Global Blockchain in Agriculture Market – Industry Trends and Forecast to 2030

Global Blockchain in Agriculture Market, By Type (Public, Private, Hybrid/Consortium), Organization Size (Large Enterprises, SMEs), Stakeholder (Growers, Food Manufacturers/Processors, Retailers), Provider (Application and Solution, Middleware, Infrastructure, and Protocol), Application (Product Traceability, Tracking, and Visibility, Payment, and Settlement, Smart Contracts, Governance, Risk and Compliance Management) – Industry Trends and Forecast to 2030.

Blockchain in Agriculture Market Analysis and Size

Blockchain technology is modernizing the agriculture sector by improving the decision-making capabilities of organizations. Blockchain in agriculture makes farming advantageous by using labor, water, and fertilizers as resources. The blockchain changes the way of producing crops by generating data, cleaning the stored data, surge the integrity of data with machine learning (ML) algorithm, and then saving the data on the blockchain. Also, blockchain in agriculture helps to reduce fraud by the supply of grown crops to food processing companies.

Data Bridge Market Research analyses that the blockchain in agriculture market is expected to reach USD 241.46 million by 2030, which was USD 172.41 million in 2022, registering a CAGR of 4.30% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Blockchain in Agriculture Market Scope and Segmentation

Market Definition

Blockchain in agriculture means the usage of blockchain in the agricultural sector to increase the operating procedure and get lucrative results. The usage of blockchain in the agricultural sector ranges from having a sustainable business and declining waste to up-to-date consumer buying decisions to having smooth transactions with fraud elimination in the upcoming period. The data stored on the blockchain can be accessed by everyone connected to this network with an internet connection

Global Blockchain in Agriculture Market Dynamics

Drivers

• Growth in small and medium enterprises increases the market growth

The augmented demand for small and medium enterprises in the blockchain in agriculture market reinforced the blockchain in agriculture market. This is mainly because larger businesses invest heavily in evolving their remaining solutions, whereas new businesses create exclusive solutions along with the requirements of their national and regional markets. As per the report by StartupLab 2021, the Agritech sector in India is growing at a rate of 25 percent annually, supported by increasing digitization, investor interest, and government efforts. Therefore, the growth in small and medium enterprises will likely drive the blockchain in agriculture market during the forecast period.

• Increasing demand for blockchain in agriculture for risk and compliance management

The growing demand for blockchain in agriculture risk and compliance management is expected to propel the market's growth. Using blockchain in agriculture helps businesses lessen the risk and improve compliance. The blockchain network in agriculture offers a tamper-proof record of transactions that can be used as ownership proof, which is beneficial for auditing purposes. It also enables businesses to find fraudulent activities more easily because they cannot delete or change records once they have been recorded. As a result of this, it boosts the market growth.

Opportunities

• Increasing usage of blockchain with IoT in the agriculture sector

The usage of blockchain with the internet of things (IoT) is a developing trend followed by blockchain companies in agriculture. Companies use blockchain to save and secure data in internet of things (IoT) devices. IoT involves a system of devices that can transfer, collect, and store data over a wireless network. The usage of blockchain with internet of things (IoT) devices allows smart devices to exchange data or information and other financial transactions in a private, scalable, and reliable manner. Blockchain technology with the internet of things (IoT) in agriculture further supports businesses to access data without requiring control and management. Hence, increasing the usage of blockchain with IoT in agriculture will likely drive market growth.

• Growing modernization of farm management software

The other major factor likely to generate lucrative market growth is the modernization of farm management software. The farm management software will develop mainstream soon in reality. This product or software uses the typical customer service model to work. Thus, they are not as proficient in delivering their maximum return as they could with blockchain. Hence, blockchain for this condition can help take farm management software (FMS) to another level. Also, this software will have the safety and security they require with blockchain's protection. As a result of all these factors, boost the market growth in upcoming years.

Restraints/ Challenges

• High cost associated with blockchain in agriculture

Blockchain in agriculture market can be costly and hamper the market's growth. Obtaining the data uploaded to a blockchain can be expensive, and this can limit the adoption of blockchain technology in the agricultural industry. The average price of data collection is lower for larger farms than for smaller farms, which increases the concern of growing income discrepancy. Thus, the high expense of obtaining data in a blockchain hinders the market growth.

•          Lack of awareness among enterprises regarding blockchain in agriculture

Inadequate awareness among enterprises regarding the advantages of blockchain technology in agriculture is one of the major factors expected to obstruct the growth of the blockchain in agriculture market during the forecast period. There is not much awarness about  traceability, high security, and transparency which hampers the market growth.

This blockchain in agriculture market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain in agriculture market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2022, Vodafone Group plc launched a digital asset broker platform which is a blockchain-based trading platform for IoT sensors and devices. The new digital asset broker technology supposedly promotes the economy of things and allows verified connected objects to transact securely without any human oversight.
• In 2020, J. M. Smucker Company collaborated with Farmer Connect through its 100% Colombian Coffee packaged product named 850 Coffe. Now customers can track their coffee's origin using IBM's blockchain technology on a platform that increases efficiency, traceability, and fairness in the coffee supply chain.

Global Blockchain in Agriculture Market Scope

The blockchain in agriculture market is segmented on the basis of type, organization size, stakeholder, provider and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Public
• Private
• Hybrid/Consortium

 Organization Size

• Large Enterprises
• SMEs

Stakeholder

• Growers
• Food Manufacturers/Processors
• Retailers

 Provider

• Application and Solution
• Middleware
• Infrastructure and Protocol

Application

• Product Traceability
• Tracking and Visibility
• Payment and Settlement
• Smart Contracts
• Governance
• Risk and Compliance Management

Blockchain in Agriculture Market Regional Analysis/Insights

The blockchain in agriculture market is analyzed and market size insights and trends are provided by country, type, organization size, stakeholder, provider and application as referenced above.

The countries covered in the blockchain in agriculture market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Global (APAC) in the Global (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the blockchain in agriculture market due to the strong presence of major regional companies. Furthermore, increasing research and development activities for blockchain in agriculture due to benefits offered to the farming vertical, such as payment, transparency, and land registry, will further boost the market growth.

Asia-Pacific is anticipated to be the fastest growing region in blockchain in agriculture market during the forecast period of 2023-2030 because of increasing investment made by numerous stakeholders and increasing government support for exploration in this region. Moreover, the adoption of modern technology will further increase market growth,

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Blockchain in Agriculture Market Share Analysis

The blockchain in agriculture market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain in agriculture market.

Some of the major players operating in the blockchain in agriculture market are:

• Amazon Web Services, Inc. (U.S.)
• IBM (U.S.)
• Microsoft (U.S.)
• TE-FOOD International GmbH (Germany)
• Bitfury Group Limited (Netherlands)
• SAP SE (U.S.)
• Antier Solutions Pvt. Ltd. (India)
• AgriDigital (Australia)
• AirDAO (India)
• Arc-net (U.K.)
• FCE Group AG (U.S.)
• Ripe Technology, Inc (U.S.),
• GrainChain, Inc. (U.S.)