Agricultural Blockchain Market Set to Reach USD 5996.5M by 2030, Showing a 52.3% CAGR

Richmond, United States, 2024-Apr-16 — /EPR Network/ —

The Blockchain in Agriculture and Food Supply Chain market was valued at USD 315.5 Million in 2023. Projections suggest it will reach USD 5996.5 Million by 2030, reflecting a compound annual growth rate (CAGR) of 52.3% during the forecast period from 2023 to 2030.

The Blockchain in Agriculture and Food Supply Chain Market is revolutionizing the way food is produced, distributed, and consumed by leveraging blockchain technology to enhance transparency, traceability, and trust throughout the agricultural supply chain. With consumers increasingly demanding greater visibility into the origins and quality of their food products, blockchain-based solutions offer a transformative approach to addressing key challenges such as food safety, sustainability, and supply chain integrity. In this blog, we explore the burgeoning market for blockchain in agriculture and food supply chain, examining its significance, innovations, and potential for growth.

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Major vendors in the global Blockchain in Agriculture and Food Supply Chain market:

  • IBM
  • TE-FOOD International GmbH
  • Microsoft
  • ACR-NET
  • Ambrosus
  • SAP SE
  • Chainvine
  • Ripe.io
  • AgriDigital
  • OriginTrail
  • Provenance
  • Modum.Io Ag
  • Viveat
  • Eharvesthub Inc.
  • Grainchain
  • Cargochain
  • Farm2kitchen Foods Pvt. Ltd.
  • Genuino

Key Market Trends and Innovations:

  • Transparency and Traceability: Blockchain technology enables immutable and transparent records of transactions and events across the agricultural supply chain, from farm to fork. By recording data such as production practices, harvest dates, transportation routes, and storage conditions on a decentralized ledger, blockchain solutions provide consumers and stakeholders with unprecedented visibility into the journey of food products, fostering trust and accountability.
  • Food Safety and Quality Assurance: Blockchain-based traceability systems enhance food safety and quality assurance by enabling rapid and accurate identification of contamination sources, product recalls, and supply chain disruptions. By facilitating real-time monitoring and verification of product attributes, certifications, and compliance with food safety standards, blockchain solutions empower stakeholders to proactively mitigate risks and ensure the integrity of food products.
  • Sustainable Agriculture and Ethical Sourcing: Blockchain in agriculture facilitates sustainable practices and ethical sourcing by enabling farmers and producers to demonstrate compliance with environmental regulations, fair labor practices, and ethical sourcing standards. By incentivizing transparency and accountability in supply chain operations, blockchain solutions empower consumers to make informed purchasing decisions that align with their values and preferences for sustainable and ethically produced food products.
  • Supply Chain Optimization and Efficiency: Blockchain technology streamlines supply chain operations and enhances efficiency by automating data exchange, reducing paperwork, and eliminating intermediaries in the agricultural value chain. Smart contracts and digital tokens enable secure and seamless transactions between buyers and sellers, reducing transaction costs, minimizing delays, and improving the overall speed and agility of supply chain processes.

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Major Segmentations Are Distributed as follows:

  • By Type
    • Public
    • Private
    • Hybrid/Consortium
  • By Stakeholders
    • Growers
    • Food manufacturers/processors
    • Retailers
  • By Providers
    • Application Providers
    • Middleware Providers
    • Infrastructure Providers
  • By Organization Size
    • SMEs
    • Large Enterprises
  • By Application
    • Product Traceability, Tracking, and Visibility
    • Payment and Settlement
    • Smart Contract
    • Governance, Risk, and Compliance Management
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • June 2020, A new industry collaboration between Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, aims to leverage blockchain technology to exchange supply chain data throughout the seafood industry in Norway and offer better, safer fish to consumers worldwide. This blockchain technology would contribute to the provision of fully traceable, high-quality items.

Market Dynamics and Opportunities:

The Blockchain in Agriculture and Food Supply Chain Market is driven by the growing demand for transparency, traceability, and sustainability in the food industry, as well as the increasing adoption of blockchain technology by key stakeholders across the agricultural supply chain. Key opportunities for market expansion include:

  • Adoption by Food Industry Giants: Major food retailers, manufacturers, and distributors are embracing blockchain technology to enhance supply chain visibility, compliance, and consumer trust. Collaborations and partnerships between blockchain solution providers and industry leaders are driving innovation and accelerating market adoption, paving the way for widespread implementation of blockchain-based traceability solutions.
  • Government Initiatives and Regulatory Support: Governments and regulatory bodies are increasingly recognizing the potential of blockchain technology to address food safety, fraud prevention, and supply chain resilience challenges. Supportive regulatory frameworks, funding initiatives, and pilot projects are creating opportunities for blockchain solution providers to collaborate with government agencies and industry stakeholders to deploy scalable and interoperable blockchain-based solutions.
  • Emerging Markets and Use Cases: Emerging markets such as Asia-Pacific and Latin America present untapped opportunities for blockchain in agriculture and food supply chain applications. Use cases such as smallholder farmer empowerment, rural development, and inclusive finance are driving demand for blockchain solutions that address the unique challenges and opportunities in these markets, unlocking new revenue streams and market growth potential.

Major Segmentations Are Distributed as follows:

  • By Type
    • Public
    • Private
    • Hybrid/Consortium
  • By Stakeholders
    • Growers
    • Food manufacturers/processors
    • Retailers
  • By Providers
    • Application Providers
    • Middleware Providers
    • Infrastructure Providers
  • By Organization Size
    • SMEs
    • Large Enterprises
  • By Application
    • Product Traceability, Tracking, and Visibility
    • Payment and Settlement
    • Smart Contract
    • Governance, Risk, and Compliance Management
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • June 2020, A new industry collaboration between Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, aims to leverage blockchain technology to exchange supply chain data throughout the seafood industry in Norway and offer better, safer fish to consumers worldwide. This blockchain technology would contribute to the provision of fully traceable, high-quality items.

Major Segmentations Are Distributed as follows:

  • By Type
    • Public
    • Private
    • Hybrid/Consortium
  • By Stakeholders
    • Growers
    • Food manufacturers/processors
    • Retailers
  • By Providers
    • Application Providers
    • Middleware Providers
    • Infrastructure Providers
  • By Organization Size
    • SMEs
    • Large Enterprises
  • By Application
    • Product Traceability, Tracking, and Visibility
    • Payment and Settlement
    • Smart Contract
    • Governance, Risk, and Compliance Management
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • June 2020, A new industry collaboration between Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, aims to leverage blockchain technology to exchange supply chain data throughout the seafood industry in Norway and offer better, safer fish to consumers worldwide. This blockchain technology would contribute to the provision of fully traceable, high-quality items.

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Conclusion:

In conclusion, the Blockchain in Agriculture and Food Supply Chain Market is poised for significant growth and innovation, driven by the increasing demand for transparency, traceability, and sustainability in the food industry. By leveraging blockchain technology to enhance supply chain visibility, integrity, and efficiency, stakeholders across the agricultural value chain can unlock new opportunities for value creation, differentiation, and consumer trust in the dynamic and evolving food landscape of the future.

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