What is Blockchain in Agriculture and Food Market?
Blockchain technology enables the traceability of information in the food supply chain. This helps to improve food safety. It provides a secure way of storing and managing data, that facilitates the development and use of data-driven innovations for smart farming and smart index-based agriculture insurance. Further, the technology can track the provenance of food and thus helps create trustworthy food supply chains and build trust between producers and consumers. Blockchain technology also allows timely payments between stakeholders which is triggered by data changes appearing in the blockchain.
Highlights from Blockchain in Agriculture and Food Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||IBM (United States), Microsoft (United States), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (United States), VeChain (China), Provenance (United Kingdom), ChainVine (United Kingdom), AgriDigital (Australia) and BlockGrain (Australia)|
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain in Agriculture and Food market throughout the forecasted period. IBM (United States), Microsoft (United States), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (United States), VeChain (China), Provenance (United Kingdom), ChainVine (United Kingdom), AgriDigital (Australia) and BlockGrain (Australia) are some of the key players profiled in the study.
Blockchain in Agriculture and Food Market Segmentation:
|Application / End User||Product traceability, tracking, and visibility, Payment and settlement, Smart contracts and Governance, risk and compliance management|
|Organisation size||Large enterprises,Small and medium-sized (SMEs) enterprises|
|Provider||Application and solution provider,Middle ware provider,Infrastructure and protocol provider|
On the basis of geography, the market of Blockchain in Agriculture and Food has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Growing Adoption of Blockchain Technology
Market Growth Drivers:
Increase in Demand for Supply Chain Transparency and Benefits Such as Enhancements in Decision-Making Capabilities
Not Being Able to Capture Data Pertaining to a Number of Untrusted Participants
Gap in Capacity of Technology and Supply Chain Requirement
Increasing Concerns for Food Wastage and Growing Investments Small and Medium Sized Enterprises
Key Target Audience
Platform provider, Service provider, Government associations, Research organizations, Enterprise software vendors and Others
Market Leaders & Development Strategies
In July 2019, IBM completed the acquisition of Red Hat, a leading provider of open-source solutions. Red Hat's expertise in open-source technology has contributed to IBM's blockchain offerings. Red Hat's open-source platform, including its containerization technology called OpenShift, has been integrated into IBM's blockchain solutions to provide scalability and flexibility.
In November 2019, KPMG in Australia, China, and Japan launched KPMG Origins which is a blockchain-based ‘track and trace’ platform to support industries including agriculture, resources, manufacturing, and financial services.