DUBAI, UAE, Aug. 24, 2023 /PRNewswire/ -- According to the recent report published by Kings Research, the global Agricultural Supply Chain Service Market was valued at USD 865.6 million in 2022 and is projected to reach USD 1,822.4 million by 2030, exhibiting a CAGR of 10.02% from 2023 to 2030. The adoption of novel technologies such as blockchain, digital advancements, and the integration of high-tech products are promoting market growth.
The growing prominence of digital marketplaces and data analytics technologies is proving highly beneficial for organizations seeking to enhance their pricing strategies, minimize waste, and bolster profitability. By offering data-driven insights into supply and demand trends, these advanced technologies enable farmers, producers, and retailers within the agriculture supply chain to make informed decisions. As a result, they can optimize their operations and effectively navigate the challenges of a competitive market landscape.
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Competitive Landscape
Significant players are concentrating on a number of critical business tactics, including partnerships, mergers & acquisitions, product developments, and joint ventures, to enhance their respective market shares across various geographies and diversify their product offerings.
For instance, in May 2022, Intellync announced a partnership with Star Index, a specialist in supply chain management solutions, to combine Star Index's extensive knowledge of supply chain insights with Intellync's expertise in agricultural supply chains to create software that is designed to gather and analyze data, reduce the number of resources needed to assess risk and facilitate improvements throughout the supply chains of the agri-food industries.
Firms in the sector are focusing on expansion efforts and investments, such as funding for R&D projects, the construction of additional factories, and supply chain improvement, to gain a competitive edge. The leading companies in the market for agricultural supply chain services include:
- IBM Corporation
- Trellis LTD
- AgriDigital
- Bext Holdings Inc.
- GrainChain, Inc.
- ChainPoint
- LexisNexis Risk Solutions (Proagrica)
- Agri Value Chain
- Geora Ltd.
- Eka
- FCE Group AG
- Intellync
- SAP SE
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Trending Now: Hectare Raises $20 Million to Transform the Agricultural Supply Chain
Hectare, a prominent supplier of blockchain-based traceability solutions for the agricultural sector, secured a $20 million Series A round of funding. Initialized Capital spearheaded the investment, which also included Accel, Slow Ventures, and others.
Hectare will utilize the funding to accelerate its expansion and broaden its product portfolio. With the use of Hectare's platform, farmers, food manufacturers, and retailers can trace the origin of their products from farm to fork.
The global Agricultural Supply Chain Service Market is segmented as:
By Application
- Food Processing Companies
- Wholesalers and Retailers
- Farm Trade Company
- Individual Farmers
- Others
Partnership with Food Processing Companies to Expand Market Reach
The food processing companies segment dominated the market and is anticipated to depict a CAGR of 11.06% through the forecast period. A pivotal driving factor for supply chain service providers is their involvement with food processing companies. The partnership with such companies necessitates the development of dependable and efficient logistics solutions, ensuring timely and pristine delivery of products. For these service providers, it is crucial to their operations that they adhere to industry norms and laws for food safety and quality.
Tyson Foods, Inc., JBS USA, and Smithfield Foods, Inc. are just a few of the well-known companies in the U.S. food processing sector that have a big impact on the food supply chain. Collaboration with these organizations offers supply chain service providers the opportunity to boost their influence and market reach.
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By Type
- Online
- Offline
Improved Efficiency Provided by Online Segment to Drive Market Expansion
The online segment held the highest market share in 2022 and is anticipated to amass USD 1,225.5 million in revenue by 2030. Online segments are becoming more prevalent in the agriculture supply chain service sector as a means of enhancing productivity and streamlining processes. Agricultural producers can more easily keep track of their supply chains and suppliers due to online technologies that automate the offline manual processes of supply chain services. Direct-to-consumer sales are made easier by online marketplaces and e-commerce platforms, which fosters supply chain transparency, propelling segment development.
Growing Demand for Agricultural Products to Promote Product Sales
Globally, the demand for agricultural products has grown as a result of factors like population expansion, changing dietary preferences, and growing urbanization, which have fueled the development of agricultural supply chains. Rising demand for effective and efficient agricultural supply chain services is augmenting market revenue. The usage of cloud-based supply chain management (SCM) software in agriculture is rising in response to this surge in demand since it provides advantages, such as increased supply chain visibility, inventory management, transportation planning, and warehousing operations.
Furthermore, the use of technology, such as blockchain, has increased the openness and efficiency of supply chains, allowing for better tracking of food items across the farm-to-table process. Since they are essential to providing a reliable, effective, and sustainable food supply for customers around the world, contributors, governments, and other organizations frequently offer assistance and funds to strengthen and improve agricultural supply chains.
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Rising Adoption of Online Solutions in North America to Aid Revenue Generation
North America is anticipated to continue leading the market with a CAGR of 10.22% through the estimated timeframe due to an uptick in the adoption of online solutions. The agricultural supply chain service sector in North America, especially in the United States, is using online solutions more frequently to increase productivity and streamline processes. Furthermore, digital platforms enable data sharing and communication among different stakeholders in the supply chain, facilitating enhanced coordination and decision-making capabilities.
Additionally, several government programs such as the Farm Service Agency's funding program aim to strengthen the resilience of the American food and agricultural supply chain. Key industry participants in the business are agribusiness-focused virtual startup accelerator programs like SAP.iO Foundry Paris and data technology leader GrainChain, which uses the intersection of agritech and fintech to offer a variety of products that facilitate agricultural transactions and financing by digitizing the supply chain and lowering counterparty risks, among others.
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Key Points from TOC:
Chapter 1 Introduction of the Global Agricultural Supply Chain Service Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Agricultural Supply Chain Service Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Agricultural Supply Chain Service Market, By Application
6.1 Overview
6.2 Food Processing Companies
6.3 Wholesalers and Retailers
6.4 Farm Trade Company
6.5 Individual Farmers
6.6 Others
Chapter 7 Global Agricultural Supply Chain Service Market, By Type
Chapter 8 Global Agricultural Supply Chain Service Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Agricultural Supply Chain Service Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 IBM Corporation
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Trellis LTD
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 AgriDigital
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Bext Holdings Inc.
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 GrainChain, Inc.
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
15.6 ChainPoint
15.7 LexisNexis Risk Solutions (Proagrica)
15.8 Agri Value Chain
15.9 Geora Ltd.
15.10 Eka
……...Continued
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