The agriculture and food market required a lot of inconsistent paperwork and dependency on paper-based documentation. Blockchain provides a systematic digital ledger for storing land records and other data, keeping it safe during natural calamities.
Blockchain technology will be a revolutionary change as it offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking.
Read Report Overview: Blockchain in Agriculture and Food Market
The blockchain in the agriculture and food market is still in the developing phase. Increased research and development activities are underway to develop blockchain technology, which is expected to increase the technology adoption by retailers, food processors, and food distributors.
Blockchain in Agriculture and Food Industry Overview
The global blockchain in agriculture and food market was valued at $139.6 million in 2020, which is expected to grow with a CAGR of 51.0% and reach $1,488.0 million by 2026. The growth in the global blockchain in agriculture and food market is expected to be driven by the increased need for transparency in the food supply chain and supportive government initiatives.
Impact of COVID-19
The outbreak of the COVID-19 pandemic and related policies imposed by governments of different countries significantly restricted both the business schedules along with the suppliers’ & customers’ business schedules, mainly in the first fiscal quarter of 2020. Additionally, the downturn in blockchain investments, as well as delays in project developments and postponement and cancellation of major blockchain & cryptocurrency conventions, was caused due to the pandemic. These events mainly aid in the education as well as the marketing of blockchain technology.
Blockchain in Agriculture and Food Market by Type
A public blockchain is a type of blockchain that provides open access to the public and that anyone can join without specific permission. This segment dominates compared to a private and hybrid type blockchain system because everyone who enters the network can read, record, and participate in this network that no one controls.
Blockchain in Agriculture and Food Market by Provider
The application and solution provider segment is anticipated to dominate the market and grow robustly during the forecast time. The introduction of enhanced technological solutions has undergone significant adoption in the industry, which has boosted the overall market growth.
Blockchain in Agriculture and Food Market by Application
With increasing pilot cases for blockchain in the agricultural supply chain, stakeholders have begun to see high potential for increasing transparency. The arrival of blockchain is also seen as timely because of the rising demand for supply chain transparency and traceability motivated by the increasing number of food outbreaks and food-borne illnesses.
Blockchain in Agriculture and Food Market by Region
North America generated the highest revenue of $81.2 million in 2020. The U.S. dominated the blockchain innovation landscape in the region, with the maximum number of investments and pilot projects being tested in the country. The region is expected to witness high growth of CAGR 48.5% during the forecast period 2021-2026.
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Key Market Players
Key players operating in the global blockchain in agriculture and food market analyzed and profiled in the study involve blockchain technology solution providers, retailers, food processors, agricultural OEMs, food distributors, and agricultural commodity traders using blockchain technology.