(PharmaNewsWire.Com, August 06, 2024 ) “Blockchain in the Agriculture and Food Supply Chain Market” in terms of revenue was estimated to be worth $403.87 Mn in 2023 and is poised to reach $7,419.9 Mn by 2031, growing at a CAGR of 44.11% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Blockchain in the Agriculture and Food Supply Chain Market are:
• Transparency and Traceability. • Reducing Fraud and Counterfeiting. • Efficiency and Automation.
The following are the primary obstacles to the Blockchain in the Agriculture and Food Supply Chain Market's expansion: • Costs of Implementation. • Scalability Issues. • Lack of Standardization.
Future expansion opportunities for the global Blockchain in the Agriculture and Food Supply Chain Market include: • Electric Vehicles and Sustainable Transportation. • Remote Work Solutions. • Cybersecurity Solutions.
Market Analysis:
Key factors influencing the market include technological advancements, changing consumer preferences, and regulatory dynamics. The increasing integration of digital technologies, such as artificial intelligence and blockchain, is reshaping industries, fostering innovation, and driving market growth. Furthermore, globalization and heightened competition underscore the importance of strategic market positioning and agility.
List of Prominent Players in the Blockchain in the Agriculture and Food Supply Chain Market: • IBM (US) • TE-FOOD International GmbH (Europe) • Microsoft (US) • ACR-NET (Ireland) • Ambrosus (Switzerland) • SAP SE (Germany) • OriginTrail (Slovenia) • Provenance (UK)
Recent Developments: • In June 2020, Atea, IBM, and Sjřmatbedriftene, the Norwegian Seafood Association, announced a new cross-industry collaboration to use blockchain technology and share supply chain data throughout Norway's seafood industry and provide safer, better seafood to consumers across the globe. This blockchain technology would help provide high-quality, fully traceable products. • In May 2019, Microsoft launched Azure blockchain services, a fully managed service that allows for the formation, management, and governance of the consortium blockchain network. It is integrated with the Azure activity directory and offers tools to add new members, set permissions, and monitor network health and activity. • In April 2019, Albertsons Companies (US) joined the IBM Food Trust blockchain.
Blockchain in the Agriculture and Food Supply Chain Market Dynamics:
Market Drivers:
Transparency and Traceability The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance.
Challenges: Costs of Implementation The market is experiencing a transformative impact due to the increasing emphasis on transparency and traceability across industries. Businesses are recognizing the crucial role of these elements in building trust among consumers and stakeholders. The demand for transparent and traceable supply chains is particularly pronounced, driven by growing consumer awareness and regulatory pressures. Technologies like blockchain are playing a pivotal role in establishing immutable and transparent records, enabling real-time traceability of products from origin to consumption. This focus on transparency not only addresses consumer concerns regarding authenticity and ethical sourcing but also enhances operational efficiency by reducing risks and ensuring compliance. North America Is Expected To Grow With The Highest CAGR During The Forecast Period Due to the high degree of technical infrastructure that is prevalent there, North America is now leading the industry. The presence of significant global market players in the area is also contributing to the region's overall rise in market share. Furthermore, measures by the government to invest in cutting-edge technology and supporting legislation are also responsible for the increase. Segmentation of Blockchain in the Agriculture and Food Supply Chain Market-
By Type • Public • Private • Hybrid/Consortium
By Application • Growers • Food Manufacturers/Processors • Retailers
By Organization Size • Small And Medium-Sized Enterprises • Large Enterprises
By Applications • Product Traceability, Tracking, and Visibility • Payment And Settlement • Smart Contract • Governance, Risk, and Compliance Management
By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • Southeast Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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