Blockchain's Role in Agriculture: Harnessing 41.0% CAGR Growth

Dive into the booming blockchain in agriculture market value, projected to grow at an impressive 41.0% CAGR from 2019 to 2029. Led by large enterprises and driven by demand for product traceability and transparency, this sector is set to revolutionize food safety and supply chain integrity. North America leads, with major players like IBM and Microsoft paving the way. Explore how investments and government support are fueling innovation in India’s agricultural blockchain adoption.

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By enhancing organisational decision-making power, blockchain technology is revolutionising the food and agricultural industries. It is critical to measure and manage the genuine supply and demand for food items in order to ensure that food reaches those in need. Each year, about one-third of all food produced worldwide is wasted, according to the FAO. The blockchain network may be used to solve these challenges quickly and effectively.

It includes in-depth insights into the blockchain in agriculture market. Some of these are:

• The estimated value of the market was at US$ 66.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
• Asia Pacific is a leading producer of farm products and foodstuffs. Which means the risk of food contamination and fraud in the supply chain in this area is higher.
• The majority of Asia-Pacific countries export their food products to other nations. For example, most Asian countries export fruits and vegetables to European countries, as the highest food traceability requirements in this area are being witnessed.
• During the forecast era, the application and solution provider segment is expected to rise to the highest CAGR.
• The hacking and piracy of information available on blockchain networks is likely to curb business growth.
• In terms of provider, the middleware provider segment is forecast to remain dominant through the course of the report’s forecast period.

Production and Distribution Impacted Due to COVID-19 Outbreak

A preliminary picture of the aftermath emerges with the global pandemic of COVID-19 causing an ongoing crisis, of late. Stay-at-home orders and full lockdowns that initially resulted in a sudden increase in the blockchain consumer footprints on the agricultural sector, culminating in many logistical challenges and then a normal sales drop. Market scenes of growth, distribution, sales, and import-export are thus largely hampered. The novel coronavirus epidemic has undoubtedly led to a slump in sales, not because of the scanty stock but because of the disconcerted production and distribution chains.

Who is Winning?

The key players in the global blockchain in agriculture market include BM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia).

In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.

Blockchain In Agriculture Market – Key Research Findings

• The blockchain in agriculture market will surge at a remarkable CAGR of 41.0% between 2019 and 2029.
• The large enterprises segment dominated the blockchain in the agriculture market.
• The product traceability, tracking, and visibility segment held the largest share, and it is expected to remain dominant through the forecast period owing to factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge of the provenance of food products.
• North America accounts for the largest share of the global blockchain in the agricultural market owing to the presence of major companies such as IBM and Microsoft in the U.S.
• Increasing investment from various stakeholders and government to support exploration and adoption of new technologies is expected to drive the blockchain in India’s agricultural market.