Blockchain in the Agriculture and Food Supply Chain Market in 2024 Detailed Study Analysis

The Blockchain in the Agriculture and Food Supply Chain Market Size is valued at 403.87 Million in 2023 and is predicted to reach 7,419.9 Million by the year 2031 at a 44.11 % CAGR during the forecast period for 2024-2031.

 

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Blockchain in the Agriculture and Food Supply Chain Market are:

• Transparency and Traceability.
• Reducing Fraud and Counterfeiting.
• Efficiency and Automation.

The following are the primary obstacles to the Blockchain in the Agriculture and Food Supply Chain Market’s expansion:

• Costs of Implementation.
• Scalability Issues.
• Lack of Standardization.

Future expansion opportunities for the global Blockchain in the Agriculture and Food Supply Chain Market include:

• Electric Vehicles and Sustainable Transportation.
• Remote Work Solutions.
• Cybersecurity Solutions.

 

Market Analysis:

Key factors influencing the market include technological advancements, changing consumer preferences, and regulatory dynamics. The increasing integration of digital technologies, such as artificial intelligence and blockchain, is reshaping industries, fostering innovation, and driving market growth. Furthermore, globalization and heightened competition underscore the importance of strategic market positioning and agility.

 

List of Prominent Players in the Blockchain in the Agriculture and Food Supply Chain Market:

• IBM (US)
• TE-FOOD International GmbH (Europe)
• Microsoft (US)
• ACR-NET (Ireland)
• Ambrosus (Switzerland)
• SAP SE (Germany)
• OriginTrail (Slovenia)
• Provenance (UK)

 

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Recent Developments:

• 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 provide high-quality, fully traceable products.
• In May 2019, Microsoft launched Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity.
• In April 2019, Albertsons Companies (US) joined the IBM Food Trust blockchain.

 

Blockchain in the Agriculture and Food Supply Chain Market Dynamics:

Market Drivers: Transparency and Traceability

The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.

Challenges: Costs of Implementation

The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period

Due to the high degree of technical infrastructure that is prevalent there, North America is now leading the industry. The presence of significant global market players in the area is also contributing to the region’s overall rise in market share. Furthermore, measures by the government to invest in cutting-edge technology and supporting legislation are also responsible for the increase.

 

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Segmentation of Blockchain in the Agriculture and Food Supply Chain Market-

By Type

• Public
• Private
• Hybrid/Consortium

By Application

• Growers
• Food Manufacturers/Processors
• Retailers

By Providers

• Application Providers
• Middleware Providers
• Infrastructure Providers

By Organization Size

• Small And Medium-Sized Enterprises
• Large Enterprises

By Applications

• Product Traceability, Tracking, and Visibility
• Payment And Settlement
• Smart Contract
• Governance, Risk, and Compliance Management

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

 

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