Agrifood Blockchain Market is projected to grow at a CAGR of 32.12 % during the forecast period from 2024 to 2031 - IBM, Microsoft & SAP SE.

The Global Agrifood Blockchain Market was valued at USD 120.1 million in 2022 and is projected to grow significantly, reaching USD 1,114.1 million by 2031. This represents a compound annual growth rate (CAGR) of 32.12% during the forecast period from 2024 to 2031.

Agrifood blockchain refers to the integration of blockchain technology into the agricultural and food industries to improve transparency, traceability, and efficiency. By utilizing decentralized, immutable digital ledgers, agrifood blockchain enables the detailed tracking of products from their origin to the end consumer. This technology provides a transparent record of transactions and movements within the supply chain, ensuring food safety and quality. It also enhances operational efficiency by automating processes through smart contracts and reducing paperwork and errors. Additionally, the security features of blockchain protect against fraud and counterfeit products, making it a valuable tool for modernizing and securing the agrifood sector.

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Market Dynamics:

Increase in Demand for Agricultural Supply-Chain Transparency.

Consumers are increasingly demanding transparency in their food, driving the need for improved agrifood practices. Blockchain technology provides a secure and tamper-proof method for tracking food from farm to table, ensuring the origin, source, and quality of products. This transparency builds trust by offering real-time information about growing practices and transportation details. In addition to enhancing transparency, blockchain addresses food safety concerns by guaranteeing product authenticity and facilitating efficient recalls. It serves as a powerful marketing tool for brands committed to ethical sourcing and sustainability, while also streamlining the supply chain by reducing paperwork, errors, and fraud. The immutable nature of blockchain records makes altering transactions nearly impossible, significantly enhancing supply chain management.

As concerns about food waste grow, blockchain technology offers solutions for creating a more responsible and sustainable food system. According to the United Nations, around 13% of food produced is lost between harvest and retail, and an estimated 17% is wasted in households, food service, and retail. Blockchain's transparent and traceable nature helps identify inefficiencies that contribute to food waste. By analyzing data, blockchain can more accurately predict consumer demand, optimize production and distribution, and minimize overproduction. This not only reduces waste but also supports ethical sourcing and sustainable practices, further advancing the fight against food wastage.

Market Segmentation:

By Type: Public, Private.

By Provider: Application and Solution Provider, Middleware Provider, Infrastructure and Protocol Provider.

By Application: Product Traceability, Tracking, and Visibility, Payment and Settlement, Smart Contract, Governance, Risk, and Compliance Management.

By End-User: Growers, Food Manufacturers/Processors, Retailers, Other.

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Major Key Players:

• IBM
• Microsoft
• SAP SE
• Arc-net
• AgriDigital
• RIPE TECHNOLOGY, INC,
• Oracle
• DigitalFoodLab
• OTT8 Group Inc
• OPTiM Corporation

Regional Analysis:

The global Agrifood Blockchain Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Agrifood Blockchain Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

Key Developments:

In January 2024, NITI Aayog, the Ministry of Agriculture and Farmers' Welfare, and the Food and Agriculture Organization of the United Nations jointly launched the Investment Forum for Advancing Climate Resilient Agrifood Systems in India. This initiative is designed to foster investment and collaboration to enhance the resilience of agrifood systems against climate change. The forum seeks to develop strategic partnerships and mobilize resources to support the implementation of climate-smart practices and technologies in the agricultural sector. By focusing on investment and innovation, the initiative aims to build a more sustainable and resilient agrifood system in India.

Related Reports:

Aviation Blockchain Market: https://datamintelligence.com/research-report/aviation-blockchain-market

Blockchain in Healthcare Market: https://datamintelligence.com/research-report/blockchain-in-healthcare-market

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