The global blockchain in agriculture and food supply chain market size is estimated to be USD 133 million in 2020. It is projected to reach USD 984 million by 2025, at a 48.1% CAGR during the forecast period. The urgent need for optimization highly drives the blockchain market in the agriculutre and food supply chains to reduce costs and ensure safety and quality food delivery to the consumers.
The blockchain in agriculture and food supply chain market is dominated by few globally established players such as IBM (US), TE-FOOD International GmbH (Europe), Microsoft (US), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), OriginTrail (Slovenia), and Provenance (UK). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their global market presence.
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IBM is one of the leading players in the blockchain in the agriculture and food supply chain market, offering multiple solutions, services, and platforms across major industries. The company has a strong global presence and offices in EMEA, North America, and APAC. It focuses on innovation and offers new technologies to attain a competitive edge in the market. The company has an innovative strategy growth model and focuses on adopting inorganic strategies by collaborating and strategically partnering with key market players worldwide. It recently collaborated with big retailers, such as Walmart (US) and JD.com (China), focusing on enhancing food traceability, giving them a competitive edge over other food & agriculture markets.
Microsoft is a highly preferred brand name in the software and hardware industry globally that offers diverse solutions. The company keeps investing a significant share in research & development activities to develop innovative and technologically advanced services for its clientele. In 2019, the company’s total investment in R&D was nearly USD 16.87 billion. The company offers its blockchain solutions across many domains, such as retail, BFSI, and healthcare. It focuses on providing customized solutions for the food & beverage industry, which would enable easy tracking of food products across the supply chain.
The Arc-Net platform is designed to provide a secure, immutable, and trustable means to share product data while deriving value from consumer engagement. The company is building upon blockchain networks and is emerging as an innovative and disruptive technology in several sectors. Arc-Net provides multiple interfaces, mobile apps, and convenience methods for capturing data and production processes. Its API first mentality enables direct connection to the user, thereby reducing data repetition and increasing integrity. The company primarily caters to the needs of distillery and brewery industries and food and farming operations.
Blockchain in Agriculture and Food Supply Chain Market 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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