Opportunities in the Blockchain in Agriculture and Food Supply Chain Market
Northrook, IL -- (SBWIRE) -- 03/24/2020 -- The report "Blockchain in Agriculture Market (and Food Supply Chain), Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2023", The global blockchain in agriculture and food supply chain market is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023, at a CAGR of 47.8% during the forecast period. The blockchain in agriculture and food supply chain market is driven by factors such as an increase in demand for supply chain transparency, the rise in cases of food fraud in the emerging economies of the Asia Pacific, and growth in concerns toward food wastage.
According to the Congressional Research Service, as of 2014, food fraud cases had cost the global food industry an estimated USD 10.0 billion to USD 15.0 billion, annually. According to the World Health Organization estimates, in October 2017, about one in every 10-people become ill every year by eating contaminated food; about 420,000 people die every year, resulting in the loss of 33 million healthy life years. Nowadays, the global food supply has grown so complex that it has become difficult for food manufacturers and retailers to guarantee the provenance of their products. The food fraud cases in the past, including the horsemeat scandal of the UK in 2013 and pork mislabeling debacle in China in 2011, have affected the trust of consumers in these products and their manufacturers. Hence, companies are investing in blockchain technology, which would enable them to provide their customers with transparency.
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The blockchain in agriculture market and food supply chain has been segmented, based on organization size, as large enterprises and small and medium-sized enterprises. The large enterprises segment dominated the blockchain in agriculture and food supply chain market in 2017. North America is a key market for large enterprises, as most of the organizations in this region are actively piloting blockchain technology into various processes, or are using it for the food & agriculture sector. The Asia Pacific market for the large enterprises segment is expected to grow at the highest CAGR because maximum food contamination cases are reported in countries such as India and China. Additionally, there is a growing demand for food products in this region.
Based on provider, the blockchain in agriculture and food supply chain market has been segmented into infrastructure and protocol provider, middleware provider, and application and solution provider. The infrastructure and protocol provider segment is estimated to account for the largest share in the blockchain in agriculture and food supply chain market during the forecast period.
Based on application, the blockchain in agriculture and food supply chain market has been segmented into product traceability, tracking, and visibility; payment and settlement; smart contract; and governance, risk, and compliance management. The product traceability, tracking, and visibility segment held the largest share in 2017, and this trend is expected to continue throughout the forecast period, owing to factors such as an increase in investments for food safety and transparency along the supply chain and consumer demands for the knowledge of the provenance of food products.
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North America is estimated to account for the largest share of the global blockchain in agriculture market and food supply chain in 2018, owing to the presence of major companies such as IBM (US) and Microsoft (US). The increase in research & development activities for blockchain, due to food safety concerns; and the benefits this technology offers to the food and agriculture vertical in terms of transparency, payment, and land registry are the factors that are expected to drive the blockchain in agriculture and food supply chain market in this region during the forecast period. In the Asia Pacific region, India is projected to be the fastest-growing market during the forecast period. The growing investment by various stakeholders and government support for new technology exploration and adoption is expected to drive the blockchain in agriculture and food supply chain market in India. The key players in Europe and the US are focusing on leveraging the opportunities in the agriculture and food supply chain market created as a result of various food fraud and safety instances in countries such as India and China. Hence, Asia Pacific is expected to witness high growth in coming years.
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