Industry Background:
The Blockchain is the collection of data and records, known as the technological database which is linked together using cryptography. The Blockchain in Agriculture is used to create clarity between the farming process and the supply chain. It will help to reduce the transaction cost and thereby saves them money and time involved in the process. It is widely applicable to improve logistics, quality assurance, nutrient management plans, and others. Fastest-growing smart agricultural systems creating an opportunity for blockchain applications at the growers’ level and Government initiatives to support modern techniques that can be used in agriculture to increase agricultural production will create a lucrative opportunity in the forecasted period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), TE-FOOD International GmbH (Europe), Microsoft (United States), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), Chainvine (United Kingdom), Ripe.io (United States), AgriDigital (Australia) and OriginTrail (Slovenia) |
This growth is primarily driven by Rising concerns for food safety among consumers demanding transparency in the supply chain and Growth in online trading and tracking systems enhancing the need for blockchain solutions during COVID-19.
Globally, a noticeable market trend is evident Increase in the popularity of blockchain among retailers/distributors for better supervision & data management
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), TE-FOOD International GmbH (Europe), Microsoft (United States), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), Chainvine (United Kingdom), Ripe.io (United States), AgriDigital (Australia) and OriginTrail (Slovenia), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Key Developments in the Market:
In June 2020, Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, announced a new cross-industry collaboration to use blockchain technology and share supply chain data throughout Norway's seafood industry and provide safer, better seafood to consumers across the globe. This blockchain technology would help to provide high-quality, fully traceable products.
In April 2020, IBM and Nestle entered into a partnership to enable Nestle to use the IBM Food Trust enterprise blockchain to trace its Zoégas coffee brand. Zoégas coffee would come with a QR code scanned by consumers to trace coffee beans to their origin. The IBM Food Trust enterprise blockchain will record data about farmers, time of harvest, transaction certificate for specific shipments, as well as the roasting period.
Influencing Trend:
Increase in the popularity of blockchain among retailers/distributors for better supervision & data management and Growing food wastage and post-harvest losses
Market Growth Drivers:
Rising concerns for food safety among consumers demanding transparency in the supply chain and Growth in online trading and tracking systems enhancing the need for blockchain solutions during COVID-19
Challenges:
Data mismanagement among growers during precision farming and Agreement between all stakeholders of the supply chain to digitally connect
Restraints:
Uncertainty in regulations and standards and Limited availability of technical skillset for implementing and managing blockchain applications
Opportunities:
Increase in funding and investments in agri-food blockchain and Opportunity to adopt blockchain solutions to ease the supply chain complexities in the agriculture ecosystem
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Blockchain In Agriculture And Food Supply Chain Market
- Analysis about New Entrants in Blockchain In Agriculture And Food Supply Chain Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Blockchain In Agriculture And Food Supply Chain Study Sheds Light on
The Blockchain In Agriculture And Food Supply Chain Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Blockchain In Agriculture And Food Supply Chain industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Blockchain In Agriculture And Food Supply Chain industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.