Blockchain In Agriculture Market - Forecast(2024 - 2030)

Report Code: FBR 72075 Report Format: PDF + Excel

Blockchain In Agriculture Market Overview

Blockchain In Agriculture Market size in 2020 is estimated at $1,21 million and is growing at a CAGR of 31.4% during the forecast period 2021-2026. Blockchain technology is an open, distributed ledger that records transactions between two parties efficiently and permanently. In the era of Industry 4.0, e-agriculture is the new spin in the world of cultivation. Application of blockchain is revolutionizing the modern agricultural sector by improving the farming process and integrating transparency to food supply chain. The decision-making process in the agricultural industry can be tremendously improved by using blockchain technology. The global population is expected to surpass 9.7 billion by 2050, and the food demand is expected to grow by up to 60% by 2050. The recent surveys suggested that 755 million people in 2019 suffered from chronic hunger. And during the same time, around one-third of food produced was wasted or lost through food supply chain. Lack of food is not the reason for global hunger and malnutrition, rather, the poor accessibility of food is. The utilization of GPS and other technology will improve the food traceability and tracking which will enable better logistical supply and thereby reduce waste.

Blockchain In Agriculture Market Report Coverage

The report: “Blockchain In Agriculture Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Brushless DC Motor market

By Type:  Public Blockchain, Private Blockchain, Hybrid Blockchain, Consortium Blockchain
By End user: Growers, Retailers, Food Processors
By Organization Size: SME, Large Enterprise
By Application: Product Traceability, Tracking, and Visibility, Payment and Settlement, Smart Contract, GRC Management
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia and Others), South Africa (Brazil, Argentina, Chile Columbia and Others) and RoW (Middle East and Africa)

Key Takeaways

  • Digital record of food and crops produced in a particular area is stored in a cloud infrastructure. The blockchain technology can be integrated with cloud computing techniques to streamline data storage and commodity management. Moreover, with cloud computing, operators in the sector can remotely manage the finance, traceability, and volume of the commodity. 
  • The key players are adopting strategies such as product launches, acquisitions, and partnerships, with other players and companies as well to strengthen their presence in the market. 
  • The high costs of private blockchain are challenging the market. Private Blockchain are more expensive than other blockchain as it is valid for only one entity.

Global Blockchain In Agriculture Market, By Geography, 2026

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Blockchain In Agriculture Market Segment Analysis - By Type

By Type, Private Blockchain segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 37.5% during the forecast period 2021-2026. This is owing to its advantages in banking and financial applications such as high security and reduction of fraud. Agriculture industry is undergoing policy reforms in almost every part of the world. Hence, new initiatives of production systems are being attempted in the form of contract farming or corporate farming. Big data analytics and processing is the collection of large and intricate data series which are generally difficult to process using common database management tools. Big data in agriculture is becoming a crucial aspect and accounts for nearly 5% of the market share of the entire big data industry. Big data analytics in the agriculture sector, in the near future, is anticipated to turn out to be the fifth largest industry in terms of market share.

Blockchain In Agriculture Market Segment Analysis - By Technology

By application, the product traceability, tracking, and visibility are considered as dominating application in the blockchain in the agriculture market. This application in the blockchain in the agriculture market is expected to grow at a CAGR of 29.4%, during the forecast period. Food traceability is a major factor that is positively influencing the blockchain in the agriculture market. Increasing demand for solution and platform to attain detailed food traceability throughout its supply chain is the major factor supporting the demand for tracking, visibility, and traceability application. By enabling efficient traceability, fraud activities in the supply chain could be tracked easily with the help of GPS technology, which will consequently reduce food adulteration at a considerate level. Also, with food tracking solution, the customer will be informed about the status of their food and this will prevent any middlemen to breach the supply chain.

Blockchain In Agriculture Market Segment Analysis - By Geography 

North America was observed as most profitable region in the blockchain in the agriculture market in 2020. The region accounted for 42.3% of the total blockchain in the agriculture market share. The presence of blockchain companies in the region is considered as major reason for huge market share. The region is witnessing abundant R&D activities to implement blockchain in the agriculture. The main reason inducing investment and research is growing concern over food safety and food accessibility. Additionally, blockchain technology also offers benefits to the farming sector in terms of land registry, payment, transparency, and food distribution. These aspects are supporting the growth of the North America blockchain in the agriculture market. Beside fast developments in North America, the blockchain in the agriculture market has shown significant potential in the Asia-Pacific. China and India are leading crop producers in the world, therefore the probability of food contamination, wastage, and fraud in the supply chain is relatively higher in these regions. Majority of APAC countries export their food products such as vegetables and fruits to European and North American countries. Thus, there exist a tremendous potential in the APAC region of the Blockchain in agriculture market.

Blockchain In Agriculture Market Drivers 

Automation of Agricultural Equipment

Automation is taking over the processes involved in major end-user industries. Similarly, automation of agricultural equipment is transforming the operating processes involved in farming. Also, with automation, a considerate amount of data will be generated which can be handled using the blockchain. Thus, with high potential of blockchain technology in the agriculture sector, it is projected to drive revenue in the global blockchain in agriculture market.

Improved Logistics Handling

Short shelf-life of products is a major challenge faced by Logistics department of the agriculture industry, mismanaged logistics can cause heavy economical loss and food loss. Therefore, some transport companies are teaming up with blockchain companies to provide decentralized and traceable transit technology for agricultural products. A managed blockchain network can highly improve the availability and reach of food. Thus, mutual business strategies in both fields will contribute in growth of the blockchain in agriculture market.

Blockchain In Agriculture Market Challenges

Limited Scalability

Technologies such as blockchain come into play, but questions still remain about scaling up. Today, the blockchain exists mainly through proof of concept addressing a limited number of users. It needs to prove it can perform (speed of transactions, storage capacity, volume of the ever-growing chain) for a wider audience. There are also questions of interoperability, in particular regarding the integration of blockchains into existing information systems. There is also need to improve understanding of the blockchain. In order for it to be used transparently, companies will need to understand its benefits while remembering its limitations.

Blockchain In Agriculture Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Blockchain in Agriculture market. The Blockchain in Banking and Financial Services Market is consolidated with key players accounting for about 60% of the market revenue in 2020. The top players include Agridigital, Blockgrain, Arc-Net, Hyperledger, Origintrail, Kinakuta, R3 Consortium, and Others.

Acquisitions/Product Launches

  • In March, 2021 Sino-Global Shipping America, Ltd. announced it has agreed to acquire a 60% ownership of blockchain infrastructure developer Super Node LLC in an all stock transaction valued at $5 million.
  • In July 2021, Digital technology is being adopted by Kerala’s beleaguered farming sector. According to K. Vasuki, Director of Agriculture, plans are afoot to roll out a digital platform for the farming sector, connecting all stakeholders and managing supply chains. The project is part of an e-governance initiative to establish an agriculture information management system and take the services of the department online.

Relevant Report Titles:

Blockchain Market in Supply Chain - Forecast(2021 - 2026) 

Report Code: ITR 0108

Blockchain Market In Government - Forecast(2021 - 2026)

Report Code: ITR 0109

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1. Blockchain In Agriculture Market - Overview
    1.1 Definitions and Scope
2. Blockchain In Agriculture Market - Executive summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by type of Application
    2.3 Key Trends segmented by Geography
3. Blockchain In Agriculture Market
    3.1 Comparative analysis
        3.1.1 Product Benchmarking - Top 10 companies
        3.1.2 Top 5 Financials Analysis
        3.1.3 Market Value split by Top 10 companies
        3.1.4 Patent Analysis - Top 10 companies
        3.1.5 Pricing Analysis
4. Blockchain In Agriculture Market - Startup companies Scenario Premium Premium
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Blockchain In Agriculture Market - Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 10 companies
6. Blockchain In Agriculture Market Forces
    6.1 Drivers
    6.2 Constraints
    6.3 Challenges
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes
7. Blockchain In Agriculture Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Market Share
8. Blockchain In Agriculture Market - By Stakeholder (Market Size -$Million / $Billion)
    8.1 Growers 
    8.2 Food Manufacturers/Processors 
    8.3 Retailers
9. Blockchain In Agriculture Market - By Provider (Market Size -$Million / $Billion)
    9.1 Application and Solution Provider 
    9.2 Middleware Provider 
    9.3 Infrastructure and Protocol Provider
10. Blockchain In Agriculture - By Application (Market Size -$Million / $Billion)
    10.1 Product Traceability, Tracking, and Visibility 
    10.2 Payment and Settlement 
    10.3 Smart Contract 
    10.4 Governance, Risk, and Compliance Management
11. Blockchain In Agriculture - By Organization Size (Market Size -$Million / $Billion)
    11.1 Large Enterprises 
    11.2 Small and Medium-Sized Enterprises
12. Blockchain In Agriculture- By Geography (Market Size -$Million / $Billion)
    12.1 Blockchain In Agriculture Market - North America Segment Research
    12.2 North America Market Research (Million / $Billion)
        12.2.1 Segment type Size and Market Size Analysis
        12.2.2 Revenue and Trends
        12.2.3 Application Revenue and Trends by type of Application
        12.2.4 Company Revenue and Product Analysis
        12.2.5 North America Product type and Application Market Size
   Rest of North America
    12.3 Blockchain In Agriculture- South America Segment Research
    12.4 South America Market Research (Market Size -$Million / $Billion)
        12.4.1 Segment type Size and Market Size Analysis
        12.4.2 Revenue and Trends
        12.4.3 Application Revenue and Trends by type of Application
        12.4.4 Company Revenue and Product Analysis
        12.4.5 South America Product type and Application Market Size
   Costa Rica
   Rest of South America
    12.5 Blockchain In Agriculture- Europe Segment Research
    12.6 Europe Market Research (Market Size -$Million / $Billion)
        12.6.1 Segment type Size and Market Size Analysis
        12.6.2 Revenue and Trends
        12.6.3 Application Revenue and Trends by type of Application
        12.6.4 Company Revenue and Product Analysis
        12.6.5 Europe Segment Product type and Application Market Size
   Rest of Europe
    12.7 Blockchain In Agriculture - APAC Segment Research
    12.8 APAC Market Research (Market Size -$Million / $Billion)
        12.8.1 Segment type Size and Market Size Analysis
        12.8.2 Revenue and Trends
        12.8.3 Application Revenue and Trends by type of Application
        12.8.4 Company Revenue and Product Analysis
        12.8.5 APAC Segment - Product type and Application Market Size
   South Korea
   Hong kong
   Rest of APAC
    12.9 Blockchain In Agriculture - Middle East Segment and Africa Segment Research
    12.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
        12.10.1 Segment type Size and Market Size Analysis
        12.10.2 Revenue and Trend Analysis
        12.10.3 Application Revenue and Trends by type of Application
        12.10.4 Company Revenue and Product Analysis
        12.10.5 Middle East Segment Product type and Application Market Size
   Saudi Arabia
        12.10.6 Africa Segment Analysis
   South Africa
   Rest of Middle East & Africa
13. Blockchain In Agriculture Market - Entropy
    13.1 New product launches
    13.2 M&A s, collaborations, JVs and partnerships
14. Blockchain In Agriculture Market - Industry / Segment Competition landscape Premium Premium
    14.1 Market Share Analysis
        14.1.1 Market Share by Country- Top companies
        14.1.2 Market Share by Region- Top 10 companies
        14.1.3 Market Share by type of Application - Top 10 companies
        14.1.4 Market Share by type of Product / Product category- Top 10 companies
        14.1.5 Market Share at global level - Top 10 companies
        14.1.6 Best Practises for companies
15. Blockchain In Agriculture Market - Key Company List by Country Premium Premium
16. Blockchain In Agriculture Market Company Analysis
    16.1 Market Share, Company Revenue, Products, M&A, Developments
    16.2 Agridigital
    16.3 Ambrosus
    16.4 Arc-Net
    16.5 Blockgrain
    16.6 Chainvine
    16.7 IBM
    16.8 Microsoft
    16.9 Origintrail
    16.10 Provenance
    16.11 Ripe.Io