Blockchain In Agriculture And Food Supply Chain Market Worth $948 Million By 2025
Tuesday, November 17th, 2020 | 907 Views
The market size of blockchain in agriculture and food supply chain is estimated to be USD 133 million in 2020 and is projected to reach USD 948 million by 2025, at a CAGR of 48.1 percent, according to a report by MarketsandMarkets.
One of the major factors driving the blockchain in the agriculture and food supply chain industry is the rise in concerns related to food safety worldwide. Many food manufacturers are now keen on detecting contamination in food products, rising global levels of food fraud, and the rising awareness amongst global producers, manufacturers, and retailers regarding the benefits of the use of blockchain in agriculture.
A major benefit of using blockchain technology in retail and supply chain processes is its efficiency in facilitating the tracking and tracing of raw materials, finished goods, and merchandise to monitor it right from the provenance to the point it reaches the customer. Due to the changing or anticipated legislation changes in the Food and Drug Administration level, there is a possibility that more and more food and beverage organisations will be involved with track-and-trace initiatives due to online buying and selling. Consumers like the idea of a fully tracked food supply. They are increasingly attracted to technologies that instill trust in food data after years of food labels being manipulated by the industry.
The large enterprises sub-segment is projected to account for the largest market share
With an innovation-based approach, these enterprises can offer their clients the flexibility to go for customisable solutions that fit every need of the supply chain. This enables companies to gain higher demands in the market. Large companies, being established players invest highly in innovation and research so as to enhance their market positioning. Platforms such as IBM Food Trust support large ecosystems consisting of producers, suppliers, manufacturers, and retailers all in one place. This enables data integration for global markets and supply chains.
North America is estimated to be the largest market
With strong support from the giant players and crucial investments in the technology sector, the region is estimated to account for the largest market share in blockchain in agriculture and food supply chains until 2025. The US organisations from logistics, retail and consumer goods, and food verticals widely adopt new technologies to serve customers better and continuously improve business efficiencies.
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