Global Blockchain in Agriculture & Food Market Anticipated to Reach $1.4 billion by 2028
Since the early 2000s, the global agricultural industry has witnessed a massive transformation owing to the increasing demand for sustainable farming practices. Rising global population and high-income growth in urban population have resulted in growing concerns of food security across the world. Various agricultural start-ups and technology innovators are developing numerous sustainable farming systems. One of the most disruptive technologies in the field of smart agriculture has been the digitization of supply chain. Since 2013, agri-food industry's interest in blockchain has rapidly evolved with multiplying pilot projects and companies dedicated to the swift development of technology. The advantages of blockchain technology for agriculture widely range from farmers to retailers to traders and to food companies. Eminent technology companies are striking collaborations with global logistics firms, food producers and retailers to develop effective applications of blockchain in agriculture and food sector to ensure improved data management, reduced transaction costs, augmented logistics, and robust food safety and traceability protocols.
The market research study offers a wide perspective of the different types of applications pertaining to blockchain in agriculture and food and analyzes its impact on the farming sector by providing critical insights into the direction of its future expansion. The study provides a detailed analysis of the market ecosystem, supply chain and regional growth for blockchain in agriculture and food technologies. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
This study was designed to answer some of the most crucial questions about the blockchain in agriculture and food market:
What is the global blockchain in agriculture & food market size in terms of revenue from 2017-2028 along with the growth rate during the forecast period 2018-2028?
How will the year-on-year growth differ across different phases of growth during the forecast period 2018-2028?
What is the revenue generated of blockchain solutions for different applications in agriculture and food industry including supply chain tracking, finance management, data management, land and property ownership, and others from 2017-2028 and growth rate during the forecast period of 2018-2028?
What is the blockchain in agriculture and food market size for different regions across the world including North America, Europe, Asia-Pacific, and Rest-of-the-World?
What is the current scenario of the regulatory landscape of global blockchain in agriculture and food market and how will it shape up in the next 10 years?
What are the key global and regional trends and opportunities in the market pertaining to the blockchain technology?
What are the different use-cases of blockchain in agriculture and food industry?
How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of blockchain technology?
What are the major driving forces that tend to increase the demand for blockchain in global agriculture and food industry during the forecast period?
What are the major challenges inhibiting the growth of the global blockchain in agriculture & food market?
How are the consortiums and associations impacting the global blockchain in agriculture and food market?
What is the competitive strength of the key players in the global blockchain in agriculture & food market by analyzing their recent developments, product offerings, and regional presence?
How has been the funding landscape in global blockchain in agriculture & food market?
The report is a compilation of various segmentations including market breakdown by application and region. The report highlights the key driving and restraining forces for this market as well as the market opportunities in different application segments such as supply chain tracking, financial management, data management, and land and property ownership, among others. The report also outlines the ecosystem of blockchain in agriculture and food market and provides a robust analysis of the key stakeholders across the supply chain. In the extensive primary research process undertaken for this study, the primary sources further include industry experts and key executives from prominent companies and organizations in the blockchain in agriculture and food industry.
Moreover, the report consists of a comprehensive analysis of blockchain in agriculture and food market for different geographical regions. The blockchain in agriculture and food market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC) and Rest-of-the-World (RoW). Each geographical region analysis details individual driving and restraining forces acting in the market in addition to the key players from that particular region.
In 2018, the agriculture and food industry still serves for the livelihood of a majority of the global populations. Even though the global agriculture industry has been witnessing various transformations in terms of shrinking farmlands and depletion of finite natural resources, the global food demand has grown irrespectively. This extensive growth has led the large food companies to establish numerous food production factories across the world. This race amongst food companies to serve the customers with agricultural supplies and food quickly and at cheaper costs has led them to make adjustments in their supply chain by turning the chain into a complex network of suppliers ranging across geographic regions. However, while on one hand, the agriculture and food supply chains have extended their reach globally, they on the other hand have also entangled the chain. Consequently, it has led to a feeling of distrust and disconnect in consumers due to the lack of awareness regarding the origin of the food and the processes it might have undergone. Moreover, the food industry has been continuously witnessing outbreaks of the food borne illness and recalls which have led to epidemics and deaths.
To counter the concerns such as food wastage, lack of provenance data, delayed payments, and unavailability of crop insurance consumers and other supply chain stakeholders are increasingly demanding for improved transparency in the agriculture and food supply chain. Blockchain technology is pitched to be the leading contender in the agriculture and food system to streamline the handling of all these concerns.
Increased activity in the global blockchain in agriculture and food market has also prompted the government bodies to restructure their legislative frameworks and regulations to adapt blockchain in its economy. Real-time potential to solve the issues that have plagued the agriculture industry is mainly driving the blockchain technology into the agriculture market. Moreover, the improvement in efficiency of supply chain with regard to cost and time is also a contributing factor for the same.
The high market growth in the global blockchain in agriculture and food market is expected to be driven by the need for transparency and traceability in the agriculture and food supply chain. A blockchain powered supply chain will ensure accountability of food companies to provide healthy and high-quality ingredients as quoted on the product casing. Blockchain's deployment will also lead to reduction of food wastage within the supply chain and create capital growth opportunities for all the stakeholders such as farmers, processors, distributors, retailers, and traders involved in the agricultural supply chain. Specifically, the agriculture market will benefit from blockchain's capability to ensure lower costs for transaction and processing, across the supply chain and generating value for all stakeholders.
Currently, the blockchain in agriculture and food market, is generating revenue based on the pilot projects run by individual agricultural startups or consortiums of large food companies, retail companies, trading companies, and blockchain technology product providing companies.
Blockchain has found several applications in agriculture including supply chain tracking, finance management, data management, and land and property ownership, among others. The technology will increase the speed of movement of all kinds of commodities ranging from agri-input to food throughout the supply chain and shall also permit faster removal of targeted products that do not qualify for consumption. While executing both the processes, food wastage shall be reduced manifold. Food processors and distributors will be able to track food commodities at different temperatures and times. This shall help them store food efficiently, further leading to the reduction in its wastage. Accuracy in the supply chain could be established by ensuring transparency in places where human error could seep into the system. Along with transparency, the immutability of blockchain-powered supply chain consists of a means to identify incorrect entry of data for stakeholders to regulate and rectify.
Blockchain possesses a potential to add value to the stakeholders by providing them better access to data about products, their prices and markets. Information generated through blockchain about nuances of supply chain can also help the stakeholders identify new opportunities across the globe to comply with customer needs and enable faster adoption of blockchain in the supply chain. Transparency in the supply chain would lead to the circulation of reliable information and aid the stakeholders in having access to customized financial options. Cooperation from regulatory bodies and government organizations will build upon the benefits of blockchain in making the supply chain efficient.
The trends of blockchain in agriculture and food market vary across different geographical regions. The smart farming market holds a prominent share in the regions of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Presently, North America is at the forefront of the global blockchain in agriculture and food market, with high market penetration rate in the U.S. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products.
The competitive landscape for the global blockchain in agriculture and food market demonstrates an inclination toward companies adopting strategies such as product launches, development and partnerships, collaborations, and joint ventures. Large number of players in the market are focusing on establishing partnerships to carry out pilot test projects. This key strategy has also been on a rise for successful implementation of blockchain, all stakeholders need to actively participate. AgriDigital, AgUnity, OwlTing, Provenance, SkuChain, Ripe.io, Olivacoin, Foodcoin Ecosystem, Alo Agri, FARM, Origintrail, Coin22, and Bext360 are some of the prominent agricultural blockchain startups in the agriculture and food market. The market is highly fragmented with the presence of a huge number of small to medium sized companies that compete with each other and the large enterprises.
Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of these agricultural blockchain solutions for augmenting transparency in the agriculture and food supply chain. The need for blockchain technology for supply chain tracking and finance management is necessary to bridge the demand and supply gap along with attaining sustainability in the ecosystem.