What Are The Market Size And Growth Rates For The Blockchain In Agriculture And Food Supply Chain Market?
The size of the blockchain in agriculture and food supply chain market has significantly increased in recent years, growing from $0.58 billion in 2024 to an anticipated $0.84 billion in 2025 at a compound annual growth rate (CAGR) of 45.2%. Factors accounting for this growth include enhanced traceability and transparency, food fraud and contamination prevention, an increased demand for transparency from consumers, and a reduction in food waste.
In the predicted forecast for the coming years, the market size is expected to experience exponential growth, reaching an estimated $4.04 billion by 2029 at a CAGR of 48.3%. Growth factors for this period include enhanced food safety measures, increased stakeholder education and awareness, a focus on sustainable and ethical practices, greater resilience against disruptions, and compliance with customs and regulations.
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What Is Driving The Growth Of The Blockchain In Agriculture And Food Supply Chain Market?
The growth of the blockchain in agriculture and food supply chain market has been largely supported by the increase in demand from small and medium enterprises. This is predominantly due to larger businesses investing heavily in the development of their existing solutions, while newer businesses create exclusive solutions tailored to the requirements of their national and regional markets. This rapid increase in small and medium enterprises is anticipated to drive the growth of the market in the upcoming years.
How Is The Global Blockchain In Agriculture And Food Supply Chain Market Segmented?
1) By Type: Public Blockchain, Private Blockchain, Consortium Or Hybrid Blockchain
2) By Stakeholder: Growers, Food Manufacturers Or Processors, Retailers
3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management
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Who Are The Key Players In The Blockchain In Agriculture And Food Supply Chain Market?
The blockchain in agriculture and food supply chain market is dominated by major companies such as International Business Machines Corporation, Microsoft Corporation, SAP SE, Ambrosus AG, Arc-net, OriginTrail Ltd., and Rip. io among others.
What Are The Emerging Trends In The Blockchain In Agriculture And Food Supply Chain Market?
One of the emerging trends greatly impacting the blockchain in agriculture and food supply chain market is the combination of blockchain technology with Internet of Things (IoT) devices. By enabling smart devices to exchange data and other financial transactions, this combination provides a secure, scalable, private, and reliable method of sharing and accessing data without the need for central management or control.
Which Region Holds The Largest Share In The Blockchain In Agriculture And Food Supply Chain Market?
As of 2024, North America was the largest region in the blockchain in agriculture and food supply chain market. Other significant regions include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
How Does The Blockchain In Agriculture And Food Supply Chain Market Report Define The Market?
The Blockchain In Agriculture And Food Supply Chain Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. The blockchain in agriculture and food supply chain refers to the use of technology for real-time tracking of food items in the supply chain to enhance food safety.
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