmented into large enterprises and small & medium enterprises. The small and medium business segment is expected to grow at a higher CAGR during the forecast period. Rising investment from SMEs with government support and increasing number of startups in this market as well as globally for the adoption of blockchain technology are the key factors driving the small and medium enterprise segment in blockchain in agriculture market and agricultural supply chain.
- Based on the application, smart contracts are expected to witness significant growth in the agriculture market. Smart contracts are saved as code and maintained by a network of computers. It can carry out transactions independently according to the options prescribed without the services of typical intermediaries – banks, government agencies or by order of an agent who has the power to do so. This brings several extremely important features in the course of agricultural production activities, without which it is impossible to imagine the organization of the business process.
- On the basis of vendor, blockchain in agriculture and food supply chain market has segmented into middleware provider, application and solution provider, and infrastructure and protocol provider and. The application and solution provider section is expected to grow at the highest CAGR during the forecast period. The introduction of technologically advanced solutions has been widely adopted in the agriculture and food supply chain industry, which has fueled the overall market growth.
- The Asia-Pacific region is the fastest growing region for blockchain in the agriculture and food supply chain market. Asia-Pacific is one of the major producers of agricultural and food products, which means that the likelihood of foodborne infections and cases of fraud in the supply chain is higher in this region. Most Asia-Pacific countries export their food products to other countries. For example, most Asian countries export fruits and vegetables to European countries, as evidenced by the main agricultural traceability requirements in this area. The agricultural industry in the Asia-Pacific region is exploring blockchain technology to comply with the traceability requirements of importing companies.
For the purpose of this report, Reports and Data has segmented the blockchain in agriculture market based on
Stakeholders (Revenue, USD Million; 2018-2028)
- Food Manufacturers/Processors
Suppliers (Revenue, USD Million; 2018-2028)
- Supplier of applications and solutions Supplier
- Infrastructure and protocol provider
Organization Size (Revenue, USD Million; 2018-2028)
- small and medium enterprises
turnover, million USD; 2018-2028)
- Product traceability, tracking and visibility
- Payment and settlement
- smart contracts
- risk and compliance management
Regional Outlook (Revenue in USD Million; 2018-2028)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
conclusion, all aspects of the Blockchain in Agriculture Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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Blockchain in agriculture market size expected to reach USD 2,290.2 million at a CAGR of 45.13% by 2028
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