The global blockchain in agriculture and food supply chain market is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023, at a CAGR of 47.8% during the forecast period. Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. According to the FAO, every year nearly one-third of the food produced globally is wasted, which has led to an increasing need for estimating and managing the actual supply and demand of food products so that these products reach the needy. These issues can be easily and efficiently tackled by using the blockchain network. The blockchain market is projected to grow due to the increase in demand for supply chain transparency along the agriculture and food verticals. According to the Grocery Manufacturers Association (GMA) (2014), the estimated food fraud cases cost USD 49.0 billion in the global food industry annually. This has resulted in an increased awareness among consumers, which is further projected to drive the growth of the blockchain in agriculture and food supply chain market. Uncertainty in regulations and standards and the limited availability of technical skillsets for implementing the blockchain technology are key factors restraining the growth of the blockchain technology in the agriculture and food supply chain market.

“The product traceability, tracking, and visibility segment is projected to dominate the blockchain in agriculture and food supply chain market throughout the forecast period.”

Based on application, the product traceability, tracking, and visibility segment is projected to dominate the blockchain in agriculture and food supply chain market throughout the forecast period. The growing demand for platforms and solutions to attain complete traceability of food products across the supply chain and the increasing instances of food fraud in many countries are major factors supporting the need for product traceability, tracking, and visibility application. However, there has been an increase in investments in blockchain implementation across the food and agriculture industry verticals, along with the growing number of pilot studies across the globe.

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 “North America is projected to dominate the blockchain in agriculture and food supply chain market during the forecast period.”

In the global blockchain in agriculture and food supply chain market, North America is projected to be the largest region, in terms of value, between 2018 and 2023. This region comprises economies such as the US and Canada, which occupy a significant share of the global blockchain in agriculture and food supply chain market. This region has witnessed maximum investments in the R&D of new technologies majorly involved in the trade of food and agriculture commodities. This has created a higher probability of the adoption of this technology in the region. The presence of major technology providers such as IBM and Microsoft in North America and large retailers and food processors such as Walmart, McCormick & Co., and Dole Food Company are the major factor contributing to the growth of the blockchain in agriculture and food supply chain market in this region.

North America is Estimated to Dominate the Blockchain in Agriculture and Food Supply Chain Market, 2018

“IBM is the key solution provider for the blockchain technology in agriculture and food supply chain market.”

• IBM’s blockchain-based “Food Trust” platform collaborates with the stakeholders throughout the food supply chain. These stakeholders include growers, processors, wholesalers, distributors, manufacturers, and retailers, to enable traceability and enhance the visibility of food products throughout the food supply chain.
• The market for blockchain in agriculture and food supply chain is dominated by key players such as IBM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia).

Research Coverage

The blockchain in agriculture and food supply chain market has been segmented into provider, application, organization size, and region. This report has focused on various levels of analyses such as industry analysis and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global blockchain in agriculture and food supply chain market, high-growth regions, and countries along with their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.

Reasons to buy this report:

• To get a comprehensive overview of the blockchain in agriculture and food supply chain market with specific reference to the provider, application, region, and organization size.
• To gain valuable information about the top players in this market, their technology and solution portfolios, and key strategies adopted by them.
• To gain insights into the major regions/countries where the blockchain in agriculture and food supply chain market is flourishing.

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