Blockchain in the Agriculture and Food Supply Chain Market

Blockchain in the Agriculture and Food Supply Chain Market to reach over USD 7,419.9 Mn by the year 2031 – Exclusive Report by InsightAce Analytic

“Blockchain in the Agriculture and Food Supply Chain Market” in terms of revenue was estimated to be worth $403.87 Mn in 2023 and is poised to reach $7,419.9 Mn by 2031, growing at a CAGR of 44.11% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Current Market Snapshot: Drivers, Opportunities, and Restraints

Transparency and traceability are two significant aspects driving the global blockchain in the agriculture and food supply chain market. These benefits translate into:

• Cutting Down on Forgeries and Fraud: Blockchain technology creates a secure and tamper-proof record of transactions, making it difficult to counterfeit products or manipulate data.

• Autonomy and Efficiency: Blockchain empowers all participants in the supply chain with secure access to shared information, streamlining communication and collaboration.

However, the market also faces challenges that hinder its growth:

• Implementation Costs: Integrating blockchain technology requires upfront investment in infrastructure and technical expertise.

• Scalability Issues: Current blockchain solutions may not be able to handle the high volume of transactions typical in large-scale food supply chains.

• Lack of Standardization: The absence of universal standards across different blockchain platforms can create compatibility issues.

Market Opportunities

Despite the restraints, the global blockchain market for agriculture and food supply chains presents exciting opportunities for growth in areas that align well

with its core strengths:

• Enhanced Food Safety: Blockchain can track foodborne illnesses more effectively, leading to faster recalls and improved public health protection.

• Sustainable Practices: Blockchain can promote environmentally friendly agriculture by verifying the origin and ethical sourcing of ingredients.

• Empowering Farmers: Blockchain can provide farmers with greater access to financing and fairer prices for their products.

Examining the Market

Technological advancements, shifting consumer preferences, and regulatory changes are key factors that shape the market. The integration of digital technologies like blockchain and artificial intelligence is transforming industries, creating new business models, and driving innovation. In this dynamic landscape, globalization and increased competition emphasize the importance of strategic market positioning and adaptability for businesses in the agriculture and food supply chain.

List of Prominent Players in the Blockchain in the Agriculture and Food Supply Chain Market:

• IBM (US)

• TE-FOOD International GmbH (Europe)

• Microsoft (US)

• ACR-NET (Ireland)

• Ambrosus (Switzerland)

• SAP SE (Germany)

• OriginTrail (Slovenia)

• Provenance (UK)

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Recent Developments:

• 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 provide high-quality, fully traceable products.

• 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.

Blockchain in the Agriculture and Food Supply Chain Market Dynamics:

Market Drivers: Transparency and Traceability

The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders.

The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.

Challenges: Costs of Implementation

The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures.

Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period

Due to the high degree of technical infrastructure that is prevalent there, North America is now leading the industry. The presence of significant global market players in the area is also contributing to the region’s overall rise in market share. Furthermore, measures by the government to invest in cutting-edge technology and supporting legislation are also responsible for the increase.

Segmentation of Blockchain in the Agriculture and Food Supply Chain Market-

By Type

• Public

• Private

• Hybrid/Consortium

By Application

• Growers

• Food Manufacturers/Processors

• Retailers

By Providers

• Application Providers

• Middleware Providers

• Infrastructure Providers

By Organization Size

• Small And Medium-Sized Enterprises

• Large Enterprises

By Applications

• Product Traceability, Tracking, and Visibility

• Payment And Settlement

• Smart Contract

• Governance, Risk, and Compliance Management

By Region-

North America-

• The US

• Canada

• Mexico

Europe-

• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe

Asia-Pacific-

• China

• Japan

• India

• South Korea

• Southeast Asia

• Rest of Asia Pacific

Latin America-

• Brazil

• Argentina

• Rest of Latin America

Middle East & Africa-

• GCC Countries

• South Africa

• Rest of Middle East and Africa

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