Blockchain in Agriculture and Food Supply Chain Market Analysis with Ongoing Trends & Market Revenue

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. This growth is driven by the increasing demand among stakeholders to trace and track the raw materials and final products which increases the trust among all stakeholders. The consumers are becoming more aware of provenance and hence players in food industry are now relying more on blockchain technology. Moreover, after COVID-19 pandemic most of the consumers have shifted on online platforms and so have the players. Blockchain technology helps these players to have safe payment transactions online. These factors are projected to boost the market growth during the review period.

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The application and solution providers sub-segment is estimated to account for the fastest growth in the by provider segment for Blockchain in agriculture and food supply chain market.

The application and solution providers majorly include the SME' and startup companies that focus upon providing customizable and flexible products powered by innovation. As the number of startups rises in the market, it drives the number of applications and solution providers in the blockchain in the agriculture and food supply chain market.

The small and medium-sized enterprises sub-segment is estimated to observe the fastest growth in Blockchain in agriculture and food supply chain market by organization size.

The businesses are looking forward to tapping the high untapped potential of the agriculture and food sector market, with technology integration; thus, larger enterprises are heavily investing in improving their existing solutions while new companies are coming up with exclusive solutions according to the need for their national and regional markets. As per NASSCOM's 2019 report, India has more than 450 agri-tech startups, growing at a rate of 25% annually. Despite the lockdown and supply-chains being impacted worldwide, the governments are working overtime to ensure easy availability of vegetables, fruits, dairy, and other essentials, which is expected to drive the use of highly efficient blockchain technologies in the sector in the near future.

The product traceability, tracking and visibility sub-segment is estimated to account for the largest market share by the application segment of blockchain in agriculture and food supply chain market over the forecast period.

Using this technology, processors will identify potential contamination sources during the supply chain and take precautionary steps. Companies have started investing in a blockchain to gain consumer trust, which provides transparency to the consumer to know the food product's complete journey. All the information related to the provenance of the ingredients used, to the shelf, can be viewed by the consumers, which will allow them to gain trust in the product.

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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