The Global Blockchain in Agriculture and Food Supply Chain Market calculated to be USD 133 million in 2020 and is determined to reach USD 948 million by the completion of the envisioned period. The market is also estimated to experience reasonable growth to record a whopping CAGR of 48.1% throughout the conjecture period (2021-2026).
Blockchain benefits in agriculture include easy and inexpensive emergency food lot recalls, availability of full product condition history, increased customer trust and loyalty, more equitable approved vendor payments, and proper compliance management. Consortia, such as the Global Blockchain Business Council (Switzerland), the World Blockchain Association (Switzerland), and the Blockchain Collaborative Consortium (BCC) are formed to educate the government and all stakeholders on the benefits of blockchain technology. The market is expected to grow through such initiatives due to the increased demand for supply chain transparency.
Recent Developments
Market Drivers and Restraints:
Consumers in today's markets know and demand total transparency in the processes of their food products. In an effort to address this food safety issue, many companies have developed pilot studies to use blockchain technology to determine and monitor the conditions of food products throughout the supply chain. Food giants such as Nestlé (Switzerland), Tyson Foods (US), Dole Food Company and McCormick & Company have teamed up with IBM (US) in a blockchain collaboration to explore blockchain applications for security food. The exponential growth of blockchain technology over the years, around different industry verticals, has attracted a large amount of funding in recent years. According to TechCrunch, from January to May 2018, the total capital raised through venture capital funds in blockchain technology amounted to $ 1.3 billion. This shows that venture capitalists see a bright future for blockchain technology. Likewise, significant investments are also made in organizations that offer blockchain solutions and platforms for the food and agricultural industry. While the application of blockchain technology has great potential, the lack of regulation is an obstacle to its full adoption. Governments can benefit from understanding that their intervention in the ecosystem can benefit stakeholders by standardizing and regulating technology. However, it will also help the government collect taxes and limit the records distributed for criminal activities. Due to uncertain regulations, the market for blockchain in agriculture and food supply chain is also affected as it lacks a common set of standards for conducting blockchain transactions.
Amid the spread of the coronavirus pandemic, the many inefficiencies in food supply chains have materialized on a global scale. This has led to the likely opening of opportunities in technology markets in the medium and long term. The blockchain platform provides a repeatable framework for end-to-end digital business executions. According to the World Economic Forum, blockchain technology is a very effective solution to address inefficiencies in supply chains that have emerged from the pandemic. Alliances between companies such as Cargill and Agrocrop have been forged with Rabobank and other logistics organizations and suppliers to power blockchain and accelerate intercontinental trade in commodities. The imposition of locks has made it even more difficult to trace the origin of many food products, resulting in more dangerous foods. According to the Global Food Safety Initiative (GFSI), food retailers around the world also require supplier certifications to ensure food safety for all stakeholders in the value chain. Therefore, the spread of the COVID-19 pandemic has led to the increasing use of blockchain in the food sector for traceability and transparency.
Regional Analysis:
The global Blockchain in Agriculture and Food Supply Chain market has been categorized on the basis of geography into:
North America is considered the most advanced region in terms of infrastructure and technology adoption. The regional presence of blockchain technology solution providers like IBM and Microsoft in North America is the main driver of North American Blockchain in Agriculture and Food Supply Chain Market. The US federal government has not regularized blockchain technology, so the US states are free to introduce their own rules and regulations. Specifically, retailers in this region have realized the potential of blockchain technology to provide a better customer experience and efficient supply chain systems; therefore, the region began to adopt the technology to develop commercial applications.
Leading Company
IBM had the largest share of the Blockchain in Agriculture and Food Supply Chain Market in terms of sales and revenue in 2020.
Key Players
Key players in the Blockchain in Agriculture and Food Supply Chain Market include Provenance, OriginTrail, IBM, SAP SE, Ambrosus, ACR-NET, Microsoft, and TE-FOOD International GmbH.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Blockchain in Agriculture and Food Supply Chain Market, By Type
6.1.1 Public
6.1.2 Private
6.1.3 Hybrid
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Blockchain in Agriculture and Food Supply Chain Market, By Application
6.2.1 Risk and Compliance Management
6.2.2 Governance
6.2.3 Smart Contracts
6.2.4 Payment and Settlement
6.2.5 Product Traceability
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Blockchain in Agriculture and Food Supply Chain Market, By Provider
6.3.1 Application Provider
6.3.2 Middleware Provider
6.3.3 Infrastructure Provider
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Blockchain in Agriculture and Food Supply Chain Market, By Organization Size
6.4.1 SMEs
6.4.2 Large
6.4.3 Market Size Estimations & Forecasts (2021-2026)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Application
7.2.4 By Provider
7.2.5 By Organization Size
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By Provider
7.3.5 By Organization Size
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By Provider
7.4.5 By Organization Size
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By Provider
7.5.5 By Organization Size
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Application
7.6.4 By Provider
7.6.5 By Organization Size
8. Key Player Analysis
8.1 IBM
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Provenance
8.3 OriginTrail
8.4 SAP SE
8.5 Ambrosus
8.6 ACR-NET
8.7 Microsoft
8.8 TE-FOOD International GmbH
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
