Global Blockchain in Agriculture & Food Market Anticipated to Reach $1.4 Billion by 2028

Global Blockchain in Agriculture & Food Market Anticipated to Reach $1.4 Billion by 2028

PR Newswire

FREMONT, California, November 1, 2018

FREMONT, California, November 1, 2018 /PRNewswire/ --

According to a new market intelligence report by BIS Research, titled 'Global Blockchain in Agriculture & Food Market - Analysis and Forecast, 2018-2028', the global market for blockchain in agriculture & food is projected to grow from $41.9 million in the year 2018 to $1.4 billion by 2028, growing at a CAGR 42.45% from 2018 to 2028. High growth in the market is expected to be driven by the need for transparency and traceability in the agriculture and food supply chain. A blockchain powered supply chain will ensure accountability of food companies to provide healthy and high-quality ingredients as quoted on the product casing. Blockchain's deployment will rectify the problems related to food wastage, lack of provenance data, delayed payments, and unavailability of crop insurance for consumers and other supply chain stakeholders and will create capital growth opportunities for all the stakeholders such as farmers, processors, distributors, retailers, and traders involved in the agricultural supply chain.

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Webinar on Blockchain in Agriculture on 21st November at 1:30 PM (PST) 

BIS Research is conducting a webinar on Blockchain Technology Transforming the Agriculture and Food Supply Chain, on 21st November 2018 at 1:30 PM to 2:00 PM (PST) with Emma Weston (guest speaker), CEO and Co-Founder of AgriDigital, a leading agriculture blockchain company. The webinar is highly recommended for FMCG companies, agriculture OEMS, agri commodity trading companies, blockchain companies, blockchain enthusiasts, and other stakeholders in the agriculture & food industry. The key focus of the webinar will be on market driving factors and trends, value addition for supply chain stakeholders, applications areas of blockchain technology, regional adoption & regulations related with blockchain technology, and growth prospects of the blockchain technology during 2018 to 2028.

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Increased activity in the global blockchain in agriculture and food market has prompted the government bodies to restructure their legislative frameworks and regulations to adapt blockchain in their economy. Further, improvement in efficiency of supply chain regarding cost & time and its real-time potential to solve the issues that have plagued the agriculture are the factors driving the blockchain technology into the agriculture and food market.

According to Arvind Pal, Analyst at BIS Research, 'in 2017, supply chain tracking application held approximately 62% share of the total blockchain in agriculture & food market. Large market share for supply chain tracking application has been attributed to growing demand for provenance and traceability data of the commodity across the supply chain by the stakeholders. Increasing awareness among consumers about food safety and their growing demand for transparency in the supply chain is expected to further increase the exponential growth of supply chain tracking in the global blockchain in agriculture and food market during the forecast period.'

Browse  market 12 Data Tables and 89 Figures spread through 176 Pages and in-depth TOC on 'Global Blockchain in Agriculture & Food Market'

During the forecast period, finance management application is expected to display the highest growth rate.  Usage of smart contracts in order to make fair and secure payments in the agricultural supply chain is expected to augment the growth of blockchain for agricultural finance sector. Alongside, increased need for safer record keeping and real-time monitoring of supply chain data is expected to drive the growth of data management in blockchain in agriculture and food market. Revenue generation of blockchain products for land and property owners will increase as government bodies and other land ownership authorities in different countries will start adopting blockchain for a streamlined structure.

Presently, North America is at the forefront of the global blockchain in agriculture and food market, with high market penetration rate in the U.S. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products. Moreover, during the forecast period, Asia-Pacific region is projected to display high market growth. The region presents immense scope for market development, owing to the increasing size of the urban population size, their demand for food provenance data and transparency in the agricultural supply chain.

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The competitive landscape for the global blockchain in agriculture and food market demonstrates an inclination toward companies adopting strategies such as product launches, development and partnerships, collaborations, and joint ventures. Large number of players in the market are focusing on establishing partnerships to carry out pilot test projects. This key strategy has also been on a rise for successful implementation of blockchain, all stakeholders need to actively participate. The market is highly fragmented with the presence of a huge number of small-sized to medium-sized companies that compete with each other and the large enterprises.

This report is a meticulous compilation of research on more than 100 players in the global blockchain in agriculture & food ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 30 leading companies which include AgriChain Pty Ltd. (BlockGrain), Ambrosus, arc-net, Bext 360, Coin22, Filament, Foodcoin Ecosystem, Full Profile Pty Ltd. (AgriDigital), IBM Corporation, Obook Holdings Inc. (OwlTing), Origin Trail, Pavocoin AG, Project Provenance Ltd., Ripe Technology Inc., TE-Food International GmbH, Walmart, Alibaba Group, The Kroger Co., Nestle S.A., Tyson Foods Inc., Danone, Deere & Company, AGCO Corporation, CNH Industrial, Sysco Corporation, McLane Company, Louis Dreyfus Company B.V., Cargill Inc., Archer Daniels Midland Company, and Bunge Limited.

Key questions addressed in the report: 

Related Reports: 

Global Smart Farming Market - Analysis and Forecast (2018-2022)

Global Food Safety Testing Systems & Services Market - Analysis & Forecast (2018-2022)

Global Food Traceability Market - Analysis and Forecast (2017-2022)

About BIS Research:  

BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.

With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.

Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.

Bhavya Banga
BIS Research Inc.
FREMONT CA 94538-1686

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