Blockchain in Agriculture and Food Supply Chain Market: A Recipe for Trust and Growth

"Blockchain in the Agriculture and Food Supply Chain Market" in terms of revenue was estimated to be worth $403.87 Mn in 2023 and is poised to reach $7,419.9 Mn by 2031, growing at a CAGR of 44.11% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Blockchain in the Agriculture and Food Supply Chain Market are:
• Transparency and Traceability.
• Reducing Fraud and Counterfeiting.
• Efficiency and Automation.

The following are the primary obstacles to the Blockchain in the Agriculture and Food Supply Chain Market's expansion:
• Costs of Implementation.
• Scalability Issues.
• Lack of Standardization.

Future expansion opportunities for the global Blockchain in the Agriculture and Food Supply Chain Market include:
• Electric Vehicles and Sustainable Transportation.
• Remote Work Solutions.
• Cybersecurity Solutions.

Market Analysis:

Key factors influencing the market include technological advancements, changing consumer preferences, and regulatory dynamics. The increasing integration of digital technologies, such as artificial intelligence and blockchain, is reshaping industries, fostering innovation, and driving market growth. Furthermore, globalization and heightened competition underscore the importance of strategic market positioning and agility.

List of Prominent Players in the Blockchain in the Agriculture and Food Supply Chain Market:
• IBM (US)
• TE-FOOD International GmbH (Europe)
• Microsoft (US)
• Ambrosus (Switzerland)
• SAP SE (Germany)
• OriginTrail (Slovenia)
• ACR-NET (Ireland)
• Provenance (UK)

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Recent Developments:
• In June 2020, Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, announced a new cross-industry collaboration to use blockchain technology and share supply chain data throughout Norway's seafood industry and provide safer, better seafood to consumers across the globe. This blockchain technology would help provide high-quality, fully traceable products.
• In May 2019, Microsoft launched 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.
• In April 2019, Albertsons Companies (US) joined the IBM Food Trust blockchain.

Blockchain in the Agriculture and Food Supply Chain Market Dynamics:
Market Drivers: Transparency and Traceability
Due to the increasing emphasis on traceability and transparency across all industries, the market is undergoing a profound transformation. Companies are beginning to understand the critical importance of these components in establishing confidence with stakeholders and customers. Increasing consumer consciousness and regulatory pressures have heightened the demand for traceable and transparent supply chains exceedingly. Blockchain technology is currently facilitating the establishment of transparent and immutable records, which are crucial for the real-time traceability of products throughout their journey from origin to consumption. By prioritising transparency, organisations not only allay the concerns of consumers concerning ethical sourcing and authenticity, but also optimise operational efficiency through risk mitigation and compliance assurance.

Challenges: Costs of Implementation
With the increasing focus on traceability and transparency across the industry, the market is experiencing a significant paradigm shift. Companies are increasingly recognising the significance of these elements in fostering trust and assurance among stakeholders and clients. The demand for traceable and transparent supply chains is notably heightened as a result of shifting consumer preferences and regulatory obligations. Blockchain and comparable technologies are making substantial contributions to the development of immutable and transparent ledgers. These ledgers enable the real-time monitoring of goods, starting from their origin and concluding at the point of sale to the ultimate consumer. By placing conformance as a top priority and implementing risk mitigation strategies, this focus on transparency addresses consumer concerns regarding ethical sourcing and authenticity while also optimizing operational efficiency.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
As a consequence of its advanced technological infrastructure, North America has emerged as the current frontrunner in the industry. Significant global market participants' presence in the region also contributes to the increase in market share of the area as a whole. In addition, government initiatives to invest in state-of-the-art technologies and legislation to support such investments have contributed to the observed surge.

Segmentation of Blockchain in the Agriculture and Food Supply Chain Market-
By Type
• Public
• Private
• Hybrid/Consortium

By Application
• Growers
• Food Manufacturers/Processors
• Retailers

By Providers
• Application Providers
• Middleware Providers
• Infrastructure Providers

By Organization Size
• Small And Medium-Sized Enterprises
• Large Enterprises

By Applications
• Product Traceability, Tracking, and Visibility
• Payment And Settlement
• Smart Contract
• Governance, Risk, and Compliance Management

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.