Blockchain In Agriculture Market By Application And Provider: Global Opportunity Analysis And Industry Forecast, 2023-2029

Market Overview:

Global Blockchain in the Agriculture market was estimated at USD 254.12 million in 2021 and is anticipated to reach USD 3441.21 million by 2028, growing at a CAGR of 45.1%

The Blockchain is the cryptographically secured collection of data and records known as the technological database. Blockchain is utilized in agriculture to create transparency between the farming process and the supply chain. It will aid in lowering transaction costs, saving them both money and time. It can be used to enhance logistics, quality assurance, and nutrient management plans, among others. Blockchain technology is revolutionizing the food and agriculture industries by enhancing organizations' decision-making capabilities. The establishment of a direct link between farmers and consumers/retailers is facilitated by blockchain technology, allowing farmers to gain insight into budget allocation and actual market price.

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Market Dynamics:

Driver:

In today's markets, consumers are aware of and demand complete transparency regarding the food production processes. Several companies have initiated test runs of blockchain-based applications to determine and manage the conditions under which food products are stored throughout the supply chain in order to address the issue of ensuring that food is safe to eat. The United States dominated the blockchain technology innovation landscape, with the highest number of investments and the most pilot projects being tested. IBM (US) has collaborated with Nestle (Switzerland), Tyson Foods (US), Dole Food Company, and McCormick & Company on a blockchain project to explore the potential applications of blockchain technology in the field of food safety.

Opportunities:

In the past few years, a substantial amount of funding has been obtained due to the exponential growth of blockchain technology across numerous industry verticals. According to TechCrunch, the total amount of capital raised by blockchain technology venture funds from January to May 2018 was USD 1.3 billion. It demonstrates that venture capitalists are optimistic about the future of blockchain technology. Significant investments are currently being made in businesses that offer blockchain-based solutions and platforms to the food and agriculture industries.

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The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Type:

•Public
•Private

By Provider:

•Application & Solution Provider
•Middleware Provider
•Infrastructure & Protocol Provider

By Application:

•Product Traceability, Tracking & Visibility
•Payment & Settlement
•Smart Contracts
•Risk & Compliance Management
•Governance

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Regional Insights:

The European region is estimated to observe the highest growth in the blockchain in the agriculture market, due to lower operational costs in financial transactions, and growing transaction-related applications are expected to support stakeholders.

In the Asia Pacific region some countries such as India, China has government support and initiatives which are expected to grow the market during the forecast period.

North America is considered the most advanced region in terms of technology adoption and infrastructure. The presence of blockchain provider companies such as IBM and Microsoft is the main driving factor for the region.

By Region:

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Key Players For The Global Blockchain in Agriculture Market

•IBM Corporation (US)
•TE-FOOD International GmbH (Europe)
•Microsoft (US)
•ACR-NET (Ireland)
•Ambrosus (Switzerland)
•Origin Trail (Slovenia)
•Provenance (UK)
•AgriDigital
•GrainChain
•CargoChain Ltd
•Farm2Kitchen
•Agri10X
•VeChain Foundation
•Skuchain
•FCE Group AG
•Bext360 And Others Major Players.

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Key Industry Developments

In March 2018, Ambrosus collaborated with the Swiss Coffee Alliance (Switzerland) to develop a sustainable supply chain for coffee by helping them with their platform for tracing the entire journey of the coffee and its supply chain.

In May 2019, Microsoft introduced Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity.

Some of the key questions answered in this report:

•Which are the five top players of the Blockchain in Agriculture market?
•How will the Blockchain in Agriculture market change in the upcoming years?
•Which product and application will take a share of the Blockchain in Agriculture market?
•What are the drivers and restraints of the Blockchain in Agriculture market?
•Which regional market will show the highest growth?

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