The blockchain in the agriculture and food supply chain market size is expected to grow from US$ 162.81 million in 2023 to US$ 2463.47 million by 2031; it is anticipated to expand at a CAGR of 40.4% from 2023 to 2031. The enhanced traceability and transparency, consumer demand for transparency, supply chain efficiency, prevention of food fraud and contamination, and reduction of food waste are fueling the growth of the blockchain in agriculture and food supply chain market.
The growing demand for blockchain technology from small and medium-sized businesses bolstered the blockchain's presence in the agriculture and food supply chain market. Furthermore, the integration of Internet of Things (IoT) devices is predicted to accelerate the expansion of markets over the forecasted period. Moreover, major companies are taking various initiatives to expand their portfolio and global presence which has become a major blockchain in agriculture and food supply chain market trend.
Integration of Internet of Things (IoT) Devices To Create an Opportunity for the Blockchain in Agriculture and Food Supply Chain Market Growth
The scope of the blockchain in agriculture and food supply chain market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant blockchain in agriculture and food supply chain market share. North America adopted modern technology at a far faster rate than other regions to manage agriculture and the food supply chain, resulting in the greatest market share. Furthermore, the US and Canada are the region's most economically stable countries, accounting for a sizable portion of the market.
The regional trends and factors influencing the Blockchain in Agriculture and Food Supply Chain Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain in Agriculture and Food Supply Chain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 162.81 million |
| Market Size by 2031 | US$ 2463.47 million |
| Global CAGR (2023 - 2031) | 40.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Stakeholder
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Blockchain in Agriculture and Food Supply Chain Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Blockchain in Agriculture and Food Supply Chain Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Blockchain in Agriculture and Food Supply Chain Market Analysis" was carried out based on stakeholders, organization size, application, and geography. On the basis of stakeholders, the market is segmented into growers, food manufacturers/processors, and retailers. Based on organization size, the market is segmented into large enterprises and SMEs. Based on application, the blockchain in agriculture and food supply chain market is segmented into product traceability, payment and settlement, smart contracts, and governance risk and compliance management. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain in the agriculture and food supply chain market. A few recent key market developments are listed below:
[Source: BlockApps, Company Website]
[Source: IBM, Company Website]
The Blockchain in Agriculture and Food Supply Chain Market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Blockchain in Agriculture and Food Supply Chain Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The global blockchain in agriculture and food supply chain market was estimated to be US$ 162.81 billion in 2023 and is expected to grow at a CAGR of 40.4% during the forecast period 2023 - 2031.
Rising demand for traceability and transparency from stakeholders are the major factors that propel the global blockchain in agriculture and food supply chain market.
The strategic initiatives by market players are anticipated to play a significant role in the global blockchain in agriculture and food supply chain market in the coming years.
The global blockchain in agriculture and food supply chain market is expected to reach US$ 2463.47 million by 2031.
The key players holding majority shares in the global blockchain in agriculture and food supply chain market are IBM, Microsoft, TE-FOOD International GmbH, Ambrosus, and ACR-NET.