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DUBLIN – (BUSINESS WIRE) – The report “Blockchain in agriculture and the food supply chain by application (product traceability, payment and regulation, smart contracts and governance, risk management and compliance)), supplier, organization size and region – Global forecasts up to 2025 “added to ResearchAndMarkets.com’s offer.
The global blockchain market size in agriculture and food supply chain is estimated at $ 133 million in 2020 and is projected to reach $ 948 million by 2025, with a 48.1% CAGR over the period. forecast.
Blockchain technology is revolutionizing the food and agriculture sectors by improving the decision-making skills of organizations. It finds several potential applications in these areas, some of which have already been explored. Major applications of blockchain technology in the food and agriculture sectors include traceability, product tracking and visibility, payment and settlement, smart contract, governance, risk and compliance management. The blockchain market is expected to grow, due to an increase in demand for supply chain transparency. The main driver of the blockchain market is the growing number of food fraud cases. The growth RATE of small and medium-sized enterprises is higher as several startups are investing in this market all over the world and understand the benefits offered by this technology.
By application, the product tracking, traceability and visibility subtype is expected to represent the largest market growth in the specialty greases and oils market during the forecast period.
Using blockchain technology, companies can claim and authenticate their products by providing end customers with knowledge of the product’s complete journey from origin to shelf. Furthermore, the importance of these applications has grown enormously with the spread of the COVID-19 pandemic. It is estimated that the blockchain market will only see an increase in the post-pandemic world, as transparency and traceability of the food value chain are seeing a growing need in the global food industry.
By supplier, the applications and solutions provider subtype is expected to be the fastest growing segment in the blockchain in the food and agricultural supply chain market during the forecast period.
Application and solution providers are third-party entities that distribute and manage blockchain solutions for agricultural and food industry customers. These vendors provide blockchain technologies that are more likely to deliver high business value to companies by reducing duplication of transactional data and providing periodic reconciliation and authentication for business and regulatory needs.
Based on the size of the organization, the large enterprise subsegment is expected to account for the highest market share in the blockchain in the agricultural and food supply chain market during the forecast period.
Large organizations have sufficient income and funds to invest in new technologies; Therefore, industry giants such as Walmart (United States), Bumble Bees (United States), Nestlé (Switzerland) and JD.com (China) are adopting blockchain technology on a pilot basis leading to domination of this segment. The agricultural and food market includes leading companies such as IBM Microsoft, SAP SE, ACR-NET and TE-Foods International GmbH, among others providing exquisite blockchain technology platforms.
Market dynamics
Drivers
Growing concerns about food safety among consumers demanding transparency in the supply chain
Increased popularity of blockchain among resellers / distributors for better data supervision and management
Growth in Online Trading and Tracking Systems Increasing the Need for Blockchain Solutions During COVID-19
Growth in food waste and post-harvest losses
Restrictions
Uncertainty in regulations and standards
Limited availability of technical skill sets for the implementation and management of Blockchain applications
Opportunity
Increase in funding and investments in the agri-food blockchain
Opportunity to adopt Blockchain solutions to alleviate the complexities of the supply chain in the agricultural ecosystem
Fastest growing smart farming systems creating an opportunity for grower-level blockchain applications
Government initiatives to support modern techniques that can be used in agriculture to increase agricultural production
Challenges
Poor data management among growers during precision farming
Agreement between all stakeholders in the supply chain to connect digitally
The lack of data standardization is a challenge as it could misrepresent the data
Companies mentioned
Agri 10X
Agrichain
Agridigital
Ambrosus
Arc-Net
Bext360
Cargochain
Chainvine
Coin 22
Eharvesthub Inc.
Farm2Kitchen Foods Pvt. Ltd.
Fce Group Ag
Genuine
Grainchain
IBM
Microsoft
Form I Ag
Origintrail
Origin
Ripe.IO
SAP SE
Skuchain
Te-Food International GmbH
Vechain
could live
For more information on this report, please visit https://www.researchandmarkets.com/r/4nmabh
