The "Blockchain in Agriculture and Food Supply Chain Market by Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global blockchain in agriculture and food supply chain market size is estimated to be USD 133 million in 2020 and is projected to reach USD 948 million by 2025, at a CAGR of 48.1% during the forecast period.
Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. It finds several potential applications in these sectors, some of which have already been explored. The major applications of blockchain technology in food and agriculture include product traceability, tracking and visibility, payment and settlement, smart contract, governance, risk, and compliance management. The blockchain market is expected to grow, owing to an increase in the demand for supply chain transparency. The major driver of the blockchain market is the growing number of food fraud cases. The growth RATE of small and medium-sized enterprises is higher as several startups are investing in this market across the globe and understanding the benefits this technology offers.
By application, the product traceability, tracking, and visibility subtype are projected to account for the largest market growth in the specialty fats and oils market during the forecast period.
Using blockchain technology, companies can claim and authenticate their products by providing the end customers with the knowledge about the product's complete journey - from origin to the shelf. Also, the significance of these applications grew tremendously with the spread of the COVID-19 pandemic. The blockchain market is estimated only to see a rise in the post-pandemic world, as transparency and traceability of the food value chain are observing a growing need in the global food industry.
By provider, the application and solution provider subtype is projected to be the fastest-growing segment in the blockchain in the agriculture and food supply chain market during the forecast period.
Application and solution providers are third-party entities that distribute and manage blockchain solutions for customers across the agriculture and food industry. These vendors provide blockchain technologies that are more likely to deliver high business value to companies by reducing transactional data duplication and providing periodic reconciliation and authentication for commercial and regulatory needs.
By organization size, the large enterprise sub-segment is projected to account for the highest market share in the blockchain in the agriculture and food supply chain market during the forecast period.
Large organizations have sufficient revenues and funds to invest in new technologies; therefore, industry giants such as Walmart (US), Bumble Bees (US), Nestle (Switzerland), and JD.com (China) are adopting blockchain technology on a pilot basis leading to the dominance of this segment. The agriculture and food market includes leading companies such as IBM Microsoft, SAP SE, ACR-NET, and TE-Foods International GmbH, amongst others that provide exquisite blockchain technology platforms.
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