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2025-2034 Blockchain In Agriculture And Food Supply Chain Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Blockchain In Agriculture And Food Supply Chain
What Is the Expected CAGR for the Blockchain In Agriculture And Food Supply Chain Market Through 2025?
The market size for blockchain in agriculture and food supply chain has seen remarkable expansion in the past few years. It is set to increase from $0.58 billion in 2024 to $0.83 billion in 2025, showing a compound annual growth rate (CAGR) of 44.3%. The significant growth witnessed during the historical phase is due to several factors such as improved traceability and transparency, curbing of food fraud and contamination, rising consumer demand for transparency, efficiencies in supply chain and the reducing of food wastage.
What's the Projected Size of the Global Blockchain In Agriculture And Food Supply Chain Market by 2029?
In the coming years, the market size of blockchain in agriculture and food supply chain is predicted to achieve exponential growth. It is anticipated to reach $3.97 billion by 2029, with a remarkable compound annual growth rate (CAGR) of 47.8%. This substantial growth during the forecast period can be due to the combination of improved food safety regulations, enlightenment and awareness among stakeholders, the emphasis on sustainable and ethical operations, resilience towards disruptions, and compliance with customs and regulatory standards. Pillar trends during this projected period involve improved traceability and transparency, assurance of food safety and quality, application of smart contracts for automation, ethical and sustainable sourcing, optimization of the supply chain, and an expanded use of blockchain.
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Top Growth Drivers in the Blockchain In Agriculture And Food Supply Chain Industry: What's Accelerating the Market?
The growing demand for small and medium enterprises has been a major contributor to the support for the blockchain in agriculture and food supply chain market. This could primarily be attributed to substantial investments by larger corporations aimed at enhancing their current solutions, while newly established businesses are designing unique solutions that suit their specific national and regional markets. For example, in October 2023, the Department for Business and Trade, a government department in the UK tasked with implementing strategies for economic growth, endorsing innovation, safeguarding energy security, and shaping industrial policies, reported that the number of small-scale businesses increased to 217 in 2022 and further rose to 223 in 2023. Medium-sized businesses also saw a modest rise from 36 in 2020 to 37 in 2023. Consequently, the augment in small and medium enterprises is likely to propel the blockchain in agriculture and food supply chain market during the forecasted period.
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What Trends Will Shape the Blockchain In Agriculture And Food Supply Chain Market Through 2029 and Beyond?
Blockchain integration with Internet-of-Things (IoT) technology is a rising trend among firms operating within the blockchain in the Agriculture and Food Supply Chain market. Utilization of blockchain technology has been acknowledged as an effective means to enhance data security in IoT devices. IoT, a system that collects, transfers, and stores data across a wireless network, when complemented with blockchain, allows smart devices to exchange data and conduct financial transactions reliably, privately, and on a large scale. Moreover, the combination of blockchain and IoT enables businesses to efficiently access and share data without requiring a centralized control or management. To illustrate, Vodafone Group Plc, a multinational telecommunications titan from the UK, launched a blockchain-driven trading platform for IoT devices and sensors called the Digital Asset Broker (DAB) in February 2022. The newly launched DAB platform, reportedly developed to support the "Economy of Things", authorises verified connected devices to securely perform transactions without human intervention but under human 'ownership' by providing individual digital identities that utilize payment technologies and mobile SIM security to interact and transact with other devices.
What Are the Main Segments in the Blockchain In Agriculture And Food Supply Chain Market?
The blockchain in agriculture and food supply chainmarket covered in this report is segmented -
1) By Type: Public Blockchain, Private Blockchain, Consortium Or Hybrid Blockchain
2) By Stakeholder: Growers, Food Manufacturers Or Processors, Retailers
3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management
Subsegments:
1) By Public Blockchain: Fully Decentralized Public Blockchain, Open Source Blockchain Solutions
2) By Private Blockchain: Permissioned Private Blockchain, Centralized Blockchain Solutions
3) By Consortium Or Hybrid Blockchain: Consortium Blockchains, Hybrid Blockchains
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Which Top Companies are Driving Growth in the Blockchain In Agriculture And Food Supply Chain Market?
Major companies operating in the blockchain in agriculture and food supply chain market include 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.
Which Regions Will Dominate the Blockchain In Agriculture And Food Supply Chain Market Through 2029?
North America was the largest region in the blockchain in agriculture and food supply chain market in 2024. The regions covered in the blockchain in agriculture and food supply chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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