- Blockchain is a digital database comprising information that can be simultaneously used and shared within a large network. The blockchain in agriculture and food supply chain records and manages the data by using cryptography and provides transparency in the farming process and supply chain.
- The use of blockchain in agriculture and the food supply chain offers quality assurance and improved logistics. It can create a direct link between the farmers and consumers.
- The blockchain market is expected to grow through initiatives such as the World Blockchain Association, and Global Blockchain Business Council, and increased demand for supply chain transparency.
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Global Blockchain in Agriculture and Food Supply Chain Market: Key Drivers
- Increasing food safety concerns due to the COVID-19 pandemic among consumers is driving the demand for transparency in the supply chain, which is estimated to boost the blockchain in agriculture and food supply chain market during the forecast period.
- Increasing demand for agricultural products and adoption of smart agriculture techniques among producers is estimated to drive the growth of the blockchain in agriculture and food supply chain market.
- Furthermore, government initiatives for use of modern techniques in agriculture, the growing popularity of blockchain between retailers, and rising investments and funding in agriculture and food blockchain are expected to create opportunities for the market during the forecast period
- However, uncertainty in regulations, lack of standards, and mismanagement of data among growers is anticipated to hamper the blockchain in agriculture and food supply chain market during the forecast period.
Impact of COVID-19 on the Global Blockchain in Agriculture and Food Supply Chain Market
- Increasing cases of COVID-19 across the globe is resulting in partial or full lockdown. Many businesses are affected, including agriculture and food supply chain management; thus, various inefficiencies of the global food supply chain were realized during the pandemic. The need for improved food supply chains creates opportunities for technological markets. Blockchain technology offers traceability, security, and decentralization while dealing with data about food. Blockchain technology is a highly effective solution to manage the inefficiencies in supply chains raised by the pandemic. Therefore, the use of blockchain in the agriculture and food sector is increasing for traceability and transparency. Hence, COVID-19 has a positive impact on the blockchain in agriculture and food supply chain market.
North America to Hold Major Share of the Global Blockchain in Agriculture and Food Supply Chain Market
- In terms of region, the global blockchain in agriculture and food supply chain market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global blockchain in agriculture and food supply chain market with the largest share due to adoption of advanced technology and infrastructure, presence of blockchain technology solution businesses such as Microsoft and IBM, and awareness of the potential of blockchain technology among retailers.
- The blockchain in agriculture and food supply chain market in Europe is projected to expand at a rapid pace during the forecast period. This can be attributed to the growing investment in transaction-related applications, and increasing consumption of livestock-based products.
Global Blockchain in Agriculture and Food Supply Chain Market: Competition Landscape
Several local, regional, and global players are active in the blockchain in agriculture and food supply chain market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technology advanced solutions for their customers.
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Key Players Operating in the Global Blockchain in Agriculture and Food Supply Chain Market Include:
- Advanced Research Cryptography Ltd.
- FCE Group AG
- Project Provenance Ltd.
- SAP SE
- TE-FOOD International GmbH
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