Blockchain in Agriculture and Food Market In-Depth Research from 2018-2028 | BIS Research

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In 2018, the agriculture and food industry still serves for the livelihood of a majority of the global populations. Even though the global agriculture industry has been witnessing various transformations in terms of shrinking farmlands and depletion of finite natural resources, the global food demand has grown irrespectively. This extensive growth has led the large food companies to establish numerous food production factories across the world. This race amongst food companies to serve the customers with agricultural supplies and food quickly and at cheaper costs has led them to make adjustments in their supply chain by turning the chain into a complex network of suppliers ranging across geographic regions.

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However, while on one hand, the agriculture and food supply chains have extended their reach globally, they on the other hand have also entangled the chain. Consequently, it has led to a feeling of distrust and disconnect in consumers due to the lack of awareness regarding the origin of the food and the processes it might have undergone. Moreover, the food industry has been continuously witnessing outbreaks of the food borne illness and recalls which have led to epidemics and deaths.

Blockchain has found several applications in agriculture including supply chain tracking, finance management, data management, and land and property ownership, among others. The technology will increase the speed of movement of all kinds of commodities ranging from agri-input to food throughout the supply chain and shall also permit faster removal of targeted products that do not qualify for consumption. While executing both the processes, food wastage shall be reduced manifold. Food processors and distributors will be able to track food commodities at different temperatures and times. This shall help them store food efficiently, further leading to the reduction in its wastage. Accuracy in the supply chain could be established by ensuring transparency in places where human error could seep into the system. Along with transparency, the immutability of blockchain-powered supply chain consists of a means to identify incorrect entry of data for stakeholders to regulate and rectify.

Blockchain possesses a potential to add value to the stakeholders by providing them better access to data about products, their prices and markets. Information generated through blockchain about nuances of supply chain can also help the stakeholders identify new opportunities across the globe to comply with customer needs and enable faster adoption of blockchain in the supply chain.

The trends of blockchain in agriculture and food market vary across different geographical regions. The smart farming market holds a prominent share in the regions of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Presently, North America is at the forefront of the global blockchain in agriculture and food market, with high market penetration rate in the U.S. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products.

The market research study offers a wide perspective of the different types of applications pertaining to blockchain in agriculture and food and analyzes its impact on the farming sector by providing critical insights into the direction of its future expansion. The study provides a detailed analysis of the market ecosystem, supply chain and regional growth for blockchain in agriculture and food technologies. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.

The competitive landscape for the global blockchain in agriculture and food market demonstrates an inclination toward companies adopting strategies such as product launches, development and partnerships, collaborations, and joint ventures. Large number of players in the market are focusing on establishing partnerships to carry out pilot test projects. This key strategy has also been on a rise for successful implementation of blockchain, all stakeholders need to actively participate. AgriDigital, AgUnity, OwlTing, Provenance, SkuChain, Ripe.io, Olivacoin, Foodcoin Ecosystem, Alo Agri, FARM, Origintrail, Coin22, and Bext360 are some of the prominent agricultural blockchain startups in the agriculture and food market. The market is highly fragmented with the presence of a huge number of small to medium sized companies that compete with each other and the large enterprises.

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Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of these agricultural blockchain solutions for augmenting transparency in the agriculture and food supply chain. The need for blockchain technology for supply chain tracking and finance management is necessary to bridge the demand and supply gap along with attaining sustainability in the ecosystem