Global Blockchain in Agriculture and Food Supply Chain Market, By Application (Smart Contracts, Payment and Settlement, Product Traceability, Tracking, and Visibility, Governance, Risk, and Compliance Management), Organization Site (Large Enterprises, and Small and Medium Scale (SMEs) Enterprises) – Industry Trends and Forecast to 2031.
Blockchain in Agriculture and Food Supply Chain Market Analysis and Size
Product traceability is a key application of blockchain technology in the agriculture and food supply chain market. It involves tracking the origin, processing, and distribution of food products from farm to fork, ensuring transparency and accountability throughout the supply chain. Blockchain agriculture technology provides a secure and immutable record of all transactions and events, enabling real-time monitoring and rapid identification of potential issues. This enhances food safety and quality control by ensuring that products are handled and stored properly, reducing the risk of contamination and spoilage. The agri-food industry can improve product traceability by leveraging blockchain agriculture, increase consumer confidence, and enhance overall supply chain efficiency.
The global blockchain in agriculture and food supply chain market size was valued at USD 162.93 million in 2023 and is projected to reach USD 279.95 million by 2031, with a CAGR of 7.00% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Smart Contracts, Payment and Settlement, Product Traceability, Tracking, and Visibility, Governance, Risk, and Compliance Management), Organization Site (Large Enterprises, and Small and Medium Scale (SMEs) Enterprises)
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Countries Covered
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U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA)
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Market Players Covered
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IBM Corporation (U.S.), Microsoft (U.S.), SAP SE (Germany), Ambrosus (Switzerland), arc-net (Switzerland), OriginTrail (Estonia), Ripe Technology INC (U.S.), VeChain Foundation (China), Project Provenance Ltd. (U.K.), Chainvine Limited (U.K.), AgriChain Pty Ltd (Australia), Chainvine Limited (U.K.)
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Market Opportunities
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Market Definition
Blockchain technology is being increasingly used in agriculture and food supply chains to enhance transparency, security, and traceability. It allows for the recording of every step in a product's value chain, from production to consumption, ensuring reliable data and reducing financial risks. This decentralized approach eliminates the need for intermediaries and trusted authorities, promoting direct interactions between peers and fostering trust between producers and consumers.
Blockchain in Agriculture and Food Supply Chain Market Dynamics
Drivers
- Decreased Fraud Blockchain Agriculture Technology
Blockchain records are immutable, making it difficult for fraudsters to alter them, thereby reducing the likelihood of fake goods being sold. This enhances trust and transparency throughout the supply chain, from producers to consumers. It leverages blockchain's secure and tamper-proof ledger through which the agri-food industry can combat food fraud more effectively and ensuring the authenticity of products and protecting consumers from potential health risks associated with counterfeit goods. The reduced fraud enabled by blockchain technology is expected to drive its adoption in the agriculture and food supply chain market.
- Growing Demand for Organic Products
Consumers are increasingly seeking transparency and authenticity in the food they purchase, particularly when it comes to organic claims. Blockchain technology provides a secure and immutable record of the entire supply chain, from farm to fork, enabling consumers to verify the origin and production methods of their food. Food producers and retailers can build trust with consumers by leveraging blockchain and differentiate their organic offerings in a crowded market. This demand for transparency is expected to continue driving the adoption of blockchain supply chain market.
Opportunities
- Growing Adoption of IoT Devices
IoT sensors can collect real-time data on environmental conditions, quality parameters, and product movements throughout the supply chain. This data can then be recorded on the blockchain, providing a transparent and immutable record that enhances traceability and visibility. The integration of blockchain with IoT and AI (Artificial Intelligence) technologies enables advanced analytics and predictive capabilities, allowing stakeholders to optimize logistics, predict supply chain disruptions, and make more informed decisions.
IBM and Nestle have collaborated to leverage blockchain technology for enhancing food safety. The partnership aims to track and verify the origin and quality of food products, ensuring transparency and accountability throughout the supply chain. This initiative is expected to improve food safety and reduce the risk of contamination and spoilage by providing real-time visibility and traceability
- Rising Regulatory Compliance
Governments are imposing stricter regulations on food safety and traceability, and blockchain technology helps companies comply with these regulations by providing a transparent and secure record-keeping system. This ensures accountability, traceability, and transparency throughout the supply chain, reducing the risk of food fraud and enhancing food safety.
Restraints/Challenges
- High Implementing Costs
The costs of development, including hardware, software, and personnel, can be substantial, ranging from $80,000 to $1.5 million for a full-featured solution. This can be a barrier for small-scale farmers or businesses with limited resources, hindering the adoption of blockchain technology for improving supply chain transparency and efficiency.
- High Technical Complexity
The technology itself can be complex, requiring specialized knowledge and infrastructure, which can be a barrier to adoption. This includes the need for advanced IT systems, data management, and cybersecurity measures. Additionally, integrating blockchain with existing systems and ensuring seamless communication between different stakeholders can be challenging. These complexities can lead to increased costs and difficulties in implementation, hindering the widespread adoption of blockchain in the agri-food sector.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Blockchain in Agriculture and Food Supply Chain Market Scope
The market is segmented on the basis of application, and organization site. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Smart Contracts
- Payment and Settlement
- Product Traceability
- Tracking, and Visibility
- Governance
- Risk
- Compliance Management
Organization Site
- Large Enterprises
- Small and Medium Scale (SMEs) Enterprises
Blockchain in Agriculture and Food Supply Chain Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by country, application and organization site as referenced above.
The countries covered in market are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA).
North America dominates the market due to the presence of prominent players such as IBM and Microsoft, significant research and development activities, and growing awareness about the benefits of blockchain technology in terms of payment, transparency, and land registry. This region has seen rapid adoption of blockchain technology, particularly in the US and Canada, which has driven market growth. The region's focus on cutting-edge technology and its economic stability have also contributed to its significant market share.
Asia-Pacific region is expected to experience significant growth in the market due to the rapid adoption of emerging technologies such as blockchain and analytics. The increasing demand for efficient supply chain management, food safety, and traceability in the region drives this growth. The region's focus on innovation and digital transformation is also contributing to the adoption of blockchain technology in the agriculture and food supply chain.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Blockchain in Agriculture and Food Supply Chain Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to organic coffee market.
Some of the major players operating in the market are:
- IBM Corporation (U.S.)
- Microsoft (U.S.)
- SAP SE (Germany)
- Ambrosus (Switzerland)
- arc-net (Switzerland)
- OriginTrail (Estonia)
- Ripe Technology INC (U.S.)
- VeChain Foundation (China)
- Project Provenance Ltd. (U.K.)
- Chainvine Limited (U.K.)
- AgriChain Pty Ltd (Australia)
- Chainvine Limited (U.K.)
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