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Blockchain in Agriculture and Food Supply Chain Trends | 2024 To 2033 Key Players International Business Machines Corporation, Microsoft Corporation, SAP SE, Ambrosus AG
Blockchain In Agriculture And Food Supply Chain Global Market Share
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According to The Business Research Company's, The blockchain in agriculture and food supply chain market size has grown exponentially in recent years. It will grow from $0.4 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 46.4%. The growth in the historic period can be attributed to enhanced traceability and transparency, prevention of food fraud and contamination, consumer demand for transparency, supply chain efficiency, reduction of food waste..
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..
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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 In Agriculture And Food Supply Chain Market 2024 Key Insights:
• 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%.
• Growing Role Of Small And Medium Enterprises In Driving The Blockchain In Agriculture And Food Supply Chain Market
• Blockchain With IOT Emerges As A Trend In Agriculture And Food Supply Chain Market
• North America was the largest region in the blockchain in agriculture and food supply chain market in 2023
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