New York, March 08, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Blockchain In Agriculture And Food Supply Chain Global Market Report 2021: COVID-19 Growth And Change” – https://www.reportlinker.com/p06033652/?utm_source=GNW
87 million in 2020 to $189.48 million in 2021 at a compound annual growth rate (CAGR) of 47%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $886.18 million in 2025 at a CAGR of 47.1%.
The blockchain in agriculture and food supply chain market consists of sales of blockchain services in the agriculture and food supply chain by entities (organizations, sole traders and partnerships) that provide blockchain services to the agriculture and food supply chain.Blockchain technology enables the traceability of information in the food supply chain and thus helps improve food safety.
It also provides a secure way of storing and managing data, which facilitates the development and use of data-driven innovations for smart farming and smart index-based agriculture insurance.
The blockchain in agriculture and food supply chain market covered in the report is segmented by type into public blockchain, private blockchain, consortium/hybrid blockchain; by stakeholder into growers, food manufacturers/processors, retailers; by application into product traceability, tracking, and visibility, payment and settlement, smart contracts, governance, risk and compliance management.
North America was the largest region in the blockchain in agriculture and food supply chain market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Blockchain in food and agriculture market can be expensive and this can hinder market growth.Obtaining the data uploaded to a blockchain can be costly, and this can create a barrier to the adoption of blockchain technology in the agricultural sector.
For instance, the DNA of livestock animals could be expensive.The average cost of data collection is lower for larger farms than smaller ones, which raises the concern of increasing the income discrepancy.
Therefore, obtaining data in a blockchain is expensive and hinders market growth.
In April 2020, Nestle, a Swiss food and drink processing company, partnered with a party certifier, The Rainforest Alliance, to independently provide data beyond what is usually disclosed by the company.Nestle has expanded the use of the IBM Food Trust blockchain technology platform in the launch of Zoégas whole beans and roast and ground coffee in Sweden.
The Rainforest Alliance provides information regarding the traceability of the coffee and the information is accessible to everyone with the IBM Food Trust blockchain platform.
The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in blockchain in agriculture and food supply chain market.This is mainly due to larger businesses are investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets.
According to NASSCOM 2019 report, there are more than 450 startups in the agritech sector at a year-on-year growth rate of 25%.For instance, Agridigital is an Australian startup that uses blockchain to support the Australian grains industry.
It helps to track and manage grains as they move throughout the value chain. Thus, the rise in small and medium enterprises is expected to drive the blockchain in agriculture and food supply chain market during the forecast period.
The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market.Companies are using blockchain to secure data in IoT devices.
IoT involves a system of devices that can collect, transfer, and store data over a wireless network.The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner.
Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, according to an article published in Thales in 2019, the use of blockchain in IoT devices has doubled and a majority of the organization plans to consider blockchain technology shortly.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06033652/?utm_source=GNW
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