Blockchain on the Menu: Building Trust and Transparency in the Food Chain 2024-2032

Blockchain in the Agriculture and Food Supply Chain Market to reach over USD 7,419.9 Mn by the year 2031 - Exclusive Report by InsightAce Analytic

"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)
• ACR-NET (Ireland)
• Ambrosus (Switzerland)
• SAP SE (Germany)
• OriginTrail (Slovenia)
• Provenance (UK)

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Current Events: • In June 2020, Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, declared a novel cross-sector partnership utilizing blockchain technology to exchange supply chain information across Norway's seafood sector and offer superior, safer seafood to customers worldwide. High-quality, completely traceable items would be made possible with blockchain technology.

• Azure blockchain services, a fully managed service from Microsoft that enables the creation, administration, and governance of consortium blockchain networks, was introduced in May 2019. It provides tools for adding new members, granting permissions, and monitoring network activity and health. It is integrated with the Azure activity directory. • The US-based Albertsons Companies joined the IBM Food Trust blockchain in April 2019.

Blockchain in the Agriculture and Food Supply Chain Market Dynamics:

Market Drivers: Transparency and Traceability
The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders.

The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.

Challenges: Costs of Implementation
The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures.

Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period

Due to the high degree of technical infrastructure that is prevalent there, North America is now leading the industry. The presence of significant global market players in the area is also contributing to the region's overall rise in market share. Furthermore, measures by the government to invest in cutting-edge technology and supporting legislation are also responsible for the increase.
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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