The market size of the Global Blockchain in the Agriculture and Food Supply Chain Market in 2021 is valued at 202.17 million and is predicted to reach 5059.78 million by the year 2030 at an 43.25% CAGR during the forecast period.
Blockchain in agriculture and food supply chain is becoming increasingly important in the food and agricultural supply chain since it will increase transparency in producing food and agricultural products. Some of the main advantages of blockchain in agriculture and food supply chain that drive the market of the supply chain include the requirements for affordable and accessible foods in times of calamities, dietary management strategies, performance measurement, the record of the complete history of the product, fairer transfer of funds, customer satisfaction, and logistics. Additionally, the development of agricultural start-ups due to technological improvements in the market has positively influenced the market. The main driving force of market expansion is the rising concern over misappropriation and food waste. Another aspect driving market expansion is the rising demand for transparency. The sector for food and agriculture is seeing increased demand for the blockchain due to rising food fraud.
However, regulatory ambiguity, operational standards related to blockchain in agriculture and the food supply chain, and the need for in-depth expertise are the major factors restraining the market growth. Organizations have closed their locations, people have been told to stay at home, and strict home invasions have been implemented. These limitations will also affect the market growth.
The agriculture and food supply chain's blockchain is segmented by type, applications, organization size, product and provider. Based on type, the market is segmented as public, private and hybrid/consortium. The market is segmented by application: growers, food manufacturers/processors, and retailers. The market is segmented by providers: application providers, middleware providers, and infrastructure providers. By organization size, the market is segmented into small and medium-sized enterprises and large enterprises. By applications, the market is segmented as product traceability, tracking, visibility, payment and settlement, smart contract, governance, risk, and compliance management.
Based on stakeholders, the grower's segment is accounted as a significant contributor to the blockchain in the agriculture and food supply chain market.
The grower category is expected to hold a significant share of the global blockchain in the agriculture and food supply chain market. The growers have a marginally more significant market share than food distributors or producers. This results from higher rates of cultivators like farmers using blockchain in agriculture and food supply chains. Blockchain in agriculture and food supply chain is anticipated to be used in the agricultural supply chain as a new approach to giving farmers a larger interest in the chain and additional opportunities to promote their products to customers.
The large Enterprise segment witnessed growth at a rapid rate.
The large enterprise segment is projected to increase in the global blockchain's agriculture and food supply chain market. To handle the agriculture and food supply chain, North America embraced cutting-edge technology much more quickly than other regions, as a large enterprise can provide clients with a customized approach based on innovation that addresses the unique needs of each supply chain. This enables businesses to meet the market's rising standards. Large companies emphasize implementing efficient data ways to categorize and foresee likely hazards and use this data to make quicker business choices. These elements are projected to fuel market expansion.
The North American blockchain in the region's agriculture and food supply chain market holds a significant revenue share.
The North American blockchain in the agriculture and food supply chain market is expected to register the highest market share in revenue shortly. To handle the agriculture and food supply chain, North America embraced cutting-edge technology much more quickly than other regions. As a result, the continent became the most significant market shareholder for blockchain in agriculture and the food supply chain. The region's most economically stable nations, the US and Canada, hold a sizable market share of the blockchain in the agriculture and food supply chain.
Europe region is estimated to show the highest growth in the market during the forecast period. Due to the region's increasing embrace of cutting-edge technology like blockchain and informatics. The blockchain in India's agriculture sector is anticipated to be driven by increasing investment from various stakeholders and the government to stimulate research and implementation of innovative technologies.
The key players in the blockchain in the agriculture and food supply chain market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolios and strengthen their market footprint across the globe. Some of the major key players in the Blockchain in Agriculture and Food Supply Chain market are "IBM, Microsoft, Ambrosius, Sap Se, Origintrail, Provenance, Agridigital, Abaco Group, Ripe.Io, Vechain, Chainvine, Agrichain, Skuchain, Bext360, Fce Group Ag, Coin 22, Te-Food International Gmbh, Modum.Io Ag, Viveat, Eharvesthub Inc., Grainchain, Cargochain, Farm2kitchen Foods Pvt. Ltd., Genuino, Agri 10x .