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 giving rise to growth of transparent supply chain methods; this factor is expected to act as a driver for the market growth. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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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“Blockchain technology is revolutionizing the food and agriculture industries by improving the decision-making ability of organizations operating in these sectors,” said a lead analyst at FMI.
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.
Get Valuable Insights into Blockchain in Agriculture Market
Future Market Insights, in its new report, presents an unbiased analysis of the global blockchain in agriculture market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. The global blockchain in agriculture market can be classified based on application, which is further segmented into product traceability, smart contracts, risk & compliance management, governance, and payment & settlement. Based on the provider, the market is classified into application & solution provider, infrastructure and protocol provider, and middleware provider. On the basis of organizational size, the market is sectored into large enterprises and SMEs. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
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BLOCKCHAIN IN AGRICULTURE MARKET – KEY RESEARCH FINDINGS
- The blockchain in agriculture market will surge at a remakable CAGR of 41.0% between 2019 and 2029.
- The large enterprises segment dominated the blockchain in agriculture market.
- The product traceability, tracking, and visibility segment held the largest share, and it is expected to remain dominant through the forecast period owing to factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge of the provenance of food products.
- North America accounts for the largest share of the global blockchain in the agricultural market owing to the presence of major companies such as IBM and Microsoft in the U.S.
- Increasing investment from various stakeholders and government to support exploration and adoption of new technologies is expected to drive the blockchain in India’s agricultural market.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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