Blockchain in Agriculture & Food Supply Chain Management Market to Witness Growth Acceleration by 2030

Global blockchain in the agriculture and food supply chain management market is projected to grow at a CAGR of 48.1% during the forecast period the growth of the market is attributed to the growing need for transparency, traceability, and efficiency within the industry. Furthermore, to increase operational efficiencies by reducing fraud, errors, delays in transactions, cost savings, and prevention of food fraud and contamination in the agriculture and food supply chain industry. Growing technological intervention and innovations such as the Internet of Things (IoT) and Sensor Technologies are helping the global agriculture and food supply chain management market to grow at a significant rate and opening doors for various developments and investments.

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Developments Happening Around Global Blockchain in Agriculture & Food Supply Chain Management Market
• The government is supporting the development of blockchain in the agriculture and food supply management industry. For instance, in April 2023, Bioenterprise received a nearly $6.3 million Government of Canada investment, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to deliver the SmartGrowth program and lead the creation of a food and agri-tech hub in southern Ontario.

• New product launches by various market players are contributing to market growth. For instance, in May 2023, OVO Farm launched its one-of-its-kind flagship store, KENKO AGSTRA, in Nayapalli Bhubaneswar which is Odisha's first exclusive egg store, catering to customers directly from the farm, with a range of nutritious eggs and more. Through blockchain, high-quality fresh and hygienic eggs whose authenticity could be traced by scanning the QR code available on each product.

• Start-ups are investing in new-age software technologies and launching products to increase the process of transparent, trusted, and verified information about farmer's land. For instance, in March 2023, Bengaluru-based Greenlakes introduced blockchain tech for the farmland and farmhouse sector to provide a non-editable distributed ledger that gives users access to transparent, trusted, and verified information about their land, particularly during the registration process.

• Market is driving due to the need for end-to-end supply chain processes in agriculture and food supply management. For instance, the UK's Agridex runs on blockchain and is an end-to-end supply chain platform and marketplace that facilitates trading with electronic coins.

• To bring sustainability and transparency, blockchain technology launched by various companies is contributing to market growth. For instance, BlockApps' Ethereum-based TraceHarvest Network enhances food quality, safety, and sustainability by bringing supply chain efficiencies, transparency, compliance, and stewardship to agricultural products.

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Key players providing blockchain technology and software in the agriculture and food supply chain management industry include IBM, Microsoft, Sap-se, Arc-net, Origintrail, Vechain, Agridigital, and Blockgrain. These players will dominate the market in the future by supplying the necessary technology and services. Various brands are coming together to benefit the agri sector by providing agriculture software using blockchain. For instance, IBM and Walmart have collaborated to track produce from farm to fork. Makers and processors along the inventory network need to include data in IBM's blockchain for food traceability and for the process to be transparent to consumers.

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