Agriculture Supply Chain Management Market Expected to Reach $954 million by 2032

The global Agriculture Supply Chain Management Market size was valued at $358.6 million in 2022, and is projected to reach $954 million by 2032, growing at a CAGR of 10.1% from 2023 to 2032. Rise in the requirement for demand management solutions from agri-business firms and an increase in the use of cloud-based supply chain management software drives the growth of the global agriculture supply chain management market. In addition, a rise in the requirement for enhancing supply chain visibility will boost market trends. Nevertheless, the huge costs associated with the implementation and maintenance of supply chain management solutions will put brakes on the growth of the global market. However, a surge in urbanization and globalization and the integration of blockchain technology in agriculture supply chain management are set to generate new growth avenues for the global market.

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The agriculture supply chain management comprises agri-based organizations, responsible for the production and distribution of vegetable/fruits/cereals/pulses or animal-based products. The typical agriculture supply chain management involves three steps, such as from farmers to intermediate silos, from silos to transformation plants, and from transformation plants to clients. However, the supply chain for different agricultural products is full of challenges, such as smallholders/marginal dominance of farmers, supply chain fragmentation, lack of economies of scale, low processing/value-added levels, and insufficient marketing infrastructure. However, the use of upcoming technologies, such as blockchain can solve the challenges in agriculture supply chain management, thus improving the overall efficiency. Also, software vendors are collaborating with RFID providers to provide integrated solutions to increase operational efficiency by reducing manual inputs and broadcasting signal information, which leads to adoption of transportation management software (TMS) in agriculture supply chain management.

Based on the component, the hardware segment contributed to the highest market share in 2021, accounting for nearly three-fourths of the global agriculture SCM market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The growth of the segment over the forecast period can be attributed to the development of advanced hardware components to be used in supply chain management infrastructure. In addition, the features offered by these hardware systems create an increase in demand for advanced hardware components, which eventually leads to the growth of the segment. However, the services segment is predicted to register the fastest CAGR of nearly 14.5% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the adoption of supply chain management software and supply chain management services in the farming sector.

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In addition, the agriculture supply chain management market has witnessed significant growth in recent years, owing to increased demand for agricultural products and innovative agricultural techniques among producers. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in June 2021, Geora Ltd. announced collaboration with AgriDigital, a developer of software solutions for agricultural supply chains, to develop and integrate blockchain technologies into its products. This helped create the tools to empower farmers to manage finances and efficiently track the supply chain variables.

In terms of the deployment model, the on-premise segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global agriculture supply chain management market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The expansion of this segment over the forecast timeline is due to the ability of on-premise tools in collecting, displaying, and organizing key data from customer communication using e-mails, calls, and chatbots by using the firm's own IT infrastructure. However, the on-demand/cloud-based segment is predicted to register the highest CAGR of nearly 10.9% from 2022 to 2031. The segmental surge can be due to the rise in acceptance of cloud-based supply chain management solutions in mid-sized and small enterprises.

The key players profiled in this report include

The leading players operating in the agriculture supply chain management market are Chainpoint, Proagrica, IBM, SAP, Agri Value Chain, AirDAO, BEXT360, FCE Group AG, Intellync, EKA, KPMG, Geora Ltd, Grainchain, Inc., BlueCircle, Sustainable Agriculture Initiative Platform (SAI Platform), AgriDigital, Vesatogo Innovations Pvt. Ltd.

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On basis of the user type, the large enterprises segment contributed to the highest market share in 2021, accounting for more than three-fifths of the global agriculture supply chain management market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The segmental surge over the forecast timespan can be credited to the heavy engagement of customers towards large-scale enterprises to keep the data handy and secured for assessing customer demand. However, the small & medium-sized enterprises segment is anticipated to record the fastest CAGR of 10.7% over the forecast period. The growth of the segment during the forecast period can be attributed to the shifting focus of SMEs toward customer satisfaction and growth in the adoption of supply chain management tools to obtain insights by analyzing real-time data across SMEs.

Factors such as increase in need for demand management solutions among agri-business organizations, increase in use of cloud-based SCM software, and surge in need for improved supply chain visibility supplement the growth of the agriculture supply chain management market. However, high cost associated with the implementation and maintenance of supply chain management (SCM) solution and uncertainty in regulations and lack of standards are the factors expected to hamper the growth of the market. In addition, rise in urbanization and globalization and integration of blockchain technology in agriculture supply chain management create market opportunities for the key players operating in the market.

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Similarly, in October 2021, FCE GROUP AG announced a partnership with Synergos-Nigeria, a non-profit organization working to bring improvements to smallholder farmers. The partnership worked to improve the agricultural produce in Kaduna State of northwest Nigeria. The project saw around 450,000 farmers receiving digital tools and access to a cloud platform for digital identification, supply chain traceability, and a payment system with traditional and alternative payment methods to transform agricultural practices, improve living conditions, and increase the food security in Nigeria. Apart from this, it offers several advantages to agri-based organizations for faster deployment, minimal risk, greater flexibility, increased visibility, and others, which are positively impacting on the market growth.

Regional Analysis:

By Region, Asia-Pacific contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global agriculture supply chain management market in 2021. The growth of the market in the region over the forecast timespan can be credited to the strong economic growth along with the ongoing development in the services sector driving business enterprises to invest heavily in agriculture supply chain management software to sustain their growth and improve productivity. However, the LAMEA region is anticipated to record the fastest CAGR of 13.3% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to increasing demand for agricultural products due to an increase in domestic supply and the need for better management of supply chain processes in the region. The report also analyzes other regions such as Europe and North America.

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