PUBLISHER: The Insight Partners | PRODUCT CODE: 1830937
PUBLISHER: The Insight Partners | PRODUCT CODE: 1830937
The market size for blockchain in the agriculture and food supply chain is projected to increase from US$ 535.22 million in 2024 to US$ 2521.56 million by 2031, with an expected CAGR of 35.6% during the period from 2025 to 2031. Factors such as improved traceability and transparency, consumer demand for openness, enhanced supply chain efficiency, prevention of food fraud and contamination, and reduction of food waste are driving the growth of the blockchain in agriculture and food supply chain market.
Analysis of Blockchain in Agriculture and Food Supply Chain Market
The rising interest in blockchain technology from small and medium-sized enterprises has strengthened its role in the agriculture and food supply chain market. Additionally, the integration of Internet of Things (IoT) devices is expected to further accelerate market growth during the forecast period. Furthermore, leading companies are undertaking various initiatives to broaden their portfolios and global reach, which has become a significant trend in the blockchain in agriculture and food supply chain market.
Overview of Blockchain in Agriculture and Food Supply Chain Market
Agricultural businesses are increasingly recognizing the potential of blockchain technology. Companies are differentiating themselves by demonstrating how supply chain insights are generated and how transaction bottlenecks are alleviated through improved data management capabilities enabled by emerging technologies.The agriculture sector illustrates the importance of technology in lowering transaction costs, optimizing logistics, enhancing traceability, and improving food safety protocols.
Blockchain technology offers a promising opportunity to enhance transparency, reduce resistance, and increase transaction efficiency within global agricultural supply chains.
Strategic Insights
Opportunities in the Blockchain in Agriculture and Food Supply Chain Market
Integration of Internet of Things (IoT) Devices as a Growth Opportunity for the Blockchain in Agriculture and Food Supply Chain Market
The combination of Internet of Things (IoT) devices with blockchain technology in agriculture and food supply chains enhances data collection and real-time monitoring, resulting in improved transparency, traceability, quality control, and overall supply chain efficiency.Companies are securing data within IoT devices using blockchain. When blockchain technology is integrated with IoT devices, smart devices can share data and perform financial transactions in a scalable, secure, and reliable manner.
Moreover, the synergy of blockchain technology and IoT allows organizations to share and access data without centralized control and management, further driving the growth of the blockchain in agriculture and food supply chain market.The blockchain in agriculture and food supply chain market is categorized by organization size into large enterprises and SMEs. The large enterprises segment is anticipated to capture a significant share of the market in 2023.Large organizations are consistently investing in advanced technologies like blockchain to enhance their agriculture and food supply chains, which is contributing to the growth of this segment in the market.
Meanwhile, SMEs are also adopting blockchain technology as it aids them in tracking and managing their grains throughout the value chain, further driving market growth in the forecast period.
Geographical Analysis of Blockchain in Agriculture and Food Supply Chain Market Share
The blockchain in agriculture and food supply chain market is primarily segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is witnessing rapid growth and is expected to hold a significant share of the blockchain in agriculture and food supply chain market. The region has adopted modern technology at a much faster pace than others for managing agriculture and food supply chains, leading to its dominant market share. Additionally, the US and Canada are the most economically stable countries in the region, contributing significantly to the market.
Scope of the Blockchain in Agriculture and Food Supply Chain Market Report
The "Blockchain in Agriculture and Food Supply Chain Market Analysis" was conducted based on stakeholders, organization size, application, and geography. The market is segmented by stakeholders into growers, food manufacturers/processors, and retailers. By organization size, it is divided into large enterprises and SMEs. The application segments include product traceability, payment and settlement, smart contracts, and governance risk and compliance management. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Recent Developments and News in the Blockchain in Agriculture and Food Supply Chain MarketCompanies are employing both inorganic and organic strategies, such as mergers and acquisitions, in the blockchain in the agriculture and food supply chain market. Below are some recent key developments in the market:
In March 2021, BlockApps, a provider of enterprise blockchain platforms, announced the expansion of the TraceHarvest network in collaboration with Amazon Web Services (AWS). BlockApps' TraceHarvest blockchain solution will utilize AWS to offer agribusiness customers rapid and flexible access to the cloud. TraceHarvest enables customers to track and trace the entire lifecycle of agricultural products starting from the seed source using blockchain.[Source: BlockApps, Company Website]
In January 2020, Farmer Connect and IBM introduced a new consumer mobile application named "Thank My Farmer," which allows coffee drinkers to trace their coffee to understand its quality and origin and even support the farmers who grew the beans. Farmer Connect is a traceability platform powered by IBM Blockchain designed to enhance traceability, efficiency, and fairness in the coffee supply chain.[Source: IBM, Company Website]
Coverage & Deliverables of the Blockchain in Agriculture and Food Supply Chain Market ReportThe forecast for the Blockchain in Agriculture and Food Supply Chain Market is based on various secondary and primary research findings, including key company publications, association data, and databases. The market report "Blockchain in Agriculture and Food Supply Chain Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market covering the following areas:
Market size & forecast at global, regional, and country levels for all key market segments included in the scope.Market dynamics such as drivers, restraints, and key opportunities.Key future trends.Detailed PEST & SWOT analysis.Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.Industry landscape and competition analysis including market concentration, heat map analysis, key players, and recent developments.Detailed company profiles.