Blockchain in Agriculture and Food Market is estimated to be 3632.1 Million by 2029 with a CAGR of 43.8% during the forecasted period.

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Published Date: May 2023

Increasing use of Blockchain Technology for easy and cheap food batch recalls in case of emergencies and proper compliance management in Agriculture and Food Sector.The Blockchain in Agriculture and Food Market is anticipated to reach USD 3632.1 Million by 2029.

The report "Global Blockchain in Agriculture and Food Market, By Application (Product Traceability, Payment and Settlement, Smart Contracts and Governance, and Risk and Compliance Management), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

In September 2020, the government of India passed two of the three bills in the Parliament which emphasises on providing nation-wide market access to farmers, storing/hoarding of agri commodities and contract farming.
In March 2019, Eka Software Solutions Pvt Ltd announced that, they had launched a new blockchain platform for coffee farmers situated in the Indian region. This platform launch will enable a number of users and farmers in avoiding the waste and provide a focused area for the sale of their commodities.

Analyst View:

The high market growth with the global blockchain in agriculture and food market is foster by transparency and traceability in the agriculture and food supply chain. A blockchain takes surety for accountability of food companies to provide healthy and high-quality ingredients as mentioned on the product casing. Deployment in the target market will lead to reduction of food wastage within the supply chain and also create growth opportunities for all the stakeholders such as farmers, processors, distributors, retailers, and traders involved in the agricultural supply chain. Additionally, the agriculture and food market will benefit from blockchain’s capability to ensure lower costs for transaction and processing, across the supply chain and generating value for all stakeholders. Hence, the extensive growth in the blockchain agriculture and food market has led to the large food companies to establish numerous food production factories across the world. This has make positive effect in turning the chain into a complex network of suppliers in various regions.

Blockchain has found several other applications in agriculture including supply chain tracking, finance management, data management, and land and property ownership. Global blockchain in agriculture and food will increase the speed of movement of all ranging from agri-input to food throughout the supply chain and also permit faster removal of targeted products that do not qualify for consumption. Side by side it is reducing food wastage many times.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Blockchain in Agriculture and Food Market”, By Application (Product Traceability, Payment and Settlement, Smart Contracts and Governance, and Risk and Compliance Management), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:

The global blockchain in agriculture and food market is anticipated to reach USD 3632.1 Million by 2029. The market report has been segmented on the basis of application, and region.

Based on the application, the global market is segmented into product traceability, payment and settlement, smart contracts and governance, and risk and compliance management. The product traceability accounted for largest market share in 2019 and this application is expected to continue throughout the next years, considering factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge about origin of food products.
By region, North America is at top position of the global blockchain in agriculture and food market, with the presence of major companies such as IBM and Microsoft. The increase in research & development activities for blockchain, due to food safety concerns offers to the food and agriculture market in terms of transparency, payment, and land registry.

Competitive Landscape:

The prominent player operating in the global blockchain in agriculture and food market includes IBM, Microsoft, SAP SE, Ambrosus, Arc-net, Origin Trail, Ripe.io, VeChain, Provenance, ChainVine, AgriDigital, and BlockGrain.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period