Blockchain In Agriculture And Food Supply Chain Global Market Report 2023

Blockchain in agriculture and food supply chain refers to a technology that enables information traceability throughout the food supply chain to enhance food safety. Additionally, it gives users a safe way to store and manage data, which makes it easier to create and use data-driven innovations for smart farming and smart index-based crop insurance.

The blockchain in agriculture and food supply chain market covered in the report is segmented by type into the public blockchain, private blockchain, consortium/hybrid blockchain; by stakeholder into growers, food manufacturers/processors, and retailers; by application into product traceability, tracking, and visibility, payment and settlement, smart contracts, governance, risk and compliance management.

The global blockchain in agriculture and food supply chain market grew from $0.28 billion in 2022 to $0.41 billion in 2023 at a compound annual growth rate (CAGR) of 47.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain in agriculture and food supply chain market is expected to grow to $1.92 billion in 2027 at a CAGR of 47.1%.

The blockchain in agriculture and food supply chain market research report is one of a series of new reports that provides blockchain in agriculture and food supply chain market statistics, including blockchain in agriculture and food supply chain industry global market size, regional shares, competitors with a blockchain in agriculture and food supply chain market share, detailed blockchain in agriculture and food supply chain market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in agriculture and food supply chain industry. This blockchain in agriculture and food supply chain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Blockchain in the food and agriculture market can be expensive and this can hinder the market growth. Obtaining the data uploaded to a blockchain can be costly, and this can create a barrier to the adoption of blockchain technology in the agricultural sector. For instance, the DNA of livestock animals could be expensive. The average cost of data collection is lower for larger farms than smaller ones, which raises the concern of increasing the income discrepancy. Therefore, obtaining data in a blockchain is expensive and hinders market growth.

The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market. Companies are using blockchain to secure data in IoT devices. IoT involves a system of devices that can collect, transfer, and store data over a wireless network. The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner. Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, in February 2022, Vodafone Group plc, a UK-based multinational telecommunications company, introduced Digital Asset Broker (DAB) platform, a blockchain-based trading platform for IoT devices and sensors. The new Digital Asset Broker (DAB) technology, which is purportedly designed to promote the economy of things, enables verified connected objects to transact securely without human oversight but under human (the "owner") control by creating individualized digital identities for using payment technologies and mobile SIM security to interact and transact with other devices.

In April 2020, Nestle, a Swiss food and drink processing company, partnered with a party certifier, The Rainforest Alliance, to independently provide data beyond what is usually disclosed by the company. Nestle has expanded the use of the IBM Food Trust blockchain technology platform in the launch of Zoégas whole beans and roast and ground coffee in Sweden. The Rainforest Alliance provides information regarding the traceability of the coffee and the information is accessible to everyone with the IBM Food Trust blockchain platform.

North America was the largest region in the blockchain in agriculture and food supply chain market in 2022. The regions covered in the blockchain in agriculture and food supply chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the blockchain in agriculture and food supply chain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in the blockchain in agriculture and food supply chain market. This is mainly due to larger businesses investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets. According to The StartupLab 2021 report, an India-based venture capital firm, the Agritech sector in India is expanding at a rate of 25% annually, supported by rising digitization, government efforts, and investor interest. For instance, Agridigital is an Australian startup that uses blockchain to support the Australian grains industry. It helps to track and manage grains as they move throughout the value chain. Thus, the rise in small and medium enterprises is expected to drive the blockchain in agriculture and food supply chain market during the forecast period.

The blockchain in agriculture and food supply chain market includes revenues earned by entities by tracking ownership records and providing tamper-resistant data . The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the blockchain in agriculture and food supply chain market are IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Rip.io, Provenance, ChainVine, and AgriDigital.



This product will be delivered within 1-3 business days.