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Blockchain in Agriculture Market, Application, Provider, Organization Size And Region - Global Forecast to 2023

Blockchain: Agriculture Market Forecast until 2023

  • September 2018
  • 146 pages
  • ID: 5581101
In this report:
The product traceability, tracking, and visibility segment is estimated to hold the largest market size of USD ##.## million in 2018 and is expected to reach USD ##.## million by 2023, growing at a CAGR of ##.##% during the forecast period.
The UAE Blockchain Strategy 2021 launched in April 2018 with an aim to put ##% of government transactions on blockchain platform by 2021, with the objective of reducing time, costs, and paper transactions/records, which is expected to support the role of blockchain in food and agriculture.

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The blockchain in agriculture and food supply chain market is estimated to rise at a compound annual growth rate of 47.80 percent.

The overall blockchain in agriculture and food supply chain market is expected to be valued at $60.80M in 2018 and is projected to extend $429.70M by 2023, at a compound annual growth rate (CAGR) of 47.8% during the forecast horizon. Blockchain technology is revolutionizing the food and agriculture markets by enhancing the decision-making capabilities of organizations. According to the FAO, every year about one-third of the food produced globally is wasted, which calls for a need to estimate and manage the actual supply and demand of food products so that these products reach the needy. These issues can be easily and efficiently tackled by effectively using the blockchain network. The blockchain market is anticipated to grow, due to the growth in the industry demand for supply chain transparency along the agriculture and food verticals. According to the 2016 Label Insight Food Revolution Study, about 94.0 percent of the respondents in the market research expressed the importance of buying from manufacturers who are transparent. This has driven off the industry for blockchain in agriculture and food supply chain. Another main driver of the blockchain market is the increasing number of food fraud cases. According to the Grocery Manufacturers Association (2014), the estimated food fraud cases cost $49.00B to the overall food market annually. This has resulted in an increased awareness among consumers, which is further anticipated to drive the increase of the blockchain in agriculture and food supply chain market. The uncertainty in regulations and standards and the limited availability of technical skillset for implementing the blockchain technology are the top factors restraining the rise of blockchain technology in the agriculture and food supply chain market.

The product traceability, tracking, and visibility segment is expected to dominate the blockchain in agriculture and food supply chain market overall the outlook period.

Established on application, the product traceability, tracking, and visibility segment is estimated to dominate the blockchain in agriculture and food supply chain market overall the estimate period.The increasing demand for platforms and solutions to attain complete traceability of food products across the supply chain and the growing instances of food fraud in many countries are the main factors supporting the need for product traceability, tracking, and visibility application.

Nevertheless, there has been a growth in market investments in blockchain implementation across the food and agriculture sector vertical, together with a rise in the number of pilot studies across the world.The payment and settlement segment in the blockchain in agriculture and food supply chain market is expected to grow at the highest compound annual growth rate (CAGR) from 2018 to 2023.

The uncertainty in regulations and standards is the main factor restraining the increase of the blockchain in agriculture and food supply chain market globally. Apart from this, the opportunities faced by all stakeholders to connect digitally is another main factor affecting the rise of the blockchain in agriculture and food supply chain market.

North America (NA) is expected to dominate the blockchain in agriculture and food supply chain market during the outlook period.

In the overall blockchain in agriculture and food supply chain market, North America continent is forecasted to be the biggest area, in terms of value importance, between 2018 and 2023.This zone comprises economies including the US and Canada (CA), which occupy a significant share of the overall blockchain in agriculture and food supply chain market.

This area has witnessed maximum investments in the R&D of new technologies mainly involved in the trade movement of food and agriculture commodities.This has created a higher probability of the adoption of this technology in this zone.

The presence of important technology providers including IBM and Microsoft in North America (NA) and big retailers and food processors including Walmart, McCormick & Co., and Dole Food Company is the main factor providing to the increase of the blockchain in agriculture and food supply chain market in this area.

Distribution of primaries:

• By Company category: Tier 1 - 25.0 percent, Tier 2 - 30.0 percent, Tier 3 - 45.0 percent

• By Description: C-suite - 35.0 percent, D-level - 25.0 percent, Others - 40.0 percent

• By Area: North America continent - 30.0 percent, Europe (EU) - 15.0 percent, Asia Pacific (APAC) - 45.0 percent, and rest of the world - 10.0 percent

The sector for blockchain in agriculture and food supply chain is leaded by, is monopolized by top players including IBM (NYSE:IBM), Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Ripe.io, VeChain, Provenance, ChainVine, AgriDigital, and BlockGrain.

Segment Research

The blockchain in agriculture and food supply chain market has been divided on the basis of provider, application, organization size, and area. In terms of insights, this business report has emphasized different levels of analyses including industry review; and company descriptions, which together comprise and examine the basic overviews on the competitive landscape, emerging & high-growth segments of the overall blockchain in agriculture and food supply chain market; high-growth areas; and regions together with their specific regulatory policies, government actions, drivers, market restraints, alternatives, and opportunities.

Why acquiring this study can help you:

• To get a comprehensive overview of the blockchain in agriculture and food supply chain market with specific reference to provider, application, area, and organization size.

• To benefit valuable information about the top actors in this market, their technology and solution portfolios, and top strategies approved by them.

• To benefit business insights into the main regions/territories where the blockchain in agriculture and food supply chain sector is prospering.

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