Press release
Blockchain In Agriculture And Food Supply Chain Market 2024-2033: Trends, Analysis & Growth Forecast
The blockchain in agriculture and food supply chain market size is expected to see exponential growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 46.7%. The growth in the forecast period can be attributed to enhanced food safety measures, stakeholder education and awareness, focus on sustainable and ethical practices, resilience against disruptions, customs and regulatory compliance, . Major trends in the forecast period include enhanced traceability and transparency, food safety and quality assurance, smart contracts for automation, sustainable and ethical sourcing, supply chain optimization, increased adoption of blockchain..
Market Overview -
Blockchain in agriculture and food supply chain refers to a technology that enables information traceability throughout the food supply chain to enhance food safety. Additionally, it gives users a safe way to store and manage data, which makes it easier to create and use data-driven innovations for smart farming and smart index-based crop insurance.
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Growing Role Of Small And Medium Enterprises In Driving The Blockchain In Agriculture And Food Supply Chain Market
The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in the blockchain in agriculture and food supply chain market. This is mainly due to larger businesses investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets. According to The StartupLab 2021 report, an India-based venture capital firm, the Agritech sector in India is expanding at a rate of 25% annually, supported by rising digitization, government efforts, and investor interest. For instance, Agridigital is an Australian startup that uses blockchain to support the Australian grains industry. It helps to track and manage grains as they move throughout the value chain. Thus, the rise in small and medium enterprises is expected to drive the blockchain in agriculture and food supply chain market during the forecast period.
Competitive Landscape -
Major companies operating in the blockchain in agriculture and food supply chain market report are International Business Machines Corporation, Microsoft Corporation, SAP SE, Ambrosus AG, Arc-net, OriginTrail Ltd., Rip. io, Provenance Ltd., Chainvine Limited (ChainVine), AgriDigital Pty Ltd., Riiot Labs SA, VeChain Foundation, BlockGrain, AgriChain Pty Ltd., TE-FOOD International GmbH, Agri 10x LLC, AgriLedger Ltd., AgroChain Ltd., Bext Holdings Inc., Cargill Incorporated, CropIn Technology Solutions Pvt. Ltd., Deere & Company, Eka Software Solutions Pvt. Ltd., Emerson Electric Co., FoodLogiQ LLC, Full Profile Pty Ltd, GrainChain Inc., Kisan Network, Modi Infosol Pvt. Ltd., Nestlé S. A., Ripe Technology Inc., The Seam LLC, Topl LLC, Trace Genomics Inc., Unilever PLC, Viant Technology LLC, Walmart Inc., Yara International ASA, Zume Inc.
Blockchain With IOT Emerges As A Trend In Agriculture And Food Supply Chain Market
The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market. Companies are using blockchain to secure data in IoT devices. IoT involves a system of devices that can collect, transfer, and store data over a wireless network. The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner. Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, in February 2022, Vodafone Group plc, a UK-based multinational telecommunications company, introduced Digital Asset Broker (DAB) platform, a blockchain-based trading platform for IoT devices and sensors. The new Digital Asset Broker (DAB) technology, which is purportedly designed to promote the economy of things, enables verified connected objects to transact securely without human oversight but under human (the ""owner"") control by creating individualized digital identities for using payment technologies and mobile SIM security to interact and transact with other devices.
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Key Segments -
The blockchain in agriculture and food supply chain market covered in this report is segmented -
1) By Type: Public Blockchain, Private Blockchain, Consortium/Hybrid Blockchain
2) By Stakeholder: Growers, Food Manufacturers/Processors, Retailers
3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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