Global Blockchain in Agriculture Market Size By Application (Governance, Risk and Compliance Management, Payment and Settlement), By Provider (Middleware Provider, Infrastructure and Protocol Provider), By Geographic Scope And Forecast

Blockchain in Agriculture Market Size And Forecast

Blockchain in Agriculture Market size was valued at USD 557.35 Million in 2021 and is projected to reach USD 2,555.72 Million by 2030, growing at a CAGR of 46.29% from 2023 to 2030.

The adoption of blockchain technology in agriculture will save people working in the sector time, money, and even their lives. The agriculture sector as well as farmers will profit from the use of blockchain technology, which can also assist to lower transaction costs and develop new markets for farmers in emerging economies. The market is comprehensively evaluated in the study on the Global Blockchain in Agriculture Market. The research provides a thorough analysis of significant market segments, trends, drivers, constraints, the competitive environment, and factors that are significantly influencing the market.

Global Blockchain in Agriculture Market Definition

The technological database known as the Blockchain is a collection of data and records that are connected via encryption. A peer-to-peer network that collectively follows a protocol for inter-node communication and validating new blocks often manages blockchains. The data in any given block cannot be changed retrospectively once it has been recorded; to change any subsequent block, a majority of the network must agree to the change.

Blockchains may be regarded as secure by design and serve as an example of a distributed computing system with strong Byzantine fault tolerance, even though blockchain records are not unchangeable. The use of the blockchain in agriculture aims to improve communication between the supply chain and the farming process. It will assist in lowering transaction costs, saving the parties concerned money and time in the process. It can be used to enhance logistics, quality control, nutrient management programs, and other things.

Global Blockchain in Agriculture Market Overview

The primary driver of market expansion is the growing awareness of food fraud and food grain wastage. Another element driving the market’s expansion is the growing demand for openness in the food supply chain. Additionally, technical advancement in the agricultural industry resulted in the introduction of agricultural start-ups, which helps to accelerate the market.

The rise in demand for supply chain transparency can also be attributed to the blockchain’s expansion in the agriculture and food supply chain business. Some limitations and difficulties will prevent the total growth of the Blockchain in Agriculture Market. The market’s expansion is being restricted by a lack of superior infrastructure capabilities. Furthermore, it is anticipated that a shortage of skilled workers will limit industry expansion.

Global Blockchain in Agriculture MarketSegmentation Analysis

The Global Blockchain in Agriculture Market is segmented on the basis of Application, Provider, and Geography.

Blockchain in Agriculture Market, By Application

• Governance, Risk and Compliance Management
• Payment and Settlement
• Product Traceability, Tracking, And Visibility
• Smart Contracts

Based on Application, the market is bifurcated into Governance, Risk and Compliance Management, Payment and Settlement, Product Traceability, Tracking, Visibility, and Smart Contracts. In the past, the market was dominated by the Product traceability, tracking, and visibility of the products segment, which is anticipated to hold the top spot during the forecast period. The expansion of this market is being fueled by reasons including the rise in investments in food safety and transparency and the rise in customer expectations for information about the provenance of food items.

Blockchain in Agriculture Market, By Provider

• Middleware Provider
• Infrastructure and Protocol Provider
• Application and Solution Provider

Based on Provider, the market is bifurcated into Middleware Provider, Infrastructure and Protocol Provider, and Application and Solution Provider. The infrastructure and protocol provider segment leads all other categories in terms of market share and is predicted to develop at the quickest rate throughout the forecast period in the Blockchain in Agriculture Market for the agriculture and food supply chain.

Blockchain in Agriculture Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of regional analysis, The Global Blockchain in Agriculture Market is divided into North America, Europe, Asia Pacific, and the Rest of the World based on geographical analysis. In terms of market share, North America is the largest region. Due to the presence of numerous leading players in blockchain technology, North America dominates the regional market. Additional factors that are anticipated to propel the Blockchain in Agriculture Market in this region include the rise in research and development activities for blockchain for concerns about food safety and the increasing efficiency for the food and agriculture vertical in terms of transparency, payment, and land registry.

Key Players

The “Global Blockchain in Agriculture Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM Corporation, Microsoft, Ambrosus, ChainVine, SAP-SE, Arc-net, Ripe.io, VeChain, OriginTrail, and Provenance. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2020, Through its 100% Colombian Coffee packaged product, 850® Coffee, a J. M. Smucker Company brand, is collaborating with Farmer Connect. Customers can now track their coffee’s origin using IBM’s blockchain technology on a platform created to improve traceability, efficiency, and fairness in the coffee supply chain.
• In August 2020, The renowned blockchain platform Quorum from JPMorgan Chase & Co. (JPM.N) has been bought by Brooklyn-based technology firm ConsenSys.
• In June 2019, With the introduction of Azure Blockchain Service, Microsoft advanced its blockchain offerings further. This completely managed service is intended to take away the difficulties and complexity associated with building and managing blockchain networks.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Blockchain in Agriculture Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behaviour of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Blockchain in Agriculture Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope