Blockchain in Agriculture Market Global Industry- By Provider (Application & Solution Provider, Middleware Provider, Infrastructure & Protocol Provider), Stakeholder (Growers, Food Manufacturers/Processors, Retailers), Organization Size (Large Enterprises, SMEs), Application (Product Traceability, Tracking & Visibility, Payment & Settlement, Smart Contracts, Governance, Risk & Compliance Management), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Blockchain in Agriculture Market is expected to rise by registering a CAGR of 47.95% in the forecast period of 2020-2029. The block chain in the agricultural and food supply chain industry is influenced by factors such as increasing demand for accountability in the supply chain, rising food theft in developing Asia Pacific economies, and rising food waste issues.
Blockchain in the agricultural industry is expected to dominate the future global sector with better infrastructure, quality assurance, organic farm plans, fertilizer conservation plans and the successful deployment of big data applications.
Blockchain technology helps in improving the safety of food by bringing transparency to the supply chain and enhancing the farming process. This results in the saving time and money, as well as the lives of those involved in agricultural activities. Blockchain technology also helps in reducing transaction costs and open up new opportunities for farmers in emerging economies, helping both the agricultural sector and farmers.
Blockchain in Agriculture Market Scope and Market Size
Blockchain in Agriculture Market has been segmented on the basis of provider, stakeholder, organization size and application.
- On the basis of provider segment, the blockchain in agriculture market is sub segmented into application & solution provider, middleware provider and infrastructure & protocol provider. The application & solution provider segment will grow at highest CAGR due to introduction of technologically advanced solutions.
- Based upon stakeholder segment, the blockchain in agriculture market is sub segmented into growers, food manufacturers/processors and retailers.
- On the basis of organization size segment, the blockchain in agriculture market is sub segmented into large enterprises and SMEs. The SMEs sub segment is growing at highest CAGR due to growing investment by the SMEs with the support of the government and the increasing number of startups in this market across the globe for the adoption of blockchain technology.
- The application segment is further bifurcated into product traceability, tracking & visibility, payment & settlement, smart contracts, governance and risk & compliance management.
Country Level Analysis of Blockchain in Agriculture Market
- On the basis of region, the Blockchain in Agriculture Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Asia-Pacific region is dominating in the forecast period 2020 to 2029 as this region is one of the leading producers of agriculture foods..
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Rising fraud cases in food industry will boost this market growth
- Growth in demand of supply chain transparency also drives the market growth in the forecast period
- Growing concerns in food wastages will also drive the market growth
- Uncertainity in regulation and standards can hinder this market growth
- Limited technical skill sets in implementation of blockchain technology is also the factor which restricts the growth of the market
Key Developments in the Market:
- In December 2019, Virgo Plant Factory Ltd launched a new project named Virgo for the implementation of blockchain to specialize in computer software, big data automation and clean energies, hardware, engineering soils and more.
- In July 2019, Aon, plc, Oxfam and Etherisc launched first blockchain-based agricultural insurance policies for smallholder farmer to provide insurance as well. Large number of farmers have opted for this program due to major climate change which destroys their crops.
Competitive Analysis and Blockchain in Agriculture Market Share Analysis:
Blockchain in Agriculture Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of blockchain in agriculture market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Blockchain in Agriculture Market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Blockchain in agriculture market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in blockchain in agriculture market are IBM Corporation, Microsoft, SAP SE, Ambrosus, arc-net, OriginTrail, HARA, Ripe Technology, INC, VeChain Foundation, Eka Software Solutions Pvt Ltd, Project Provenance Ltd, Full Profile and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved