Block Chain In Agriculture & Food Supply Chain Market Forecasts to 2030 - Global Analysis By Type (Public Blockchain, Private Blockchain and Consortium Blockchain), Organization Size, Provider, Application, End User and By Geography

According to Stratistics MRC, the Global Block Chain In Agriculture & Food Supply Chain Market is accounted for $1.29 billion in 2024 and is expected to reach $5.84 billion by 2030 growing at a CAGR of 49.5% during the forecast period. Blockchain in agriculture and the food supply chain refers to the use of blockchain technology to enhance transparency, traceability, and efficiency. It allows all participants, from farmers to consumers, to securely record transactions and track the journey of food products through the supply chain. This technology ensures data integrity, reduces fraud, and minimizes errors. By providing a tamper-proof record of each step, blockchain helps verify the authenticity and quality of food, improving safety and sustainability.

According to NASSCOM's 2019 report, India has more than 450 agri-tech startups, growing at a rate of 25% annually.

Market Dynamics:

Driver:

Increasing consumer demand for transparency and traceability

Increasing consumer demand for transparency and traceability provides a reliable, immutable ledger for tracking product origins and journeys. Blockchain technology meets this demand by enabling consumers to verify the authenticity and safety of their food, thereby enhancing trust. This demand encourages producers and retailers to adopt blockchain for competitive differentiation, regulatory compliance, and to build brand loyalty, ultimately driving widespread adoption and integration of blockchain in the industry.

Restraint:

Lack of standardization

Lack of standardization in blockchain for agriculture and food supply chains arises from the diverse range of blockchain platforms and technologies, each with its protocols and interfaces. This inconsistency hinders interoperability, making it challenging for different systems to communicate and share data effectively. Consequently, businesses face difficulties in integrating blockchain solutions seamlessly, leading to inefficiencies and increased costs. This fragmentation ultimately hampers market growth by creating barriers to entry and operational complexities.

Opportunity:

Improved crisis management

Improved crisis management enhances the speed and accuracy of product recalls, mitigating the impact of contamination and fraud. Real-time, immutable data tracking allows for swift identification of affected batches, ensuring consumer safety and reducing financial losses. This increased reliability and trust in the supply chain foster consumer confidence and regulatory compliance, driving adoption of blockchain technology among stakeholders seeking to minimize risks and maintain market stability.

Threat:

Complexity and scalability issues

Blockchain in agriculture and food supply chains faces complexity and scalability issues due to the need for seamless integration with existing systems, handling vast amounts of data, and ensuring compatibility across various platforms. The complexity deters adoption due to high technical expertise requirements and costs, while scalability problems limit the technology's effectiveness in large, global supply chains, eventually hampering market growth by preventing widespread, efficient deployment.

Covid-19 Impact

The covid-19 pandemic accelerated blockchain adoption in agriculture and food supply chains, enhancing transparency and traceability. It highlighted vulnerabilities in traditional supply chains, prompting increased interest in blockchain's ability to ensure food safety, authenticity, and efficiency. Despite initial disruptions, blockchain technologies facilitated remote monitoring, secure transactions, and real-time data sharing, fostering resilience and trust among stakeholders. This shift underscores ongoing digital transformation efforts in the agri-food sector amidst global health crises.

The smart contracts segment is expected to be the largest during the forecast period

The smart contracts segment is estimated to have a lucrative growth. Smart contracts in the agriculture and food supply chain leverage blockchain technology to enhance transparency, traceability, and efficiency. They automate transactions and agreements between parties, ensuring accuracy and reducing costs associated with manual processes. By enabling secure, immutable records of transactions and product provenance, smart contracts help mitigate fraud, improve food safety, and streamline logistics, ultimately fostering trust and sustainability across the agricultural and food supply chain.

The food processors & manufacturers segment is expected to have the highest CAGR during the forecast period

The food processors & manufacturers segment is anticipated to witness the highest CAGR growth during the forecast period. In the agriculture and food supply chain market, blockchain technology enhances transparency and traceability by securely recording transactions across the entire process. Food processors and manufacturers benefit from blockchain's ability to verify product origins, improve food safety protocols, and streamline supply chain operations. This technology ensures that consumers receive accurate information about the products they purchase, fostering trust and potentially reducing food fraud and waste.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to increasing adoption of technology to enhance transparency and traceability. Blockchain solutions offer benefits such as improved food safety, efficient supply chain management, and better quality control. Governments and enterprises in countries like China, India, and Japan are investing in blockchain to address challenges like counterfeit products and inefficient logistics. This technology is expected to revolutionize the industry by providing reliable data sharing, reducing fraud, and ensuring authenticity across the agricultural and food supply chains in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to robust logistics networks, stringent regulatory standards, and a growing emphasis on sustainability. Key trends include increased adoption of technology for tracking and tracing, demand for transparency from consumers, and efforts to reduce food waste. Major players focus on enhancing efficiency through automation and digitalization. The market continues to evolve with innovations in cold chain logistics, packaging solutions, and sustainable farming practices to meet growing demands and regulatory requirements.

Key players in the market

Some of the key players profiled in the Block Chain In Agriculture & Food Supply Chain Market include Walmart, Carrefour, Nestle, Microsoft, SAP SE, Ambrosus, AgriDigital, BlockGrain, OriginTrail, FCE Group AG, Bext360, Modum, Dole and VeChain.

Key Developments:

In April 2024, IBM's adoption of blockchain technology within supply chain management heralds a significant departure in the landscape of global supply chains. This strategic move capitalizes on the inherent capabilities of blockchain-decentralization, transparency, security, and immutability-to confront the prevalent challenges in supply chain operations.

In November 2021, Walmart announced a Blockchain partnership with IBM and several other partners to implement blockchain technology for food traceability and supply chain transparency. This initiative aims to improve food safety by enabling faster traceability of food products from farm to shelf, thereby enhancing consumer confidence and reducing food waste.

Types Covered:

• Public Blockchain
• Private Blockchain
• Consortium Blockchain

Organization Sizes Covered:

• Small & Medium Size Enterprises
• Large Enterprises

Providers Covered:

• Application Providers
• Middleware Providers
• Infrastructure Providers
• Other Providers

Applications Covered:

• Supply Chain Traceability
• Quality Assurance
• Inventory Management
• Smart Contracts
• Payment & Settlement
• Consumer Engagement & Transparency
• Other Applications

End Users Covered:

• Farmers
• Food Processors & Manufacturers
• Wholesalers & Distributors
• Regulatory Bodies & Certifying Agencies
• Logistics & Transportation Companies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances