The global Blockchain in Agriculture and Food Supply Chain Market size is estimated at USD XX million in 2020; it is projected to grow at a CAGR of 48.1% to reach USD 948 million by 2027.
Latest added Blockchain in Agriculture and Food Supply Chain Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are IBM, TE-FOOD International GmbH, Microsoft, ACR-NET, Ambrosus. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Blockchain in Agriculture and Food Supply Chain Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Blockchain in Agriculture and Food Supply Chain Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Blockchain in Agriculture and Food Supply Chain Market, By Type (Public, Private, Hybrid/Consortium), Organization Size (Small and medium-sized enterprises, Large enterprises), Stakeholders (Growers, Food manufacturers/processors, Retailers), Service Providers (Application providers, Middleware providers, Infrastructure providers), Application (Product traceability, tracking, and visibility, Payment and settlement, Smart contract, Governance, risk, and compliance management) and Geography – Global Forecast to 2026″. Early buyers will get 10% customization on study.
To Avail deep insights of Blockchain in Agriculture and Food Supply Chain Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Blockchain in Agriculture and Food Supply Chain Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
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Benefits of Blockchain in agriculture include easy and cheap food batch recalls in case of emergencies, availability of the complete history of the product status, increased customer trust and loyalty, fairer payments, approved vendors, and proper compliance management. Consortiums are formed, such as Global Blockchain Business Council (Switzerland), World Blockchain Association (Switzerland), and Blockchain Collaborative Consortium (BCC) to make the government and all stakeholders aware of the benefits that blockchain technology. The blockchain market is expected to grow through such initiatives due to increased demand for supply chain transparency.
COVID-19 Impact on the Global Blockchain in agriculture and food supply chain Market
Amid the spread of the COVID-19 pandemic, the global food supply chains’ numerous inefficiencies were realized globally. This has led to the probable opening of opportunities in the mid and long-term technological markets. The blockchain platform offers a repeatable framework for end-to-end digital trade executions. According to the World Economic Forum, blockchain technology is a highly effective solution to cope with the inefficiencies in supply chains surfaced by the pandemic. Alliances were conducted between companies such as Cargill and Agrocrop with Rabobank and other logistics and supplier organizations to pilot blockchain for faster cross-continental commodity trading. The imposition of lockdowns has made it further difficult to track many food products’ origin, resulting in more hazardous food. According to the Global Food Safety Initiative (GFSI), food retailers across the world are also demanding certifications of suppliers to ensure food safety for every stakeholder in the value chain. Thus, the spread of the COVID-19 pandemic has led to the increasing use of blockchain in the food sector for traceability and transparency.
Blockchain in agriculture and food supply chain Market Dynamics
Driver: Rising concerns for food safety among consumers demanding transparency in the supply chain
Consumers to the present markets are aware of and demand full transparency in terms of their food product processes. With a view of fighting this issue of food safety, many companies have come up with pilot studies to use blockchain technology to determine and control the food product conditions throughout the supply chain. Food giants such as Nestle (Switzerland), Tyson Foods (US), Dole Food Company, and McCormick & Company have joined IBM (US) in a blockchain collaboration to explore blockchain applications for food safety.
Restraint: Uncertainty in regulations and standards
Even though blockchain technology’s application holds great potential, the lack of regulations is posing a hindrance to its complete adoption. Governments can benefit by understanding that their intervention in the ecosystem can benefit the stakeholders by standardizing and regulating the technology. Still, it will also help the government collect taxes and limit distributed ledgers for criminal activities. Due to uncertain regulations, the blockchain technology market is also adversely impacted, as there is a lack of a common set of standards for carrying out transactions on the blockchain.
Opportunity: Increase in funding and investments in agri-food blockchain
The exponential growth of blockchain technology over the years, around different industry verticals, has fetched a huge amount of funding in the past few years. According to TechCrunch, from January to May 2018, the total capital raised through venture funds in blockchain technology amounted to USD 1.3 billion. This proves that venture capitalists see a promising future of blockchain technology. Similarly, major investments are also being made in the organizations offering blockchain solutions and platforms to the food and agriculture industry.
Challenge: Data mismanagement among growers during precision farming
The data obtained from farms using smart agricultural tools is of high importance as it helps make productive decisions. There is no industry standard for managing the agricultural data due to which this makes the task difficult for the growers. Many growers or farmers are not aware of the effective use of data for decision-making purposes. Therefore, it is important to provide farmers and growers with proper data management tools and techniques to acquire effectively, manage, process, and use data.
The application and solution providers sub-segment is estimated to account for the fastest growth in the by provider segment for Blockchain in agriculture and food supply chain market.
The application and solution providers majorly include the SME’ and startup companies that focus upon providing customizable and flexible products powered by innovation. As the number of startups rises in the market, it drives the number of applications and solution providers in the blockchain in the agriculture and food supply chain market.
The small and medium-sized enterprises sub-segment is estimated to observe the fastest growth in Blockchain in agriculture and food supply chain market by organization size.
The businesses are looking forward to tapping the high untapped potential of the agriculture and food sector market, with technology integration; thus, larger enterprises are heavily investing in improving their existing solutions while new companies are coming up with exclusive solutions according to the need for their national and regional markets. As per NASSCOM’s 2019 report, India has more than 450 agri-tech startups, growing at a rate of 25% annually. Despite the lockdown and supply-chains being impacted worldwide, the governments are working overtime to ensure easy availability of vegetables, fruits, dairy, and other essentials, which is expected to drive the use of highly efficient blockchain technologies in the sector in the near future.
The product traceability, tracking and visibility sub-segment is estimated to account for the largest market share by the application segment of blockchain in agriculture and food supply chain market over the forecast period.
Using this technology, processors will identify potential contamination sources during the supply chain and take precautionary steps. Companies have started investing in a blockchain to gain consumer trust, which provides transparency to the consumer to know the food product’s complete journey. All the information related to the provenance of the ingredients used, to the shelf, can be viewed by the consumers, which will allow them to gain trust in the product.
The increasing adoption of advanced technology for managing the agriculture and food supply chains in the North American region accounts for the region’s high market share.
North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of blockchain technology solution providers such as IBM and Microsoft in North America is the main factor driving the North American blockchain in the food and agriculture supply chain market. The US Federal Government has not regularized blockchain technology, because of which the states in the US are free to introduce their own rules and regulations. Specifically, retailers in this region have realized blockchain technology’s potential to deliver enhanced customer experience and efficient supply chain systems; hence, the region has started adopting the technology to develop business applications.
Key Market Players
Key players in this market include major players such as IBM (US), TE-FOOD International GmbH (Europe), Microsoft (US), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), OriginTrail (Slovenia), and Provenance (UK). These major players in this market focus on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
Scope of the report
This research report categorizes the Blockchain in agriculture and food supply chain market based on type, stakeholder, providers, organization size, application, and region.
Based on type:
Based on stakeholders:
- Food manufacturers/processors
Based on providers:
- Application providers
- Middleware providers
- Infrastructure providers
Based on organization size:
- Small and medium-sized enterprises
- Large enterprises
Based on the application:
- Product traceability, tracking, and visibility
- Payment and settlement
- Smart contract
- Governance, risk, and compliance management
Based on the region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- In June 2020, Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, announced a new cross-industry collaboration to use blockchain technology and share supply chain data throughout Norway’s seafood industry and provide safer, better seafood to consumers across the globe. This blockchain technology would help to provide high-quality, fully traceable products.
- In April 2020, IBM and Nestle entered into a partnership to enable Nestle to use the IBM Food Trust enterprise blockchain to trace its Zoégas coffee brand. Zoégas coffee would come with a QR code scanned by consumers to trace coffee beans to their origin. The IBM Food Trust enterprise blockchain will record data about farmers, time of harvest, transaction certificate for specific shipments, as well as the roasting period.
- In May 2019, Microsoft launched Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity.
- In April 2019, Albertsons Companies (US) joined the IBM Food Trust blockchain network to track romaine lettuce from farm to store. Albertsons’ addition to the IBM Food Trust network will help bring blockchain-based food traceability to both consumers and industry players.
- In March 2019, Bumble Bee Foods (US) used the newly launched SAP SE blockchain technology to trace fish so that customers can have complete transparency in food safety and food sourcing.
- In July 2018, Ambrosus launched an AMB-NET software solution that allows sensors to store and distribute data in real-time.
- In March 2018, Ambrosus partnered with Swiss Coffee Alliance (Switzerland) to build a sustainable supply chain for coffee by providing them with their platform for tracing the entire journey of the coffee and its supply chain.
- In May 2018, SAP SE expanded its work with blockchain into the supply chain space. The company is looking to apply blockchain technology to agricultural supply chains through its Farm to Consumer initiative.
- In May 2018, SAP partnered with Maple Leaf (Canada), Johnsonville (US), and Naturipe Farms (US) to use blockchain technology and help key players track their food products.
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