Blockchain In Agriculture And Food Supply Chain Market Growth by 2031

The blockchain in the agriculture and food supply chain market size is expected to grow from US$ 162.81 million in 2023 to US$ 2463.47 million by 2031; it is anticipated to expand at a CAGR of 40.4% from 2023 to 2031. The enhanced traceability and transparency, consumer demand for transparency, supply chain efficiency, prevention of food fraud and contamination, and reduction of food waste are fueling the growth of the blockchain in agriculture and food supply chain market.

Blockchain in Agriculture and Food Supply Chain Market Analysis 

The growing demand for blockchain technology from small and medium-sized businesses bolstered the blockchain's presence in the agriculture and food supply chain market. Furthermore, the integration of Internet of Things (IoT) devices is predicted to accelerate the expansion of markets over the forecasted period. Moreover, major companies are taking various initiatives to expand their portfolio and global presence which has become a major blockchain in agriculture and food supply chain market trend.

Blockchain in Agriculture and Food Supply Chain Market Overview

• Agriculture-related firms are becoming more and more interested in blockchain technology. Businesses gradually set themselves apart by showcasing how supply chain knowledge is created, and transaction bottlenecks are reduced through enhanced data management competency resulting from developing technology.
• The agriculture sector highlights how valuable technology is for reducing transaction costs, streamlining logistics, boosting traceability, and enhancing food safety procedures.
• Blockchain technology represents an exciting opportunity to improve transparency, reduce resistance, and boost transaction-related efficiency in global agricultural supply chains.

Blockchain in Agriculture and Food Supply Chain Market: Strategic Insights

Blockchain in Agriculture and Food Supply Chain Market Opportunity

Integration of Internet of Things (IoT) Devices To Create an Opportunity for the Blockchain in Agriculture and Food Supply Chain Market Growth

• The incorporation of Internet of Things (IoT) devices with blockchain technology for agriculture and food supply chains improves data gathering and real-time monitoring, leading to increased transparency, traceability, and quality control, as well as increased supply chain efficiency.
• Businesses are securing data in Internet of Things devices with blockchain. Smart devices can exchange data and conduct other financial activities in a scalable, secure, and reliable way when blockchain technology is used in conjunction with IoT devices.
• In addition, blockchain technology combined with IoT enables organizations to exchange and access data without the need for centralized control and management, further propelling the blockchain in agriculture and food supply chain market growth.

Blockchain in Agriculture and Food Supply Chain Market Report Segmentation Analysis

• Based on organization size, the blockchain in agriculture and food supply chain market is segmented into large enterprises and SMEs. The large enterprises segment is expected to hold a substantial Blockchain in Agriculture and Food Supply Chain Market share in 2023.

• Larger organizations are continuously working on investing in advanced technologies like blockchain to enhance their agriculture and food supply chain, which is fueling the growth of the segment in the market.

• While SMEs are also working on adopting blockchain technology as it helps them to track and manage their grains as they move throughout the value chain, further propelling the market growth in the forecasted period.

Blockchain in Agriculture and Food Supply Chain Market Share Analysis By Geography

The scope of the blockchain in agriculture and food supply chain market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant blockchain in agriculture and food supply chain market share. North America adopted modern technology at a far faster rate than other regions to manage agriculture and the food supply chain, resulting in the greatest market share. Furthermore, the US and Canada are the region's most economically stable countries, accounting for a sizable portion of the market.

The regional trends and factors influencing the Blockchain in Agriculture and Food Supply Chain Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Blockchain in Agriculture and Food Supply Chain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Blockchain in Agriculture and Food Supply Chain Market Report Scope

Blockchain in Agriculture and Food Supply Chain Market Players Density: Understanding Its Impact on Business Dynamics

The Blockchain in Agriculture and Food Supply Chain Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

The "Blockchain in Agriculture and Food Supply Chain Market Analysis" was carried out based on stakeholders, organization size, application, and geography. On the basis of stakeholders, the market is segmented into growers, food manufacturers/processors, and retailers. Based on organization size, the market is segmented into large enterprises and SMEs. Based on application, the blockchain in agriculture and food supply chain market is segmented into product traceability, payment and settlement, smart contracts, and governance risk and compliance management. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Blockchain in Agriculture and Food Supply Chain Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain in the agriculture and food supply chain market. A few recent key market developments are listed below:

• In March 2021, BlockApps, an enterprise blockchain platform provider, announced the expansion of the TraceHarvest network with Amazon Web Services (AWS). BlockApps’ TraceHarvest blockchain solution will leverage AWS to provide TraceHarvest’s agribusiness customers fast, flexible access to the cloud. TraceHarvest allows customers to track and trace the full lifecycle of agricultural products starting at the seed source using blockchain.

[Source: BlockApps, Company Website]

• In January 2020, Farmer Connect and IBM announced a new consumer mobile application called "Thank My Farmer," which will allow coffee drinkers to trace their coffee to understand its quality and origin and even support the farmer who grew the beans. Farmer Connect is a traceability platform powered by IBM Blockchain designed to help increase traceability, efficiency and fairness in the coffee supply chain.

[Source: IBM, Company Website]

Blockchain in Agriculture and Food Supply Chain Market Report Coverage & Deliverables

The Blockchain in Agriculture and Food Supply Chain Market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Blockchain in Agriculture and Food Supply Chain Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.