7Newswire
02 Nov 2021, 07:21 GMT+10
The Increase in Demand for Supply Chain Transparency, Rising Cases of Food Fraud, Growing Concerns over Food Wastage is critical factors contributing to the growth of the market during the forecast period.
Market Size - USD 52.36 Million in 2018, Market Growth - CAGR of 45.13%, Market Trends - Rising fund and investment in food industry, growing adoption of blockchain in the food supply chain
According to the current analysis of Reports and Data, the global Blockchain in Agriculture market was valued at USD 52.36 Million in 2018 and expected to reach USD 122.7 Million by the year 2028, at a CAGR of 45.13%. The world faces huge challenges when it comes to proving food for the ever-growing population, specifically: challenges from climate change, floods, drought, desertification, loss of biodiversity, pests, and disease. Innovation in agriculture processes is needed to overcome some of these challenges and make agriculture attractive to and profitable for the smallholder farmers involved in feeding the world. Blockchain technology permits a highly secured record-keeping and digital transaction. This technology creates a ledger system that is secure and transparent and made available to all parties within the supply chain. Within the agricultural sector and its related products, this technology can be sued to promote the safety and prevention of food fraud and verify the origins and authenticity of farm products and agricultural inputs. All these made possible because this technology improves traceability and transparency. In the agriculture sector, self-executing smart contracts, together with electronic payments, would be the game-changer. The part of smart contracts, especially in agricultural insurance, green bonds, and traceability, could be beneficial. Agricultural insurance built on a blockchain with critical weather incidents and related payouts drafted on a smart contract, linked to mobile wallets with weather data being provided regularly by sensors in the field and correlated by data from proximity weather stations would facilitate immediate payout in the case of a drought or flooding in the field. Many organizations such as Walmart (US)Nestlé (Switzerland) have started pilot projects with these technology solutions provided by IBM (US) to enhance fodder security, and rapid food recalls in the situation of any infection. Apart from IBM, there are other big players such as SAP-SE (Germany), Microsoft (US) and small players such as AgriDigital (Australia), Provenance (UK), and OriginTrail (Slovenia) that provide platforms and solutions for complete traceability of food products across the supply chain.
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Key participants include IBM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia).
Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/blockchain-in-agriculture-market
For the purpose of this report, Reports and Data has segmented the Blockchain in Agriculture market based on
Stake Holders (Revenue, USD Million; 2018-2028)
Providers (Revenue, USD Million; 2018-2028)
Organization Size (Revenue, USD Million; 2018-2028)
Application (Revenue, USD Million; 2018-2028)
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Regional Outlook (Revenue in USD Million; 2018-2028)
Conclusively, all aspects of the Blockchain in Agriculture market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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