Dublin, March 07, 2022 (GLOBE NEWSWIRE) — The “Blockchain in Agriculture and Food Market – A Global and Regional Analysis: Focus on Application, Product and Country Analysis – Analysis and Forecast, 2021-2026” report has been added to from ResearchAndMarkets.com offer.
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 here 2026.
The growth of the global blockchain in the agriculture and food market is expected to be driven by the increased need for transparency in the food supply chain and supporting government initiatives.
Blockchain in agriculture and food
The agriculture and food market required a lot of inconsistent paperwork and depended on paper documentation. Blockchain provides a systematic digital ledger to store land records and other data, keeping them safe during natural calamities.
Blockchain technology will be a revolutionary change as it offers accurate and tamper-proof statistics on farms, inventory, credit scores and food tracking.
Blockchain in the agriculture and food market is still in the development phase. Increased research and development activities are underway to develop blockchain technology, which is expected to increase adoption of the technology 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 have significantly restricted trade schedules as well as trade schedules for suppliers and customers, primarily in the first fiscal quarter of 2020.
Additionally, the slowdown in blockchain investment, as well as delays in project development and the postponement and cancellation of major blockchain and cryptocurrency conventions, have been caused by the pandemic. These events mainly help with education as well as commercialization 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 anyone can join without specific permission. This segment dominates compared to a private and hybrid type blockchain system because anyone who enters the network can read, register and participate in this network that no one controls.
Blockchain in Agriculture and Food Market by Organization
Larger companies can offer their customers an innovation-based approach to customizing solutions tailored to the needs of each supply chain. This allows companies to achieve higher demands in the market.
Blockchain in Agriculture and Food Market by Stakeholder
Producers are slightly more dominant than retailers or food manufacturers. This is due to higher adoption rates of blockchain technologies by producers such as farmers. The introduction of blockchain into the agricultural supply chain is planned as a new way to give farmers greater participation in the supply chain and more ways to distribute their products to consumers.
Blockchain in Agriculture and Food Market by Vendor
The application and solution provider segment is expected to dominate the market and grow strongly over the forecast period. The introduction of improved technological solutions has been widely adopted in the industry, which has boosted the overall growth of the market.
Blockchain in Agriculture and Food Market by Application
With the increase in blockchain pilot cases in the agricultural supply chain, stakeholders have started to see high potential for increasing transparency. The arrival of blockchain is also seen as timely due to the growing demand for supply chain transparency and traceability driven by the increasing number of food outbreaks and foodborne illnesses.
Blockchain in Agriculture and Food Market by Region
North America generated the highest revenue of $81.2 million in 2020. The United States dominated the blockchain innovation landscape in the region, with the maximum number of investments and pilot projects tested in the country. The region is expected to witness a high CAGR growth of 48.5% during the forecast period 2021-2026.
Key Market Players and Competition Summary
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 equipment manufacturers, food distributors, and agricultural commodity traders using blockchain technology.
Profiled Key Companies
- 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: Nestlé SA, Tyson Foods Inc., Danone
- Agricultural OEMs using Blockchain technology: Deere & Company, AGCO Corporation, CNH Industrial NV
- Food distributors using Blockchain technology: Sysco Corporation, McLane Company
- Agricultural commodity traders using Blockchain technology: Louis Dreyfus Company BV, Cargill Inc., Archer Daniels Midland Company, Bunge Limited
Recent Blockchain Developments in the Agriculture and Food Market
- In November 2021, OriginTrail launched Acala bringing its decentralized knowledge graph to the Acala developer ecosystem.
- In May 2021, Provenance announced a new public, open-source, decentralized, permissionless, proof-of-stake blockchain, which is primarily designed and established to meet the needs of the financial services industry by providing a ledger, ledger, as well as trading on several financial assets and markets.
- In October 2019, IBM had launched a blockchain-based supply chain service that integrates AI and IoT.
- In May 2019, the Taiwanese blockchain company OwlTing launched the OBS platform offering business solutions with blockchain technology, mainly in biotechnology, logistics, smart agriculture, automotive 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 the food and pharmaceutical supply chains.
- Need for transparency in the supply chain
- Government initiatives to promote blockchain in agriculture
- Strict rules and regulations to comply with sustainability requirements
- Lack of awareness and technical know-how
- Lack of standardized data
- Problems with data management
- Increased funds and investments in the Agri-Blockchain
- Complexity in supply chains
- Development of small agricultural cooperatives
- Partnership and collaboration
Impact of COVID-19 on Global Blockchain in Agriculture and Food Market
For more information on this report, visit https://www.researchandmarkets.com/r/he8h66