Blockchain in Agriculture Market to Achieve 41% CAGR by 2029
The global blockchain in agriculture market size is expected to reach US$ 2068.5 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 41.00% CAGR between 2019 and 2029. According to the report, increasing cases of food contamination and food scams in the agricultural sector giving rise to growth of transparent supply chain methods; this factor is expected to act as a driver for the market growth. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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It includes in-depth insights into the blockchain in agriculture market. Some of these are:
- The estimated value of the market was at US$ 66.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific is a leading producer of farm products and foodstuffs. Which means the risk of food contamination and fraud in the supply chain in this area is higher.
- The majority of Asia-Pacific countries export their food products to other nations. For example, most Asian countries export fruits and vegetables to European countries, as the highest food traceability requirements in this area are being witnessed.
- During the forecast era, the application and solution provider segment is expected to rise to the highest CAGR.
- The hacking and piracy of information available on blockchain networks is likely to curb business growth.
- In terms of provider, the middleware provider segment is forecast to remain dominant through the course of the report’s forecast period.
Production and Distribution Impacted Due to COVID-19 Outbreak
A preliminary picture of the aftermath emerges with the global pandemic of COVID-19 causing an ongoing crisis, of late. Stay-at-home orders and full lockdowns that initially resulted in a sudden increase in the blockchain consumer footprints on the agricultural sector, culminating in many logistical challenges and then a normal sales drop. Market scenes of growth, distribution, sales, and import-export are thus largely hampered. The novel coronavirus epidemic has undoubtedly led to a slump in sales, not because of the scanty stock but because of the disconcerted production and distribution chains.
Who is Winning?
The key players in the global blockchain in agriculture market include BM (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).
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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Product Traceability, Tracking, and Visibility Segment is Estimated to Dominate
The product traceability, monitoring and visibility segment is expected to dominate the blockchain market in agriculture and the food supply chain over the forecast period. The growing demand for platforms and solutions to achieve full traceability of food products across the supply chain and the instances of food fraud in many countries are the key factors that help the need for product traceability, monitoring and visibility applications.
However, there has been an increase in blockchain technology investments in the vertical food and agriculture sector, along with an increase in the number of pilot studies across the globe. The blockchain payment and settlement segment in the agricultural and food supply chain market is projected to rise at the highest CAGR.
BLOCKCHAIN IN AGRICULTURE MARKET TAXONOMY
The global Blockchain in Agriculture market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Provider
- Application and solution provider
- Middleware provider
- Infrastructure and protocol provider
Application
- Product traceability, tracking, and visibility
- Payment and settlement
- Smart contracts
- Governance, risk and compliance management
Organization size
- Large enterprises
- Small and medium-sized (SMEs) enterprises
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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