DUBLIN – (BUSINESS WIRE) – The report “Blockchain in Agriculture and Food Supply Chain by Application (Product Traceability, Payment and Settlement, Smart Contracts and Governance, Risk and Compliance Management), Supplier, Organization Size and region – Global forecast to 2025 “has been added to ResearchAndMarkets.com from offer.
The global agriculture and food supply chain blockchain market size is estimated at USD 133 million in 2020 and is expected to reach USD 948 million by 2025, with a CAGR of 48.1% during the forecast period.
Blockchain technology is revolutionizing the food and agriculture sectors by improving the decision-making capabilities of organizations. It finds several potential applications in these sectors, some of which have already been explored. The main applications of blockchain technology in food and agriculture include traceability, product tracking and visibility, payment and settlement, smart contracts, governance, risk management and compliance. The blockchain market is expected to grow, owing to an increase in demand for supply chain transparency. The main driver of the blockchain market is the growing number of food fraud cases. The growth rate for small and medium-sized businesses is higher as more startups invest in this market around the world and understand the benefits this technology offers.
By application, the Product Traceability, Tracking and Visibility subtype is expected to represent the fastest growing market in the Specialty Fats and Oils Market during the forecast period.
Using blockchain technology, companies can claim and authenticate their products by providing end customers with knowledge of the entire product journey – from origin to shelf. In addition, the importance of these apps has increased significantly with the spread of the COVID-19 pandemic. It is estimated that the blockchain market will only see an increase in the post-pandemic world, as food value chain transparency and traceability sees a growing need in the global food industry.
By vendor, Application and Solution Provider Sub-Type is expected to be the fastest growing blockchain segment in Agriculture and Food Supply Chain Market during the forecast period .
Application and Solution Providers are third party entities that distribute and manage blockchain solutions for customers in the agriculture and food industry. These vendors deliver blockchain technologies that are more likely to deliver high business value to businesses by reducing duplication of transactional data and providing periodic reconciliation and authentication for business and regulatory needs.
Based on the size of the organization, the Large Enterprise sub-segment is expected to represent the highest blockchain market share in the agriculture and food supply chain market during the forecast period.
Large organizations have sufficient income and funds to invest in new technologies; therefore, industry giants such as Walmart (US), Bumble Bees (US), Nestlé (Switzerland) and JD.com (China) are adopting blockchain technology on a pilot basis, leading to the dominance of this segment. The agriculture and food market includes leading companies such as IBM Microsoft, SAP SE, ACR-NET, and TE-Foods International GmbH among others who provide exquisite blockchain technology platforms.
Growing consumer food safety concerns demanding transparency in the supply chain
Increased popularity of blockchain among retailers / distributors for better oversight and data management
Growth of online trading and tracking systems increasing the need for blockchain solutions during COVID-19
Increased food waste and post-harvest losses
Uncertainty in regulations and standards
Limited availability of technical skills for implementing and managing Blockchain applications
Increased funding and investments in the agri-food blockchain
Opportunity to adopt blockchain solutions to alleviate supply chain complexities in the agricultural ecosystem
The fastest growing intelligent farming systems creating an opportunity for blockchain applications at the producer level
Government initiatives to support modern techniques that can be used in agriculture to increase agricultural production
Poor data management among producers during precision farming
Agreement between all stakeholders in the supply chain to connect digitally
Lack of data standardization is a challenge as it can distort data
Farm2Kitchen Foods Pvt. Ltd.
Fce Ag Group
Te-Food International GmbH
For more information on this report, visit https://www.researchandmarkets.com/r/4nmabh