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 Middle East & Africa) – Market Trends, Analysis, and Forecast Till 2029.

Blockchain in Agriculture and Food Market is contributing to make farming beneficial by using water, labor and fertilizers as resources. While improving profit in agriculture and food market under unfavorable environmental conditions, the global sector has many challenges to overcome. The challenges includes catering  the needs of the increasing population by growing more food with minimal resources, reducing environmental footprint, maximizing customer satisfaction, enabling transparency across the supply chain, ensuring fair income to farmers and handling weather fluctuations. The blockchain alter the way of producing crops or food items by generating data, cleaning the collected data, increase integrity of data with machine learning algorithm and then data is saved on the blockchain. System generates data keeping an eye on the crop field using sensors such as temperature, pH, soil moisture, humidity, light. Blockchain food supply chain help to reduce food frauds by distribution of grown crops to the food processing companies, and supply of processed food to wholesalers and retailers.

Impact of COVID-19 pandemic on market

At the starting of 2020, COVID-19 disease began to spread around the world; many more peoples are infected with COVID-19 disease, and major countries around the world send the orders to companies for employee prohibition and work stoppage. Every organization is prepared for the loss by this pandemic. Hence the blockchain in agriculture and food also affected by the COVID-19 lockdown scenario, as it ultimately links to distribution, manufacturers, market size, marketing channels, and market factors. This report will quantify the impact of this pandemic on the blockchain in agriculture and food market.

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.

However, along with marking advancements, the target market leads to a feeling of distrust and disconnect among consumers due to the lack of awareness regarding the origin of the food and the processes. Moreover, the food industry has been continuously observing outbreaks of the food borne illness and recalls which have led to epidemics and deaths. 

Global Blockchain in Agriculture and Food Market, By Application Type:

The global blockchain in agriculture and food market is segmented based on the application, and region.

Base 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 boosting the largest 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.

According to the region, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America is expected to dominate the market followed by Europe, and Asia-Pacific (APAC). Presently, North America is at top position of the global blockchain in agriculture and food market, due to 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. In the Asia Pacific region, India is the fastest-growing market from the year of 2019. The key players in Europe and the US are focusing on the opportunities in the agriculture and food supply chain market as a result of various foods fraud and safety instances especially in India and China. Hence, Asia Pacific is the expectations for high growth in coming years. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products. For instance, Intel, which has a campus west of Portland, recently led a pilot project tracking locally grown berries from the field to the processor using blockchain — an emerging technology widely associated with cryptocurrencies such as Bitcoin, but is now also proving to be a valuable tool for agriculture.

Detail Segmentation:

Attribute	Details
The base year for estimation	2019
Forecast Period	2019 - 2029
Market Representation	Revenue in USD Million & CAGR from 2019-2029
Market Segmentation	By Application – Product Traceability, Payment and Settlement, Smart Contracts, and Governance, and Risk and Compliance Management By Region - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Regional Scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered in the report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global blockchain in agriculture and food market report based on application and region.

• Global Blockchain in Agriculture and Food market, By Application:

• Product Traceability
• Payment and Settlement
• Smart Contracts and Governance
• Risk and Compliance Management

 

• Global Blockchain in Agriculture and Food market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Key players in the global blockchain in agriculture and food market include IBM, Microsoft, SAP SE, Ambrosus, Arc-net, Origin Trail, Ripe.io, VeChain, Provenance, ChainVine, AgriDigital, and BlockGrain. Innovative new product launches, expansions, funding, and partnerships and collaborations were the key strategies adopted by key players to enhance their product offerings and capture a larger market share, which fuels the demand for blockchain technology in the agriculture market and food supply chain. For instance, in June 2020 Microsoft announced the launch of a program for agritech startups in India that are committed to driving transformation in agriculture. Startups can also get access to Azure FarmBeats, which can help them focus on core value-ads instead of the undifferentiated heavy lifting of data engineering.

• IBM
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Overview
  • Business Strategies
• Microsoft,
• SAP SE
• Ambrosus
• Arc-net
• Origin Trail
• Ripe.io
• VeChain
• Provenance
• ChainVine
• AgriDigital
• BlockGrain.