Blockchain in Agriculture Market: : Growth Opportunities and Recent Developments

The report "Blockchain in Agriculture Market (and Food Supply Chain), Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2023", The global blockchain in agriculture and food supply chain market is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023, at a CAGR of 47.8% during the forecast period. The blockchain in agriculture and food supply chain market is driven by factors such as an increase in demand for supply chain transparency, the rise in cases of food fraud in the emerging economies of the Asia Pacific, and growth in concerns toward food wastage.

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The blockchain in agriculture market and food supply chain has been segmented, based on organization size, as large enterprises and small and medium-sized enterprises. The large enterprises segment dominated the blockchain in agriculture and food supply chain market in 2017. North America is a key market for large enterprises, as most of the organizations in this region are actively piloting blockchain technology into various processes, or are using it for the food & agriculture sector. The Asia Pacific market for the large enterprises segment is expected to grow at the highest CAGR because maximum food contamination cases are reported in countries such as India and China. Additionally, there is a growing demand for food products in this region.

Based on provider, the blockchain in agriculture and food supply chain market has been segmented into infrastructure and protocol provider, middleware provider, and application and solution provider. The infrastructure and protocol provider segment is estimated to account for the largest share in the blockchain in agriculture and food supply chain market during the forecast period.

Based on application, the blockchain in agriculture and food supply chain market has been segmented into product traceability, tracking, and visibility; payment and settlement; smart contract; and governance, risk, and compliance management. The product traceability, tracking, and visibility segment held the largest share in 2017, and this trend is expected to continue throughout 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.

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The Asia Pacific region is the fastest growing region in the blockchain in agriculture and food supply chain market. Asia Pacific is one of the leading producers of agricultural produce and food. This means that the probability of food contamination and fraud cases in the supply chain is higher in this region. Most of the countries in Asia Pacific export their food products to other countries. For instance, most of the Asian countries export fruits & vegetables to the European countries, as the highest requirements for food traceability are witnessed in this region. The food industry in the Asia Pacific region is exploring the blockchain technology to comply with the traceability requirements of importing companies.

This report includes a study of the development strategies adopted by leading companies and their product portfolios. It includes major players such as IBM (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). These players are focusing on expansions, funding, partnerships and collaborations, and new product developments to strengthen their customer base and market position in the blockchain in agriculture and food supply chain market.

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