$1.48 Billion Blockchain in Agriculture and Food Markets, 2020-2021 & 2022-2026: Focus on Applications, Products, and Country-Wise Analysis and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Blockchain in Agriculture and Food Market - A Global and Regional Analysis: Focus on Applications, Products, and Country-Wise Analysis - Analysis and Forecast, 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global blockchain in agriculture and food market was valued at $139.6 million in 2020, which is expected to grow with a CAGR of 51.0% and reach $1,488.0 million by 2026.
The growth in the global blockchain in agriculture and food market is expected to be driven by the increased need for transparency in the food supply chain and supportive government initiatives.
Blockchain in Agriculture and Food
The agriculture and food market required a lot of inconsistent paperwork and dependency on paper-based documentation. Blockchain provides a systematic digital ledger for storing land records and other data, keeping it safe during natural calamities.
Blockchain technology will be a revolutionary change as it offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking.
The blockchain in the agriculture and food market is still in the developing phase. Increased research and development activities are underway to develop blockchain technology, which is expected to increase the technology adoption by retailers, food processors, and food distributors.
Impact of COVID-19
The outbreak of the COVID-19 pandemic and related policies imposed by governments of different countries significantly restricted both the business schedules along with the suppliers' & customers' business schedules, mainly in the first fiscal quarter of 2020.
Additionally, the downturn in blockchain investments, as well as delays in project developments and postponement and cancellation of major blockchain & cryptocurrency conventions, was caused due to the pandemic. These events mainly aid in the education as well as the marketing of blockchain technology.
Blockchain in Agriculture and Food Market by Type
A public blockchain is a type of blockchain that provides open access to the public and that anyone can join without specific permission. This segment dominates compared to a private and hybrid type blockchain system because everyone who enters the network can read, record, and participate in this network that no one controls.
Blockchain in Agriculture and Food Market by Organization
Large enterprises can offer an innovation-based approach to their clients to customize solutions that suit every supply chain's necessity. This allows companies to achieve higher requirements in the market.
Blockchain in Agriculture and Food Market by Stakeholder
The growers are slightly more dominating than food retailers or manufacturers. This is due to more adoption rates of blockchain technologies by growers such as farmers. The introduction of blockchain into the agricultural supply chain is foreseen as a new way to give farmers an increased stake in the supply chain and more ways to distribute their products across consumers.
Blockchain in Agriculture and Food Market by Provider
The application and solution provider segment is anticipated to dominate the market and grow robustly during the forecast time. The introduction of enhanced technological solutions has undergone significant adoption in the industry, which has boosted the overall market growth.
Blockchain in Agriculture and Food Market by Application
With increasing pilot cases for blockchain in the agricultural supply chain, stakeholders have begun to see high potential for increasing transparency. The arrival of blockchain is also seen as timely because of the rising demand for supply chain transparency and traceability motivated by the increasing number of food outbreaks and food-borne illnesses.
Blockchain in Agriculture and Food Market by Region
North America generated the highest revenue of $81.2 million in 2020. The U.S. dominated the blockchain innovation landscape in the region, with the maximum number of investments and pilot projects being tested in the country. The region is expected to witness high growth of CAGR 48.5% during the forecast period 2021-2026.
Key Market Players and Competition Synopsis
Key players operating in the global blockchain in agriculture and food market analyzed and profiled in the study involve blockchain technology solution providers, retailers, food processors, agricultural OEMs, food distributors, and agricultural commodity traders using blockchain technology.
Key Companies Profiled
- Blockchain Technology Solution Providers: AgriChain Pty Ltd., Ambrosus, arc-net, Bext 360, Coin 22, Filament, FoodCoin Ecosystem, Full Profile Pty Ltd, IBM Corporation, Obook Holdings Inc. (OwlTing), OriginTrail, Project Provenance Ltd., Ripe Technology Inc., Microsoft Corporation, SAP SE, TE-Food International GmbH
- Retailers Using Blockchain Technology: Walmart, Alibaba Group, The Kroger Co.
- Food Processors Using Blockchain Technology: Nestle S.A., Tyson Foods Inc., Danone
- Agricultural OEMs Using Blockchain Technology: Deere & Company, AGCO Corporation, CNH Industrial N.V.
- Food Distributors Using Blockchain Technology: Sysco Corporation, McLane Company
- Agricultural Commodity Traders Using Blockchain Technology: Louis Dreyfus Company B.V., Cargill Inc., Archer Daniels Midland Company, Bunge Limited
Recent Developments in Blockchain in Agriculture and Food Market
- In November 2021, OriginTrail launched Acala by bringing its decentralized knowledge graph to Acala's developer ecosystem.
- In May 2021, Provenance announced a new public, open-source, decentralized, permissionless, proof-of-stake blockchain, which is mainly designed and established to support financial service industry needs by delivering a ledger, registry, as well as exchange across multiple financial assets and markets.
- In October 2019, IBM had launched a blockchain-based supply chain service that comes with AI and IoT integration.
- In May 2019, Taiwan blockchain company OwlTing launched the OBS platform offering commercial solutions with blockchain technology, mainly in biotech, logistics, smart agriculture, automobiles, and food industries.
- In August 2018, Ambrosus launched Mainnet to improve supply chain transparency. Ambrosus now offers a blockchain and IoT platform - AMB-NET 1.0 - for quality assurance in food and pharmaceutical supply chains.
- Need for Transparency in Supply Chain
- Government Initiatives to Promote Blockchain in Agriculture
- Stringent Rules and Regulations to Comply With Sustainability Requirements
- Lack of Awareness and Technical Know-How
- Lack of Standardized Data
- Issues with Data Management
- Increasing in Funds and Investments in Agri-Blockchain
- Complexity in Supply Chains
- Development of the Small Farmers' Cooperatives
- Product Development
- Partnership and Collaboration
Impact of COVID-19 on Global Blockchain in Agriculture and Food Market
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