The global blockchain in agriculture market size is expected to reach US$ 2068.5 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 41.00% CAGR between 2019 and 2029. According to the report, increasing cases of food contamination and food scams in the agricultural sector giving rise to growth of transparent supply chain methods; this factor is expected to act as a driver for the market growth. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of 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.
Production and Distribution Impacted Due to COVID-19 Outbreak
A preliminary picture of the aftermath emerges with the global pandemic of COVID-19 causing an ongoing crisis, of late. Stay-at-home orders and full lockdowns that initially resulted in a sudden increase in the blockchain consumer footprints on the agricultural sector, culminating in many logistical challenges and then a normal sales drop. Market scenes of growth, distribution, sales, and import-export are thus largely hampered. The novel coronavirus epidemic has undoubtedly led to a slump in sales, not because of the scanty stock but because of the disconcerted production and distribution chains.
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.
- 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.
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The key players in the global blockchain in agriculture market include 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).
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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
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Table Of Content
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Blockchain in Agriculture Market Demand Analysis 2015-2019 and Forecast, 2020-2030
5. Global Blockchain in Agriculture Market – Pricing Analysis
6. Global Blockchain in Agriculture Market Demand (Size in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030
7. Global Blockchain in Agriculture Market Analysis 2015-2019 and Forecast 2020-2030, By Provider
8. Global Blockchain in Agriculture Market Analysis 2015-2019 and Forecast 2020-2030, By Application
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
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