The global blockchain in the agriculture & food supply chain management market is anticipated to grow at a significant CAGR of 48.1 % during the forecast period (2024-2031). The market will be driven by the growing concerns for transparency in the supply chain among consumers. Also, it is stipulated that the use of blockchain technology will minimize physical and financial losses in the agricultural sector caused by human errors which will contribute significantly towards the growth of the market. The rising concerns about food safety are another major factor contributing to the industry's growth. Major market leaders Nestle, Tyson Foods, and more have joined IBM to explore blockchain applications for food safety. The market is also growing attributing to the rising funding and investments in the agri-food blockchain industry.
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The global Blockchain in Agriculture & Food Supply Chain Management market is segmented based on the type (into public, private, and hybrid), providers (into application providers, middleware applications, and infrastructure providers), stakeholders (into growers, food manufacturers/processors, and retailers), application (into product traceability, tracking & visibility, payment & settlement, smart contract, and governance, risk, and compliance management) and geographies ((into North America, Europe, Asia-Pacific and Rest of the World).
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Key Highlights
- The application providers are expected to hold a considerable share during the forecast period, as they are focusing on providing innovative solutions in agriculture and food supply chain management.
- Additionally, the product traceability, tracking, and visibility segment is expected to hold a significant share in the market as companies across the globe are investing in a blockchain to gain visibility into their multi-tier supply chains. They are also aiming to build transparency within their customers, partners, and stakeholders.
- The Asia-Pacific region is expected to hold a remarkable share in the market attributing to the growing Small and Medium Enterprises (SMEs) in emerging countries such as India and China.
- Additionally, the North American region is expected to hold a considerable share of the market. This is due to the large number of market players present in the region, which are aggressively targeting new food markets with large numbers of potential consumers. Also, with the availability of well-developed infrastructure, companies use the latest technologies in transportation management systems, warehouse management systems (WMSs), and logistics scrutiny systems for better food supply chain services which further supports the market growth.
- The market growth is restrained by the lack of established regulations in the blockchain industry. The standardization of the industry processes is hindering the complete adoption of blockchain technology.
- Another challenge faced by the industry is data management among the growers during precision farming. This is primarily due to the absence of industry standards for data management.
The major players in the global blockchain in agriculture & food supply chain management market are Ambrosus, Bext360, CargoChain, Chainvine Ltd., Coin22, eHarvestHub Inc., FCE Group AG, GrainChain, Inc., IBM Corp., Microsoft Corp., modum.io AG, and others. They are considerably adopting various strategies including mergers & acquisitions, collaborations, funding, and new product launches contributing significantly towards the market growth. For instance, in October 2020, Walmart strives for food quality and safety using blockchain technology solutions.
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