Blockchain in Agriculture and Food Supply Chain Market 2024 Top Business Strategy, Growth Factors, Healthy CAGR with Segments & Forecast - 2032 | IBM, TE-FOOD International GmbH

The Blockchain in Agriculture and Food Supply Chain Market is Valued USD 0.089654947 Billion in 2024 and projected to reach USD 3.1 Billion by 2032, growing at a CAGR of 48.1% During the Forecast period of 2024-2032.

Increasing consumer demand for traceability and transparency in food production and distribution is supporting the growth of the agriculture and food supply chain blockchain market. UN has estimated the global food waste to stand at around 1.3 billion tons per year which highlights the need for improvement in food supply chain efficiency. Governments worldwide are recognizing this need, as seen in the USDA's 2022 report, which indicated that implementing blockchain technology can potentially reduce food waste by up to 50% by improving traceability from farm to fork. In addition, the FDA is now begging for some digital footprints to guarantee food safety leading stakeholders to adopt blockchain solutions. The changes in regulatory frameworks, governments are also beginning to invest in digital infrastructures enabling a better integration of blockchain this is further driving the market growth. For instance, the European Union's Farm to Fork Strategy emphasizes the need for transparent supply chains, aiming to implement digital labeling across food products by 2025. This governmental support is pivotal in shaping market dynamics, making blockchain technology a vital component for modernizing the agricultural sector and enhancing food safety standards.

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Major Players in Blockchain in Agriculture and Food Supply Chain Markets are:
IBM, TE-FOOD International GmbH, Microsoft, ACR-NET, Ambrosus, SAP SE, Chainvine, Ripe.io, AgriDigital, OriginTrail, Provenance, Modum.Io Ag, Viveat, Eharvesthub Inc., Grainchain, Cargochain, Farm2kitchen Foods Pvt. Ltd., Genuino and others.

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Blockchain in Agriculture and Food Supply Chain Market: Drivers

Blockchain technology provides an immutable ledger that ensures the traceability of food products from farm to table. This enhances transparency and allows stakeholders to verify the authenticity of food, thereby reducing instances of fraud and contamination.

With increasing consumer awareness and regulatory pressures for safe food practices, blockchain is being adopted to improve food safety measures. This includes tracking the movement of food products and quickly identifying contamination sources during foodborne illness outbreaks.

Blockchain in Agriculture and Food Supply Chain Market: Restraints

The initial investment required for implementing blockchain technology can be a barrier for many agricultural businesses, especially small and medium enterprises (SMEs) that may lack the resources to adopt such technologies.

The absence of standardized protocols for blockchain in agriculture can hinder its widespread adoption. Different stakeholders may use various platforms, complicating interoperability and data sharing across the supply chain.

Global Blockchain in Agriculture and Food Supply Chain Market Segmentation:

By Type
Public
Private
Hybrid/Consortium

By Stakeholders
Growers
Food manufacturers/processors
Retailers

By Providers
Application Providers
Middleware Providers
Infrastructure Providers

By Organization Size
SMEs
Large Enterprises

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

The following areas and countries are covered in the worldwide Blockchain in Agriculture and Food Supply Chain Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

In 2023, North America led the blockchain in the agriculture and food supply chain market with a 39% share of the market. This dominance can be attributed to strong food safety regulations and large investments realized in agricultural technology by both the public and private sectors. As per the U.S. Department of Agriculture, technology adoption is essential for overcoming such supply chain disruptions exacerbated after COVID-19 and making it more resilient. Additionally, the region is witnessing rapid advancements in blockchain applications aimed at improving traceability and operational efficiency.

Detailed industry forecast-Brief Introduction to the research report:

Additional information on company participants
Customized reports and analyst assistance are available upon request.
Recent market developments and potential future growth opportunities
Personalized regional/country reports upon request
New data sources are being integrated.
Increased focus on data privacy and security
Increased collaboration and co-creation

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Key Features of the Blockchain in Agriculture and Food Supply Chain Market Report: -

Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

Examine the market opportunities for stakeholders by identifying higher growth sections.

To study and analyze the global Blockchain in Agriculture and Food Supply Chain Market industry status and forecast including key regions.

An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

It helps you make strategic business decisions and investment plans.
Finally, Blockchain in Agriculture and Food Supply Chain Market is a valuable source of guidance for individuals and companies.

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