The report "Blockchain in Agriculture and Food Supply Chain Market by Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2025", size is estimated to be USD 133 million in 2020 and is projected to reach USD 948 million by 2025, at a CAGR of 48.1% during the forecast period. Increasing food safety concerns across the globe such as food frauds and food contamination has anticipated to boost the market during the study period. Some of major food frauds faced are mislabelling, falsified documentation, and adulteration of food products. These problems can be easily tackled with the help of blockchain technology and helps players to gain trust of consumers by publishing complete information about the food product on their blockchain network.
Browse 78 market data Tables and 46 Figures spread through 179 Pages and in-depth TOC on "Blockchain in Agriculture and Food Supply Chain Market by Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2025"
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Blockchain technology can offer various advantages such as efficient management of supply chain, reduce cost of production, allow better management of raw material sourcing, ensure safety in all processes, and increase the regulatory compliance. Key players in food industry such as Cargill (US) entered into collaboration with IBM (US) in America and Agrocorp International (Singapore), Robobank (Netherlands), and dltledgers (Singapore) to implement blockchain technology in the wake of COVID-19 pandemic to enhance safety of food supply chain. More consumers and companies are demanding increased transparency in all their operations due to rising concerns amid the COVID-19 pandemic.
Application and solution providers act as distributors and manage the technology for customers which is projected to help the segment to dominate the market during the forecast period.
Most of the companies operating in different industries often seek to outsource the blockchain technology as they need to match it up with technological needs of the business. Solutions such as payments, digital identity management, and smart contracts are often offered by market vendors which deals in blockchain technology depending upon the demands of the customers. This offers great convenience to customers and reduces their time and efforts to manage the entire technical operations. These technologies usually deliver high business value to customers as it helps in reduction of duplicated transactional data and allows authentication for regulatory needs. These factors are driving the growth of the segment in the market.
The small and medium-sized enterprises offers complete solutions from pre-harvest to post-harvest and hence is projected to grow at fastest CAGR in the blockchain in agriculture and food supply chain market
Various small and medium-sized organizations have entered into agricultural and food blockchain industry due to the high growth opportunities. The most commonly faced problems in agriculture and food supply chain are high proportion of manual labour and paperwork, lack of transparency due to irregularity in data, and limited information on the traceability of the product. These problems can be easily managed by blockchain solutions offered by small and medium-sized organizations. They offer solutions for entire operations ranging from pre-harvest, post-harvest to distribution.
Product traceability, tracking, and visibility is projected to account for the largest market share and fastest growth in market as the demand for real-time information increases
Some of the major needs of the food and agriculture organizations are to get real-time information and analyse the current status of food products in supply chain. Blockchain allows to record information and this information is kept safe and cannot be altered by anyone in the supply chain, which allows safest transactions. Governments across the globe are making traceability mandatory which is leading to increase in demand for blockchain technology in product traceability, tracking, and visibility.
Nestle (Switzerland), Walmart (US), and McCormick & Co. (US) are few of the organizations which have already deployed blockchain technology provided by IBM (US) to ensure traceability and food safety.
North America is estimated to be the largest market.
With strong infrastructural and technological base, the key players in the region are developing new solutions and technologies for ensuring food sustainability and safety due to this the region is estimated to account for the largest market share in blockchain in agriculture and food supply chains until 2025. The stakeholders in the region are constantly seeking to implement advanced technologies for improving the food safety, traceability, and sustainability of the agricultural sector. They widely adopt new technologies to serve customers better and continuously improve business efficiencies. Governments in the region are also encouraging these technologies to boost the economy and gain the trust of consumers amid the COVID-19 pandemic. Presence of large players in food, beverage, and agricultural industry with inclination towards adopting newer technology has also led to the high demand for blockchain technology in the region.
Major players operating in the market are IBM (US), Microsoft (US), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), OriginTrail (Slovenia), and Provenance (UK).
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