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 give rise to the growth of transparent supply chain methods; this factor is expected to act as a driver for market growth.
The research provides a thorough analysis of the industry, outlining key growth drivers, restraints, opportunities, and current trends. It employs novel research methods to provide the most accurate market analysis.
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Blockchain technology is transforming the food and agriculture industries by improving organisations' decision-making capacities. According to the FAO, almost one-third of all food produced worldwide is wasted each year, necessitating the need to assess and control the true supply and demand of food items in order for them to reach the poor. Using the blockchain network, these issues can be simply and efficiently addressed.
It includes in-depth insights into the blockchain in agriculture market. Some of these are:
- The estimated value of the market was at US$ 66.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific is a leading producer of farm products and foodstuffs. Which means the risk of food contamination and fraud in the supply chain in this area is higher.
- The majority of Asia-Pacific countries export their food products to other nations. For example, most Asian countries export fruits and vegetables to European countries, as the highest food traceability requirements in this area are being witnessed.
- During the forecast era, the application and solution provider segment is expected to rise to the highest CAGR.
- The hacking and piracy of information available on blockchain networks is likely to curb business growth.
- In terms of provider, the middleware provider segment is forecast to remain dominant through the course of the report’s forecast period.
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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.
Who is Winning?
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
- North America
- Latin America
- East Asia
- South Asia