Blockchain in Agriculture Market to Grow with a CAGR of 40.19% through 2029
Increased transparency and
traceability and Enhanced efficiency & profitability are
likely to drive the Market in the forecast period.
According to
TechSci Research report, “Blockchain in Agriculture Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029”,
the Global Blockchain in Agriculture Market is experiencing a surge in demand in
the forecast period. One of the primary drivers fueling the growth of the
global blockchain in agriculture market is the imperative need for enhanced
supply chain transparency and traceability. Blockchain technology, with its
decentralized and immutable ledger, provides an unprecedented level of
visibility into the entire agricultural supply chain. From the cultivation and
harvesting of crops to processing, distribution, and retail, each transaction
and movement of products is recorded securely and transparently.
The
demand for transparency has intensified due to increasing concerns about food
safety, authenticity, and ethical sourcing. Blockchain's ability to create a
tamper-resistant record ensures that stakeholders, including consumers, can
trace the journey of agricultural products with confidence. This not only
mitigates the risk of fraud and contamination but also fosters trust among
consumers by offering verifiable information about the origin and quality of
the products they purchase. As a result, the drive for supply chain
transparency and traceability acts as a compelling force propelling the
widespread adoption of blockchain technology in the agricultural sector.
Another
significant driver powering the global blockchain in agriculture market is the
pursuit of efficiency gains in supply chain management. Traditional
agricultural supply chains often involve a multitude of intermediaries, complex
paperwork, and delays in information flow. Blockchain technology introduces a
decentralized and automated approach to supply chain processes, reducing
reliance on intermediaries and streamlining the flow of information.
Smart
contracts, embedded in the blockchain, enable self-executing agreements,
automating tasks and payments based on predefined conditions. This automation
leads to faster and more secure transactions, minimizing delays and errors in
the supply chain. Additionally, the decentralized nature of blockchain ensures
that all stakeholders have access to a single version of the truth in
real-time, eliminating discrepancies and enhancing overall efficiency.
As
the agricultural industry seeks ways to optimize operations, reduce costs, and
improve the speed of transactions, the efficiency gains offered by blockchain
in supply chain management become a powerful catalyst for adoption. The
transformative impact of blockchain on supply chain efficiency positions it as
a key driver shaping the future of the global blockchain in agriculture market.
The Global Blockchain in Agriculture market is being
propelled by several key market drivers, each influencing the industry
landscape and fostering growth opportunities. The increasing need for
transparency and traceability in the agricultural supply chain is a significant
driver. Blockchain technology offers immutable records, enabling stakeholders
to track the journey of products from farm to table, ensuring authenticity and
quality assurance.
The demand for efficient and secure
transactions within the agricultural sector is driving the adoption of
blockchain. By facilitating smart contracts and decentralized systems,
blockchain reduces intermediaries, streamlines processes, and minimizes the
risk of fraud and errors, thereby enhancing operational efficiency and
cost-effectiveness.
Growing concerns regarding food safety and
sustainability are prompting stakeholders to embrace blockchain solutions. With
blockchain's ability to provide real-time monitoring of production practices,
environmental conditions, and compliance standards, it empowers consumers to
make informed decisions while fostering trust and accountability across the
agricultural ecosystem.
Moreover, government initiatives and regulations
promoting the adoption of digital technologies in agriculture further fuel the
market growth. These initiatives aim to modernize the sector, enhance
productivity, and ensure global competitiveness.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on "Global Blockchain in Agriculture Market.”
The Global Blockchain
in Agriculture Market is segmented into type, organization size, stakeholder, application
and region.
Based on application,
The Product Traceability, Tracking, and Visibility segment held the largest
Market share in 2023. Modern consumers are increasingly concerned about the
origin, safety, and sustainability of the products they consume. Product
traceability using blockchain technology allows consumers to access a
transparent and immutable record of the entire supply chain journey. This
increased transparency meets the growing demand for accountability and
authenticity in the agriculture industry.
Traceability
through blockchain helps in identifying the source of any contamination or
quality issues in the supply chain quickly. In cases of foodborne illnesses or
product recalls, blockchain enables swift and precise identification of
affected products, minimizing the impact on consumers and the reputation of the
involved businesses. This capability enhances overall food safety and quality
assurance.
Counterfeiting
and fraud are persistent challenges in the agriculture industry. By leveraging
blockchain for traceability, each step in the supply chain is recorded in an
immutable ledger, preventing tampering and unauthorized alterations. This
feature ensures the authenticity of products and helps in mitigating fraud,
protecting both consumers and producers from deceptive practices.
Stringent
regulations in the agriculture sector, especially related to food safety and
quality standards, require producers to maintain detailed records. Blockchain
provides a secure and standardized way to meet these regulatory requirements,
ensuring that each participant in the supply chain adheres to specified
standards. This compliance capability makes blockchain an attractive solution
for businesses aiming to navigate complex regulatory landscapes.
Product
traceability on the blockchain facilitates more efficient supply chain
management. Stakeholders can access real-time data about the location and
condition of products, reducing delays, minimizing waste, and optimizing
logistics. This efficiency leads to cost savings and improved overall supply
chain performance.
Blockchain-based
traceability initiatives contribute to building trust and loyalty among
consumers. When consumers can verify the authenticity and origin of the
products they purchase, they are more likely to trust the brand and make
informed choices. This trust-building aspect is increasingly recognized as a
competitive advantage in the agriculture market.
Many
agricultural products are associated with certifications and labeling programs
indicating organic, fair trade, or sustainable practices. Blockchain
traceability complements these initiatives by providing a secure and accessible
platform to showcase adherence to such certifications. This integration
enhances the marketability of products that align with evolving consumer
preferences for ethical and sustainable sourcing.
Major companies
operating in the Global Blockchain in Agriculture Market are:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Accenture PLC
- AirDAO.io
- AgriLedger
- Ripe Technology Inc
- OriginTrail d.o.o
- TE-Food International GmbH
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“The Global Blockchain
in Agriculture Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The primary driver propelling the global blockchain in
agriculture market is the critical need for supply chain optimization.
Blockchain technology introduces a decentralized and automated approach to
supply chain processes, mitigating inefficiencies associated with traditional
systems. Through the implementation of smart contracts, businesses achieve
streamlined and secure transactions, reducing reliance on intermediaries and
minimizing delays. This drive for efficiency gains in supply chain management
positions blockchain as a strategic solution for businesses in the agriculture
sector, offering improved operational workflows, cost reduction, and enhanced
transparency across the entire supply chain. Therefore, the Market
of Blockchain in Agriculture is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Blockchain in Agriculture Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type
(Public, Private, Hybrid/Consortium), By Organization Size (Large Enterprises,
SMEs), By Stakeholder (Growers, Food Manufacturers/Processors, Retailers), By
Application (Product Traceability, Tracking, and Visibility, Payment, and
Settlement, Smart Contracts, Governance, Risk and Compliance Management), By
Region, By Competition 2019-2029”, has evaluated
the future growth potential of Global Blockchain in Agriculture Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Blockchain in Agriculture Market.
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