Lucintel Forecasts Blockchain in the Global Agriculture Market to Grow at a CAGR of 47%-49%

blockchain in the global agriculture market

Posted on 2021-10-04 by Lucintel in Consumer Services // 0 Comments

According to the recent study the blockchain in the global agriculture market is projected to grow at a CAGR of 47%-49% from 2020 to 2025. Growth in this market is primarily driven by increase in demand for supply chain transparency, the rise in cases of food fraud, and growth in concerns towards food wastage.

Browse XX figures / charts and XX tables in this 150-page report to understand trends, opportunities and forecast in blockchain in the global agriculture market by application (product traceability, payment & settlement, smart contracts, governance, and risk & compliance management), provider (infrastructure & protocol provider, middleware provider, and application & solution provider), organization size (large enterprises and small & medium-sized enterprises), and region (North America, Europe, Asia Pacific, and Rest of the World).

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“Large enterprises market is expected to remain the largest segment during the forecast period.”

Based on organization size, the blockchain in the global agriculture market is segmented into large enterprises and small & medium-sized enterprises. Lucintel forecasts that the large enterprises market is expected to remain the largest segment during the forecast period as most of the organizations all over the world are actively piloting blockchain technology into various processes, or are using it for the food & agriculture sector to reduce food contamination cases.

“Within the blockchain in the global agriculture market, the product traceability segment is expected to remain the largest application”

Based on application, the product traceability segment is expected to witness the largest segment over the forecast period due to an increase in investments for food safety and transparency along the supply chain and consumer demand for the knowledge of the provenance of food products.

“North America will dominate the blockchain in the global agriculture market in near future”

North America is expected to be the largest region over the forecast period driven by an increase in research & development activities for blockchain due to food safety concerns and the benefits this technology offer to the food and agriculture vertical in terms of transparency, payment, and land registry. Asia Pacific is expected to witness the highest growth due to the growing investment by various stakeholders and government support for new technology exploration and adoption in countries, such as India and China.

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Major players of blockchain in the global agriculture market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Ripe.io, VeChain, Provenance, and ChainVine are among the major blockchain in the global agriculture providers.

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