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According to the new market Blockchain in the agricultural and food supply chain market by application (product traceability, payment and settlement, smart contracts and governance, risk management and compliance), supplier, organization size and region – Global forecast up to 2025, published by MarketsandMarkets ™, the size of the market is estimated at $ 133 million in 2020 and is projected to reach $ 948 million by 2025, with a CAGR of 48.1 percent during the forecast period.
One of the main factors driving blockchain in the agriculture and food supply chain is the rise in food security concerns around the world. Many food manufacturers are now eager to detect contamination in food products, rising global levels of food fraud, and growing awareness among global manufacturers, manufacturers and retailers about the benefits of using blockchain in agriculture.
Looking to America
With strong support from giant tech players and key investments, the region is estimated to account for the largest market share in blockchain in agricultural and food supply chains through 2025. US logistics, consumer goods and retail and food verticals widely adopt new technologies to better serve customers and continually improve business efficiency. Due to the strong infrastructure of the supply chain and technology companies, the US blockchain market in agriculture and food is expected to dominate the overall North American market.
Due to the spread of COVID-19, consumers in the North American region have begun to give up public places and have preferred to eat at home. This led to stocking up on groceries and supplies, increasing the month’s sales by 29% from the previous year. However, food stuck upstream is creating food security risks for vulnerable populations. Therefore, in these times, technology plays a crucial role in keeping participants in the entire supply chain, including producers, producers and consumers, to stay up to date on the condition of their products along the chain.
The companies that provide the backbone
Blockchain in the agriculture and food supply chain market is dominated by a few globally established players such as (USA), TE-FOOD International GmbH (Europe), Microsoft (USA), ACR-NET (Ireland), Ambrosus (Switzerland) , (Germany), OriginTrail (Slovenia) and (UK). These players have adopted various growth strategies such as partnerships, agreements, collaborations and new product launches to increase their presence in the global market.
Traceability, traceability and visibility of the product
One of the main benefits of using blockchain technology in retail and supply chain processes is its efficiency in facilitating the monitoring and traceability of raw materials, finished products and merchandise to track them from provenance to where they reach. the client. Due to the anticipated change or changes in legislation at the Food and Drug Administration level, the possibility exists that more and more food and beverage organizations will be involved in traceability initiatives due to online buying and selling. Consumers like the idea of a fully traceable food supply. They are increasingly drawn to technologies that instill confidence in food data after years of industry manipulation of food labels.
With an innovation-based approach, these companies can offer their customers the flexibility to choose customizable solutions that fit every need in the supply chain. This allows companies to achieve higher demands in the market. Large companies, being established players, invest heavily in innovation and research to improve their market positioning. Platforms like IBM Food Trust support large ecosystems made up of manufacturers, suppliers, manufacturers and retailers in one place. This enables data integration for global markets and supply chains.
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