Global Blockchain In Agriculture And Food Supply Chain Market Analysis 2024 – Estimated Market Size And Key Drivers

The Blockchain In Agriculture And Food Supply Chain by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Blockchain In Agriculture And Food Supply Chain, The blockchain in agriculture and food supply chain market size has grown exponentially in recent years. It will grow from $0.4 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 46.4%. The growth in the historic period can be attributed to enhanced traceability and transparency, prevention of food fraud and contamination, consumer demand for transparency, supply chain efficiency, reduction of food waste.

The blockchain in agriculture and food supply chain market size is expected to see exponential growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 46.7%. The growth in the forecast period can be attributed to enhanced food safety measures, stakeholder education and awareness, focus on sustainable and ethical practices, resilience against disruptions, customs and regulatory compliance, . Major trends in the forecast period include enhanced traceability and transparency, food safety and quality assurance, smart contracts for automation, sustainable and ethical sourcing, supply chain optimization, increased adoption of blockchain.

The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in the blockchain in agriculture and food supply chain market. This is mainly due to larger businesses investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets.

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The blockchain in agriculture and food supply chain market covered in this report is segmented –

1) By Type: Public Blockchain, Private Blockchain, Consortium/Hybrid Blockchain
2) By Stakeholder: Growers, Food Manufacturers/Processors, Retailers
3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management

The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market. Companies are using blockchain to secure data in IoT devices. IoT involves a system of devices that can collect, transfer, and store data over a wireless network. The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner. Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, in February 2022, Vodafone Group plc, a UK-based multinational telecommunications company, introduced Digital Asset Broker (DAB) platform, a blockchain-based trading platform for IoT devices and sensors. The new Digital Asset Broker (DAB) technology, which is purportedly designed to promote the economy of things, enables verified connected objects to transact securely without human oversight but under human (the “owner”) control by creating individualized digital identities for using payment technologies and mobile SIM security to interact and transact with other devices.

The blockchain in agriculture and food supply chain market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis