COVID-19 Impact on the Global Blockchain in Agriculture and Food Supply Chain Market

The global blockchain in agriculture and food supply chain market size is estimated at USD 133 million in 2020; it is projected to grow at a CAGR of 48.1% to reach USD 948 million by 2025.

Benefits of Blockchain in agriculture include easy and cheap food batch recalls in case of emergencies, availability of the complete history of the product status, increased customer trust and loyalty, fairer payments, approved vendors, and proper compliance management. Consortiums are formed, such as Global Blockchain Business Council (Switzerland), World Blockchain Association (Switzerland), and Blockchain Collaborative Consortium (BCC) to make the government and all stakeholders aware of the benefits that blockchain technology. The blockchain market is expected to grow through such initiatives due to increased demand for supply chain transparency.

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COVID-19 Impact on the Global Blockchain in agriculture and food supply chain market:

Amid the spread of the COVID-19 pandemic, the global food supply chains' numerous inefficiencies were realized globally. This has led to the probable opening of opportunities in the mid and long-term technological markets. The blockchain platform offers a repeatable framework for end-to-end digital trade executions. According to the World Economic Forum, blockchain technology is a highly effective solution to cope with the inefficiencies in supply chains surfaced by the pandemic.

Alliances were conducted between companies such as Cargill and Agrocrop with Rabobank and other logistics and supplier organizations to pilot blockchain for faster cross-continental commodity trading. The imposition of lockdowns has made it further difficult to track many food products' origin, resulting in more hazardous food. According to the Global Food Safety Initiative (GFSI), food retailers across the world are also demanding certifications of suppliers to ensure food safety for every stakeholder in the value chain. Thus, the spread of the COVID-19 pandemic has led to the increasing use of blockchain in the food sector for traceability and transparency.

The increasing adoption of advanced technology for managing the agriculture and food supply chains in the North American region accounts for the region's high market share.

North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of blockchain technology solution providers such as IBM and Microsoft in North America is the main factor driving the North American blockchain in the food and agriculture supply chain market. The US Federal Government has not regularized blockchain technology, because of which the states in the US are free to introduce their own rules and regulations. Specifically, retailers in this region have realized blockchain technology’s potential to deliver enhanced customer experience and efficient supply chain systems; hence, the region has started adopting the technology to develop business applications.

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Key players in this market include major players such as IBM (US), TE-FOOD International GmbH (Europe), Microsoft (US), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), OriginTrail (Slovenia), and Provenance (UK). These major players in this market focus on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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