Global Blockchain in Agriculture and Food Supply Chain Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Blockchain in Agriculture and Food Supply Chain Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global blockchain in agriculture and food supply chain market report has been segmented on the basis of application, organization size, and region.

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Global Blockchain in Agriculture and Food Supply Chain Market: Overview

Blockchain is deployed using technology which provides a shared ledger or Distributed Ledger Technology (DLT). This ledger contains information and details of records and transaction in block structure. These blocks are tamper-proof and immutable i.e. the data in these blocks are not permitted for altering or modifying. This security feature makes blockchain useful for the various network such as farmers, consumers, retailers, and others to record and share information with security, transparency, and speed. Entire information or data regarding the entire cycle of agricultural events can be inserted onto blockchain to enable transparent, valid, and trusted source of information available for farmers. This information or data can be related to the soil moisture, seed quality, payments, demand and sale price, climate and environment related data, etc. and is available at one platform. Blockchain helps in establishing direct association between farmers and consumers/retailers due to which famers can gain insights on budget distribution and actual market price for their products.

Global Blockchain in Agriculture and Food Supply Chain Market: Dynamics

Increasing adoption of emerging technologies such as blockchain and analytics technologies, which enhance decision-making capabilities of agricultural organizations is a key factor expected to drive growth of the global market. In addition, blockchain technology that is deployed by agriculture sector offers various features such as smart contract, traceability and tracking, payment and settlement, and governance, risk, and compliance management. Hence, increasing deployment of blockchain technology for agriculture and food supply chain analysis in order to achieve transparency in supply chain and to reduce food production frauds is another factor expected to support growth of the market to a significant extent.

Moreover, rising concerns towards food wastage is expected to result into increasing adoption of blockchain technology in agricultural sector owing to its prominent feature to keep track of food production, supply, consumption, and prediction of inventory required. This is another factor expected to boost growth of the target market.

However, unfavorable regulations and standards associated with implementation of blockchain technology, and dearth of technical expertise required for implementing the blockchain technology are major factors that could restraint growth of the market to a certain extent.

Global Blockchain in Agriculture and Food Supply Chain Market: Segment Analysis

Among the application segments, the product traceability, tracking, and visibility segment is anticipated to dominate with highest revenue share in the global market. This growth is primarily attributable to increasing initiatives and investments by government  of various countries for food supply chain transparency and safety.

Global Blockchain in Agriculture and Food Supply Chain Market: Region Analysis

The blockchain in agriculture and food supply chain market in North America is expected to dominate owing to presence of large number of prominent players operating in countries in the region, increasing R&D activities for integration of blockchain technology in food supply chain, and rising awareness about benefits offered by blockchain technology in terms of payment, transparency, and land registry.

The market in Asia Pacific is expected to register significant CAGR in the global market over the forecast period, followed by market in the Europe.

Global Blockchain in Agriculture and Food Supply Chain Market Segmentation:

Segmentation by Application:

• Smart contracts
• Payment and Settlement
• Product Traceability, Tracking, and Visibility
• Governance, Risk and Compliance Management

Segmentation by Organization Size:

• Large Enterprises
• Small and Medium Scale (SMEs) Enterprises

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa