What is Blockchain In Agriculture And Food Supply Chain Market Scope?
The Blockchain is the collection of data and records, known as the technological database which is linked together using cryptography. The Blockchain in Agriculture is used to create clarity between the farming process and supply chain. It will help to deduce the transaction cost and thereby saves them money and time involved in the process. It is widely applicable to improve logistics, quality assurance, nutrient management plans, and others. Fastest-growing smart agricultural systems creating an opportunity for the blockchain applications at growers’ level and Government initiatives to support modern techniques that can be used in agriculture to increase agricultural production will create the lucrative opportunity in the forecasted period.
The Blockchain In Agriculture And Food Supply Chain market study is being classified by Type (Public, Private and Hybrid/Consortium), by Application (Product traceability, tracking, and visibility, Payment and settlement, Smart contract and Governance, risk, and compliance management) and major geographies with country level break-up. According to AMA, the Global Blockchain In Agriculture And Food Supply Chain market is expected to see growth rate of 41.14%
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Blockchain In Agriculture And Food Supply Chain market throughout the predicted period.
IBM (United States), TE-FOOD International GmbH (Europe), Microsoft (United States), ACR-NET (Ireland), Ambrosus (Switzerland), SAP SE (Germany), Chainvine (United Kingdom), Ripe.io (United States), AgriDigital (Australia) and OriginTrail (Slovenia) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Provenance (United Kingdom).
Analyst at AMA have segmented the market study of Global Blockchain In Agriculture And Food Supply Chain market by Type, Application and Region.
On the basis of geography, the market of Blockchain In Agriculture And Food Supply Chain 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
In June 2020, Atea, IBM, and Sjømatbedriftene, the Norwegian Seafood Association, announced a new cross-industry collaboration to use blockchain technology and share supply chain data throughout Norway's seafood industry and provide safer, better seafood to consumers across the globe. This blockchain technology would help to provide high-quality, fully traceable products.
In April 2020, IBM and Nestle entered into a partnership to enable Nestle to use the IBM Food Trust enterprise blockchain to trace its Zoégas coffee brand. Zoégas coffee would come with a QR code scanned by consumers to trace coffee beans to their origin. The IBM Food Trust enterprise blockchain will record data about farmers, time of harvest, transaction certificate for specific shipments, as well as the roasting period.
Influencing Market Trend
- Increase in popularity of blockchain among retailers/distributors for better supervision & data management
- Growing food wastage and post-harvest losses
- Rising concerns for food safety among consumers demanding transparency in the supply chain
- Growth in online trading and tracking systems enhancing the need for blockchain solutions during COVID-19
- Increase in funding and investments in agri-food blockchain
- Opportunity to adopt blockchain solutions to ease the supply chain complexities in the agriculture ecosystem
- Uncertainty in regulations and standards
- Limited availability of technical skillset for implementing and managing blockchain applications
- Data mismanagement among growers during precision farming
- Agreement between all stakeholders of the supply chain to digitally connect
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