Global Blockchain in Agriculture Market to Surpass US$ 2068.5 Mn by 2029
The global blockchain in agriculture market is projected to reach US$ 2068.5 Mn by the end of 2029. The market was valued at US$ 66.6 Mn in 2019. If these figures hold true, the market will exhibit a CAGR of 41.0% between 2019 and 2029. The blockchain in the market for agriculture and the food supply chain is motivated by factors such as increased demand for transparency in the supply chain, increased food theft in Asia Pacific's developing economies and increased food waste concerns.
Blockchain in Agriculture Market - Key Research Findings
- The blockchain in agriculture market will surge at a remakable CAGR of 41.0% between 2019 and 2029.
- The large enterprises segment dominated the blockchain in agriculture market.
- The product traceability, tracking, and visibility segment held the largest share, and it is expected to remain dominant through the forecast period owing to factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge of the provenance of food products.
- North America accounts for the largest share of the global blockchain in the agricultural market owing to the presence of major companies such as IBM and Microsoft in the U.S.
- Increasing investment from various stakeholders and government to support exploration and adoption of new technologies is expected to drive the blockchain in India's agricultural market.
Key Factors Shaping the Blockchain in Agriculture Market
- Blockchain Technology in Agriculture Sector
- Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. According to the FAO, about one-third of the food produced worldwide is wasted each year, which calls for a need to estimate and control the real supply and demand of food items so that they reach the poor. These problems can be tackled easily and efficiently using the blockchain network.
- With stringent lockdowns being instituted, companies have shuttered their facilities, people were ordered to stay at home. These restrictions will have impact in the blockchain in agriculture market as well. The market will however regain pace once economies start to returning to normalcy. Economic aid packages by governments, business loans and subsidized wages for workforce will revive manufacturing output and offer favorable prospects for the blockchain in agriculture market.
- Acceptance Among Small & Medium Enterprises
- The small and medium-sized enterprises segment is projected to grow at the higher CAGR during the forecast period. The growing investment in small and medium-sized enterprises by government support and the rising number of start-ups in this sector will boost the adoption of blockchain technology.
- Transparency in Food Chain
- When it comes to the way the food supply chain is managed currently, it has become challenging food producers and retailers to confirm the provenance of the products. With the emergence of the blockchain, it has become possible to bring trust and transparency in the food supply chain ecosystem, ensuring food safety for everyone. The rising demand for food safety will therefore boost the market in the coming years.
- Innovative new product releases, acquisitions, financing and alliances and collaborations are the main strategies adopted by market players.
- Eka Software Solutions Pvt Ltd announced in March 2019 that it was launching a new blockchain application for Indian coffee farmers. The introduction of this platform helps a variety of users and farmers to reduce waste and to provide a focused area for the selling of their products.
- In January 2019, HARA announced that, they had collaborated with Singularity NET at the World Web Forum held in Zurich, Switzerland from January 17-18, 2019. This collaboration helped farmer in delivering AI-based information on crop, soils, on the blockchain platform provided by HARA.
Base year considered
Actual estimates/Historical data
2014 – 2018
2019 – 2029
Market Value in 2019
US$ 2068.5 Mn
Organization Size, Application, Provider and Region
North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA
BM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia)
Product Traceability, Tracking, and Visibility Segment is Estimated to DominateThe product traceability, monitoring and visibility segment is expected to dominate the blockchain market in agriculture and the food supply chain over the forecast period. The growing demand for platforms and solutions to achieve full traceability of food products across the supply chain and the instances of food fraud in many countries are the key factors that help the need for product traceability, monitoring and visibility applications. However, there has been an increase in blockchain technology investments in the vertical food and agriculture sector, along with an increase in the number of pilot studies across the globe. The blockchain payment and settlement segment in the agricultural and food supply chain market is projected to rise at the highest CAGR. Uncertainty in legislation and standards is the key factor restricting the development of blockchain in the global market for agriculture and the food supply chain.
North America is Projected to Dominate the Blockchain in Agriculture Market
North America is expected to be the largest market in the global blockchain market in agriculture and the food supply chain. This field includes economies such as the US and Canada, which have a large share of the global blockchain in the market for agriculture and the food supply chain. This region has witnessed maximum investment in the R&D of new technologies primarily involved in the trade movement of commodities for food and agriculture. This has provided a greater likelihood that this technology will be implemented in this region. The emergence of large technology providers such as IBM and Microsoft in North America and large retailers and food processors such as Walmart, McCormick & Co. and Dole Food Company is the major contributing factor to the growth of the agricultural and food supply chain blockchain market in this area.
* This data is only a representation. Actual data may vary and will be available in report.
Rising Awareness for Food Quality is Driving Market Growth
The growing concern over food grain waste and food fraud is the key factor driving growth in the market. Furthermore, the growing need for transparency in the food supply chain is another factor that propels market growth. In addition, technological growth in the agricultural sector has led to the launch of agricultural start-ups and thus leads to the positive effect of accelerating the market. Blockchain technology is revolutionizing the food and agriculture industries by improving the organizations' decision-making ability. It identifies many possible applications in these fields, some of which have been explored already. Blockchain technology's main applications in food and agriculture include traceability and monitoring, payment and settlement, smart contracts and management, risk, and enforcement. The growth of the blockchain market in agriculture and the food supply chain is due to the increase in demand for transparency in the supply chain, the increase in food fraud cases and the increase in concerns toward food wastage.
Small & medium enterprises segment held the leading market share
Large enterprises segment forecast to higher rate of growth
Payment & settlement segment holds dominance
Product traceability, tracking & visibility segment to rise at a higher CAGR
Application & solution provider segment holds dominance
Middleware provider segment to rise at a higher CAGR
How Growth will Unfold
Blockchain technology is revolutionizing the agricultural sector by increasing the organizations' decision-making ability. It identifies many possible applications in the field, some of which have been explored already. Blockchain technology's main applications in agriculture include traceability and monitoring, payment and settlement, smart contract management, and governance, risk and enforcement management. Growth in the blockchain in agriculture market will be propelled by the increasing demand for transparency in the supply chain, increased food fraud cases and increased concerns regarding food waste. Blockchain can help replace sluggish manual farming processes, improve traceability, and reduce IT transaction costs in the food supply chains. Nonetheless, blockchain has its drawbacks, as the system cannot collect data from a number of untrusted participants / vendors. Furthermore, there is a mammoth gap between the existing capability of the technology and the capability needed by the supply chain. Such factors will slow down the growth of blockchain in the agricultural market in the near future. Nonetheless growth strategies adopted by the leading companies are likely to have positive impact on the global market.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Blockchain in Agriculture Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights on the Blockchain in Agriculture market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the Blockchain in Agriculture market, the growth prospects of the market are obtained with maximum precision.
Blockchain in Agriculture Market Taxonomy
The global Blockchain in Agriculture market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Application and solution provider
- Middleware provider
- Infrastructure and protocol provider
- Product traceability, tracking, and visibility
- Payment and settlement
- Smart contracts
- Governance, risk and compliance management
- Large enterprises
- Small and medium-sized (SMEs) enterprises
- North America
- Latin America
- East Asia
- South Asia
The executive summary of the Blockchain in Agriculture market includes the market proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global Blockchain in Agriculture market.
Readers can find the detailed segmentation and definition of the Blockchain in Agriculture market in this chapter, which will help them understand basic information about the Blockchain in Agriculture market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the Blockchain in Agriculture market report.
The associated industry assessment of the Blockchain in Agriculture market is carried out in this section. The macroeconomic factors affecting growth of the Blockchain in Agriculture market are provided in this section and the impact of these macroeconomic indicators on the Blockchain in Agriculture market is analyzed. The Organization sizing overview and technological advancements in the Blockchain in Agriculture market is also provided.
Profit margins at each level of the Blockchain in Agriculture market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the Blockchain in Agriculture market.
The drivers and restraints impacting the growth of the Blockchain in Agriculture market are explained in this chapter. Opportunities and ongoing trends in the Blockchain in Agriculture market are also comprehensively discussed.
This chapter includes detailed analysis of the historical Blockchain in Agriculture market (2015-2019), along with an opportunity analysis for the forecast period (2020-2030). Readers can also find the absolute $ opportunity for the current year (2020 - 2021) and incremental opportunity for the forecast period (2020-2030).
Based on Provider, the Blockchain in Agriculture market is segmented into Application and solution provider, Middleware provider, Infrastructure and protocol provider. In this chapter, readers can find information about key trends and developments in the Blockchain in Agriculture market and market attractiveness analysis based on raw material.
Based on Application, the Blockchain in Agriculture market is classified into Product traceability, tracking, and visibility, Payment and settlement, Smart contracts, and Governance, risk and compliance management. This part also offers market attractiveness analysis based on Application.
Based on Organization size, the Blockchain in Agriculture market is classified into Large enterprises, Small and medium-sized (SMEs) enterprises. This part also offers market attractiveness analysis based on Organization size.
This chapter explains how the Blockchain in Agriculture market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
This chapter includes a detailed analysis of the growth of the Blockchain in Agriculture market in North America, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on end users and countries in the North America region.
Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the Blockchain in Agriculture market in Latin America. This chapter also includes growth prospects of the Blockchain in Agriculture market in leading LATAM countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the Blockchain in Agriculture market based on its end users in several countries such as Germany, U.K., France, Italy, Spain, BENELUX, Nordic, Russia, Poland, and the Rest of Western Europe are included in this chapter.
In this chapter, readers can find information about key trends and developments in the key countries of South Asia such as India, Thailand, Malaysia, Indonesia, Singapore, and Rest of South Asia Blockchain in Agriculture market.
This chapter includes a detailed analysis of the growth of the Blockchain in Agriculture market in the East Asia region, along with a country-wise assessment that includes, Japan, China, and South Korea. Readers can also find regional trends, regulations, and market growth based on end users and countries in the APEJ region.
This chapter offers insights into how the Blockchain in Agriculture market is expected to grow in major countries in the Middle East region such as Australia and New Zealand, during the forecast period 2020-2030.
This chapter contains information about the market growth of Blockchain in Agriculture in Middle East region such as GCC Countries, South Africa, North Africa, and the Rest of Middle East, during the forecast period 2020-2030.
In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the Blockchain in Agriculture market along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of leading manufacturers in the Blockchain in Agriculture market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Ripe.io, VeChain, Provenance, ChainVine, AgriDigital, and BlockGrain.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the Blockchain in Agriculture report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the Blockchain in Agriculture market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Dieticians Association
- Food and Agriculture Organization
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits