Richmond, Jan. 15, 2024 (GLOBE NEWSWIRE) -- According to a research report "Blockchain in Agriculture and Food Supply Chain Market”, by Type (Public, Private, Hybrid/Consortium), Stakeholders (Growers, Food Manufacturers/Processors, Retailers), Providers (Application Providers, Middleware Providers, Infrastructure Providers), Organization Size (SMEs, Large Enterprises), Application (Product Traceability, Tracking, and Visibility; Payment and Settlement; Smart Contract; Governance, Risk, and Compliance Management) and Region - Global Forecast to 2030.
Global Blockchain in Agriculture and Food Supply Chain Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 315.5 Million |
| Market size value in 2030 | USD 5996.5 Million |
| CAGR (2023-2030) | 52.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Stakeholders, Providers, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Blockchain in Agriculture and Food Supply Chain Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global blockchain in agriculture and food supply chain market plays a pivotal role in enhancing transparency, traceability, and efficiency within the industry. Blockchain technology, with its decentralized and immutable ledger, enables seamless tracking of the entire food supply chain from farm to table. This transparency ensures that consumers have access to accurate information about the origin, production, and distribution of food products. It helps in building trust among consumers by providing visibility into the authenticity of claims related to organic farming practices, fair trade, and sustainable sourcing.
Furthermore, the implementation of blockchain in agriculture and the food supply chain brings about operational efficiencies by reducing fraud, errors, and delays in transactions. Smart contracts embedded in blockchain technology automate various processes, such as payment settlements and compliance checks, streamlining the overall supply chain management. This not only leads to cost savings but also contributes to the prevention of food fraud and contamination, ultimately benefiting the entire industry by fostering a more secure, accountable, and sustainable food ecosystem.
Major vendors in the global Blockchain in Agriculture and Food Supply Chain market:
- IBM
- TE-FOOD International GmbH
- Microsoft
- ACR-NET
- Ambrosus
- SAP SE
- Chainvine
- Ripe.io
- AgriDigital
- OriginTrail
- Provenance
- Modum.Io Ag
- Viveat
- Eharvesthub Inc.
- Grainchain
- Cargochain
- Farm2kitchen Foods Pvt. Ltd.
- Genuino
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Transparency and Traceability Requirements
One of the key drivers propelling the global blockchain in agriculture and food supply chain market is the increasing demand for Ultra-Reliable Low-Latency Communication (URLLC). URLLC is a critical aspect of Blockchain in agriculture and food supply chain technology, aiming to provide ultra-low latency, high reliability, and massive connectivity. Industries such as healthcare, autonomous vehicles, and industrial automation require real-time communication with minimal delay to ensure the seamless operation of critical applications. One of the key drivers propelling the adoption of blockchain in the agriculture and food supply chain is the increasing demand for transparency and traceability. Consumers are becoming more conscious about the origin and journey of the products they consume, seeking assurance regarding quality, safety, and sustainability. Blockchain technology addresses this demand by providing an immutable and transparent ledger that records every transaction and movement in the supply chain. Each participant in the supply chain, from farmers and producers to distributors and retailers, can input data onto the blockchain. This ensures that the entire history of a product, including details about its production, transportation, and storage, is readily accessible. This transparency not only enhances consumer confidence but also enables swift identification and containment of any issues, such as contamination or spoilage, contributing to overall food safety.
Market Dynamics
Drivers:
- Increased Demand for Transparency in the Food Supply Chain
- Growing Need for Traceability and Authentication of Agricultural Products
- Rising Concerns About Food Safety and Quality
- Advancements in IoT (Internet of Things) and Sensor Technologies
Opportunities:
- Blockchain's Potential to Reduce Fraud and Counterfeiting in Agriculture
- Adoption of Smart Contracts for Efficient and Automated Transactions
- Integration of Blockchain with Emerging Technologies like AI and Machine Learning
- Expansion of Blockchain Applications Beyond Traceability, such as Supply Chain Optimization
Smart Contracts for Efficiency and Cost Savings
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, offer a significant technological advancement in the agriculture and food supply chain. These contracts automate various processes such as payment, quality control, and compliance, reducing the need for intermediaries and manual oversight. Through smart contracts, payments can be triggered automatically upon the fulfillment of predefined conditions, streamlining financial transactions and minimizing delays. This efficiency not only reduces operational costs but also mitigates the risk of fraud and errors. In the agriculture sector, where timely payments and accurate record-keeping are crucial, smart contracts powered by blockchain play a pivotal role in optimizing the supply chain, fostering trust among stakeholders, and enhancing overall productivity.
North America dominates the market for Blockchain in Agriculture and Food Supply Chain.
The dominating region in the global blockchain in agriculture and food supply chain market is North America, with the United States at the forefront of adoption. The region is witnessing rapid growth due to a well-established agricultural sector, high awareness of technology, and a strong emphasis on food safety regulations. The U.S. Department of Agriculture (USDA) has been actively exploring blockchain applications to enhance traceability and reduce fraud in the food supply chain.
An upcoming region with high growth potential is Asia-Pacific, led by China. The increasing population, coupled with rising concerns about food safety, is driving the adoption of blockchain technology in the region. China, in particular, is investing significantly in blockchain applications for agriculture to ensure the authenticity and quality of its food exports. The government's support and initiatives to integrate technology into the agriculture sector make China a promising market for blockchain solutions. Other countries in Southeast Asia, such as India and Indonesia, are also showing increasing interest in leveraging blockchain for their agriculture and food supply chain, presenting lucrative opportunities for market growth in the coming years.
The Food Manufacturers/Processors Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global blockchain in agriculture and food supply chain market, the type segment comprises key stakeholders such as Growers, Food Manufacturers/Processors, and Retailers. Among these segments, Food Manufacturers/Processors are currently dominating the market. This dominance can be attributed to the growing emphasis on transparency and traceability in the food supply chain. Blockchain technology provides an immutable and decentralized ledger that enables seamless tracking of every stage in food production, processing, and distribution. Food Manufacturers/Processors are leveraging blockchain to enhance visibility, mitigate risks, and ensure the authenticity and quality of their products. This heightened focus on food safety and quality assurance positions Food Manufacturers/Processors as pivotal players driving the adoption of blockchain technology in the agriculture and food supply chain.
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