Global Blockchain in Agriculture and Food Supply Chain Market, By Application ( Product Traceability, Tracking, and Visibility, Smart Contracts, Payment and Settlement, Governance, Risk, and Compliance Management), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Provider (Application and Solution Providers, Infrastructure Providers, Middleware Providers) and opportunities and forecast 2020-2027
Blockchain in Agriculture and Food Supply Chain Market Overview
Consumers to the present markets are aware of and demand full transparency in terms of their food production processes. With a many of fighting this issue of food safety, several companies have return up with pilot studies to use blockchain technology to see and control the food production conditions throughout the availability chain. Food giants like Nestle (Switzerland), tyson Foods (US), Dole company, and McCormick & Company have joined IBM (US) in a blockchain collaboration to explore blockchain applications for food safety.
The exponential growth of blockchain technology over the years, around totally different trade verticals, has fetched an enormous amount of funding within the past few years. in line with TechCrunch, from January to might 2018, the entire capital raised through venture funds in blockchain technology amounted to USD one.3 billion. This proves that venture capitalists see a promising future in blockchain technology. Similarly, major investments are being created in the organizations offering blockchain solutions and platforms to the food and agriculture industry.
Even though blockchain technology's application holds great potential, the lack of regulations is posing a hindrance to its complete adoption. Governments will benefit by understanding that their intervention within the scheme will profit the stakeholders by standardizing and regulation the technology. Still, it'll conjointly facilitate the govt collect taxes and limit distributed ledgers for criminal activities. thanks to unsure laws, the blockchain technology market is also adversely wedged, as there's an absence of a common set of standards for completing transactions on the blockchain.
The covid-19 Impact on Blockchain in Agriculture and Food Supply Chain Market:
|Market size available for years
|Base year considered
||Value (USD Million)
||Application, Organization Size, Providers, and Region
||North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA)
||ACR-NET , Advanced Research Cryptography Ltd. , AgriDigital , Ambrosus ,Chainvine ,FCE Group AG ,IBM ,Microsoft ,OriginTrail, Project Provenance Ltd., Ripe.io ,SAP SE ,TE-FOOD International GmbH , Viveat.
Like several different industries, COVID-19 badly knocked the electronic and semiconductor trade. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor trade. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount. Blockchain in Agriculture and Food Supply Chain Market Segment Overview
By application, the product traceability, tracking, and visibility sub type are projected to account for the biggest market growth in the specialty fats and oils market during the forecast period.Using blockchain technology, companies can claim and authenticate their product by providing the top customers with the data regarding the product's complete journey - from origin to the shelf. Also, the importance of those applications grew enormously with the unfold of the COVID-19 pandemic. The blockchain market is calculable only to see an increase within the post-pandemic world, as transparency and traceability of the food value chain are observing a growing would like within the global food industry.
By organization size, the large enterprise sub-segment is projected to account for the highest market share in the blockchain within the agriculture and food offer chain market throughout the forecast amount.Large organizations have sufficient revenues and funds to invest in new technologies; so, industry giants such as Walmart (US), Bumble Bees (US), Nestle (Switzerland), and JD.com (China) are adopting blockchain technology on a pilot basis resulting in the dominance of this segment. The agriculture and food market includes leading companies such as IBM Microsoft, SAP SE, ACR-NET, and TE-Foods International GmbH, amongst others that provide exquisite blockchain technology platforms.
By provider, the application and solution provider sub-type is projected to be the fastest-growing section within the blockchain within the agriculture and food offer chain market throughout the forecast amount.Application and resolution providers are third-party entities that distribute and manage blockchain solutions for customers across the agriculture and food business. These vendors offer blockchain technologies that are additional likely to deliver high business price to corporations by reducing transaction knowledge duplication and providing periodic reconciliation and authentication for industrial and regulative needs.
Market Analysis, Insights and Forecast – By Application
· Product Traceability, Tracking, and Visibility
· Smart Contracts
· Payment and Settlement
· Governance, Risk, and Compliance Management
Market Analysis, Insights and Forecast – By Organization Size
· Large Enterprises
· Small & Medium Enterprises
Market Analysis, Insights and Forecast – By Providers
· Application and Solution Providers
· Infrastructure Providers
· Middleware Providers Blockchain in Agriculture and Food Supply Chain Market Regional Overview
Region-wise, in terms of regions, North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of blockchain technology solution providers like IBM and Microsoft in North America is that the main issue driving the North America blockchain in the food and agriculture supply chain market. The us national has not regularized blockchain technology, attributable to that the states US are free to introduce their own rules and regulations. Specifically, retailers during this region have completed blockchain technology’s potential to deliver increased customer expertise and efficient offer chain systems; hence, the region has started adopting the technology to develop business applications.
Blockchain in Agriculture and Food Supply Chain Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA) Blockchain in Agriculture and Food Supply Chain Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Blockchain in Agriculture and Food Supply Chain are highlighted below.
· In 2020,Nestle, a Swiss food and drink processing company, partnered with a celebration certifier, The rainforest Alliance, to severally provide information on the far side what's typically disclosed by the corporate.Nestle has swollen the utilization of the IBM Food Trust blockchain technology platform within the launch of Zoégas whole beans and roast and ground coffee in sweden.Blockchain in Agriculture and Food Supply Chain Market, Key Players
· Advanced Research Cryptography Ltd.
· FCE Group AG
· Project Provenance Ltd.
· SAP SE
· TE-FOOD International GmbH
Frequently Asked Questions (FAQ) :
Q1. What is the total CAGR expected to be recorded for the Blockchain in Agriculture and Food Supply Chain market during the forecast period?
A. Blockchain in Agriculture and Food Supply Chain market is expected to record a CAGR of ~48.1% during the forecast period.
Q2. Which segment is projected to hold the largest share in the Blockchain in Agriculture and Food Supply Chain Market?
A. Large Enterprises segment is projected to hold the largest share in the Blockchain in Agriculture and Food Supply Chain Market
Q3. What are the driving factors for the Blockchain in Agriculture and Food Supply Chain market?
A. Increasing food safety concerns ,Increasing demand for agricultural products and adoption of smart agriculture techniques among producers is key factors that boost the growth of the Blockchain in Agriculture and Food Supply Chain market progressively
Q4. Which Segments are covered in the Blockchain in Agriculture and Food Supply Chain market report?
A. Application, Organization Size , Providers , and Region, these segments are covered in the Blockchain in Agriculture and Food Supply Chain market report
Q5. Which are the prominent players offering Blockchain in Agriculture and Food Supply Chain?
A. ACR-NET , Advanced Research Cryptography Ltd. , AgriDigital , Ambrosus ,Chainvine ,FCE Group AG ,IBM ,Microsoft ,OriginTrail, Project Provenance Ltd., Ripe.io ,SAP SE ,TE-FOOD International GmbH , Viveat are some of the key players offering Blockchain in Agriculture and Food Supply Chain.