Blockchain In Agriculture Market Size By Type By Organization Size By Stakeholder, By Region

Blockchain in Agriculture Market size is projected to reach USD 2,288.2 Million units by 2027 from an estimated USD 120.7 Million unit in 2019, growing at a CAGR of 45.10% globally. Global Blockchain in Agriculture Market Overview

A blockchain is a digital transaction ledger, prolonged by a network of multiple computing machines that are not depending on a trusted third party. Individual transaction data files (block) are managed through specific software platforms that allow the data to be transmitted, processed, stored, and represented in a human-readable form. Blockchain is one of the innovative technologies which is used in the agriculture and food supply chain which helps to stimulate market growth over the forecast period. Furthermore, according to Chang, Iakovou, and Shi 2019, blockchain in agriculture and food supply chain management is expected to grow at an annual growth rate of 87% and increase from $60.8 million in 2018 to $429.7 million by 2023. Commercial agriculture or agribusiness interest in blockchain technology is rapidly growing. Growing, companies are realizing how the rising technology's enhanced data management capabilities could create supply chain efficiencies and overcome friction in transactions.
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Market Dynamics and Factor
Drivers:
Growing concerns for food safety, food grain wastage, and food fraud across the globe among consumers demanding transparency in the agri-food supply chain are driving factors for the blockchain market. To fight this issue of food safety, many companies have come up with pilot studies to use blockchain technology to determine and control food production conditions throughout the supply chain. For instance, Walmart and Kroger are the first companies to accept blockchain and include the technology into their supply chains, working primarily on Mexican mangoes. For instance, according to IRTA Institutes of Agrifood Research and Technology, in December 2016, the company AgriDigital executed the world's first settlement of the sale of 23.46 tons of grain on a blockchain. From then, around 1300 users and more than 1.6 million tons of grain have been transacted in the cloud-based system, involving $360 million in grower payments.
Furthermore, the emergence of agricultural startups and the use of technology for various applications in food and agriculture such as tracking and visibility, smart contract, compliances management, governance, risk, payment and settlement, and product traceability accelerate the blockchain in agriculture during the forecast period.
Additionally, expansion in the agriculture sector, growing post-harvest losses, technological development, and surge in investment positively affect the blockchain in agriculture over the forecast period. According to Chang, Iakovou, and Shi 2019, blockchain in agriculture and food supply chain management is expected to grow at an annual growth rate of 87% and increase from $60.8 million in 2018 to $429.7 million by 2023.
Restraints:
Data mismanagement among the growers during precision farming and uncertainty, rules regulation, and standards by the government are the restraints that are hampering the market growth over the period.
Opportunity:
The combinations of BDT based direct cash transfer schemes by adopting blockchain-based smart contracts technology will improve the disbursement of existing subsidy benefits to the farmers which is an opportunity for the blockchain market growth over the future period.
COVID-19 Impact Analysis of Blockchain In Agriculture Market
Spreading of coronavirus globally, the global food supply chains' various inefficiencies were realized globally. This has led to the probable opening of chances in the mid and long-term technological markets. Blockchain technology helps a repeatable framework for all digital trade executions. According to the World Economic Forum, the blockchain method is a highly efficient solution to cope with the inefficiencies in supply chains surfaced by the pandemic. Alliances were managed among companies includes Cargill and Agrocrop with Rabobank and other logistics and supplier companies to pilot blockchain for high cross-continental commodity trading. The restrictions have made it further difficult to track many foods products' origin, resulting in more hazardous food. According to the Global Food Safety Initiative (GFSI), food retailers over the globe are also urging certifications of suppliers to ensure food safety for every stakeholder in the value chain. Hence, the spread of the COVID-19 pandemic has led to the growing usage of blockchain in the food industry for traceability and transparency.
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Market Segmentation
By Type, Blockchain in Agriculture has been segmented into:
Public And Private
By Stakeholder, Blockchain in Agriculture has been segmented into:
• Large Enterprises
• Small-Medium Enterprises
By Stakeholder, Blockchain in Agriculture has been segmented into:
• Growers
• Food Manufacturer Or Processor
• Retailers
By Provider, Blockchain in Agriculture has been segmented into:
• Application And Solution Provider
• Middleware Provider
• Infrastructure And Protocol Provider
By Application, Blockchain in Agriculture has been segmented into:
• Product Traceability
• Tracking And Visibility
• Payment And Settlement
• Smart Contracts
• Risk And Compliance Management
• And Governance
Regions and Countries Level Analysis:
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
• Asia-Pacific (China, India, Japan, Southeast Asia etc.)
• South America (Brazil, Argentina etc.)
• Middle East & Africa (Saudi Arabia, South Africa etc.)
Segmentation Insights
Based on Organization Size, the large enterprise's sub-segment is accounted for the largest share in the market over the forecast period. The large organization has adequate revenues or funds to invest in new technologies such as Walmart (US), JD.com (CHINA), Nestle (Switzerland), Bumble Bees (US) are adopting blockchain technology on an empirical basis leading to the dominance of this segment. The agriculture market includes leading key players are IBM Microsoft, TE-FOODS International GmbH, and ACR-NET amongst others that provide exquisite blockchain technology platforms.
Based on the Provider, the application and solution provider segment accounted for the largest share in the market and is anticipated to be the fastest-growing segment in blockchain in the agriculture and food supply chain market in the projected period. Entities offer blockchain technologies that are more useful to deliver high business value to companies by reducing transactional data duplication and providing authentication for regular needs. For instance, IBM launched its IBM food trust platform which represents a cloud-based, permission blockchain solution for ensuring a trusted method for participants to share food-related data, extract value from others' contributions, and design a safer, smarter, highly efficient, and sustainable food ecosystem.
Based on Application, product traceability tracking, and visibility are accounted for the largest share in the market. Agriculture traceability urges a high volume of data that needs to be collected over the supply chain. Due to the rapid development of automated processes and products in communication technologies resulting in the internet of things (IoT) paradigm. This technology includes product identification, ingredient analysis, transportation, storage, as well as information capture throughout the overall system integration. Furthermore, methods such as barcodes, QR codes, wireless sensor networks (WSNs) are the most widespread and well-known among supply chains which helps to rapid growth over the market.
Regional Insights
The European region is estimated to observe the highest growth in the blockchain in the agriculture market, due to lower operational costs in financial transactions, and growing transaction-related applications are expected to support stakeholders.
In the Asia Pacific region some countries such as India, China has government support and initiatives which are expected to grow the market during the forecast period.
North America is considered the most advanced region in terms of technology adoption and infrastructure. The presence of blockchain provider companies such as IBM and Microsoft is the main driving factor for the region.
Latin America faces the problem of food security. The players in this region decided to apply blockchain technology to solve this problem. IBM has joined with Walmart to use technology in the supply chain for food safety is expected to grow in future years. With the support of government across the Middle East and Africa region, banks and agriculture-based companies developing systems and blockchain startups are popping up with an innovative solution which is a positive effect in the region over years.
Key Industry Developments
In March 2018, Ambrosus collaborated with the Swiss Coffee Alliance (Switzerland) to develop a sustainable supply chain for coffee by helping them with their platform for tracing the entire journey of the coffee and its supply chain.
In May 2019, Microsoft introduced Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity.
Players Covered in Blockchain in Agriculture market are :
• IBM Corporation (US)
• TE-FOOD International GmbH (Europe)
• Microsoft (US)
• ACR-NET (Ireland)
• Ambrosus (Switzerland)
• Origin Trail (Slovenia)
• Provenance (UK)
• AgriDigital
• GrainChain
• CargoChain Ltd
• Farm2Kitchen
• Agri10X
• VeChain Foundation
• Skuchain
• FCE Group AG
• Bext360 and others.
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Article Tags: Blockchain In Agriculture Market , Blockchain In Agriculture , Blockchain In Agriculture Market share

Submitted On Sep 14, 2021. Viewed 21 times.

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