(MENAFN- GlobeNewsWire - Nasdaq) The Global Blockchain In Agriculture market Size was Valued at USD 0.5 Billion in 2023 and the Worldwide Blockchain In Agriculture Market Size is Expected to Reach USD 21.46 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: IBM, Microsoft, Ambrosius, Sap Se, Origintrail, Provenance, Agridigital, Abaco Group, Ripe. lo, Vechain, Chainvine, Agrichain, Skuchain, Bext360, and other key companies.
New York, United States , Aug. 08, 2024 (GLOBE NEWSWIRE) -- The Global Blockchain In Agriculture Market Size is to Grow from USD 0.5 Billion in 2023 to USD 21.46 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 45.64% during the projected period.
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Crop growth and seed quality are only two of the many plant-related variables that blockchain technology can monitor. It can also offer a chronicle of a plant's travels once it is harvested from the farm. Supply chain transparency might be improved and concerns about unethical behavior might be alleviated with the use of this data. In the case of a recall, they can also help with the process of tracking contamination or other issues back to their source. The primary goals of these technologies are sustainability and food security. This degree of openness enables consumers to make educated decisions. Typically, they use this information to provide incentives to farmers and producers that follow sustainable farming practices. Furthermore, blockchain makes it easier to accurately track how much electricity, fertilizer, and water are used, which promotes effective use and reduces wasteful use. It encourages sustainable resource management by providing transparent and immutable data on resource utilization trends. Smart contracts on the blockchain have the potential to incentivize farmers to adopt sustainable and environmentally friendly farming techniques by automating subsidies or rewards for adhering to environmentally favorable norms. Furthermore, blockchain serves as a hard-to-change digital record, storing information. From the farm to the market, every step of your food's journey is tracked in this ledger. In this way, it can trace the provenance and farming practices of any food product. It might also make it easier to locate faulty products in the event of a recall. However, there are concerns that improper or abusive use of blockchain technology could jeopardize the safety of food supplies.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Blockchain In Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Application (Product Traceability, Tracking, & Visibility, Payment & Settlement, Smart Contracts, Governance Risk & Compliance Management, and Smart Contracts), By Provider (Infrastructure & Protocol Provider, Middleware Provider Application, and Solution Provider), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The product traceability, tracking, & visibility segment is anticipated to hold the greatest share of the global blockchain in the agriculture market during the projected timeframe.
Based on the application, the global blockchain in the agriculture market is divided into product traceability, tracking, & visibility, payment & settlement, smart contracts, governance risk & compliance management, and smart contracts. Among these, the product traceability, tracking, & visibility segment is anticipated to hold the greatest share of the global blockchain in the agriculture market during the projected timeframe. A traceability system ensures that product movement within the supply chain can be tracked and identified. Blockchain technology can be used in the agricultural supply chain to achieve end-to-end traceability. On the blockchain, each transaction segment has a permanent record that is unchangeable and kept in separate blocks. All agricultural product data can be saved using blockchain technology in a shared, transparent system that is available to all supply chain players, as opposed to being kept in an opaque network system. By doing this, excessive chemical consumption and the use of uncertified chemicals in production are prevented.
The infrastructure & protocol provider segment is expected to grow at the fastest pace in the global blockchain in the agriculture market during the projected timeframe.
Based on the provider, the global blockchain in the agriculture market is divided into infrastructure & protocol provider, middleware provider application, and solution provider. Among these, the infrastructure & protocol provider segment is expected to grow at the fastest pace in the global blockchain in the agriculture market during the projected timeframe. In the agricultural sector, a blockchain protocol provider is a company or group that develops and maintains blockchain technology specifically intended to address problems with agricultural supply chains. These challenges often involve issues with traceability, efficiency, transparency, and data integrity. It develops and designs the security components, consensus techniques, and data structures that comprise the core blockchain protocol supporting agricultural applications.
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North America is expected to hold the largest share of the global blockchain in the agriculture market over the forecast period.
orth America is expected to hold the largest share of the global blockchain in the agriculture market over the forecast period. North America leads the regional blockchain technology market since it is home to several of the leading companies in the sector. Other factors that are anticipated to drive the blockchain in the agriculture market in this region include the expansion of blockchain research and development for food safety concerns and the improving efficiency of the food and agriculture vertical in terms of transparency, payment, and land registry. Furthermore, the region's well-known players contribute to the ongoing advancements in blockchain technology.
Asia Pacific is predicted to grow at the fastest pace in the global blockchain in the agriculture market during the projected timeframe. Due to growing stakeholder investment and government backing for exploration in this area. The application of modern technology will also promote further market expansion. Specific market-impacting factors and regulatory changes that have an impact on the market's current and prospective future trends are also included in the report's country section.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Blockchain In Agriculture Market include IBM, Microsoft, Ambrosius, Sap Se, Origintrail, Provenance, Agridigital, Abaco Group, and Ripe.lo, Vechain, Chainvine, Agrichain, Skuchain, Bext360,
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Recent Developments
In September 2023, farm to Fork: A blockchain-powered food tracking system was unveiled by Abu Dhabi's Silal. To use the traceability feature, use the Silal App to scan the QR code on a Silal Fresh product.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Blockchain In Agriculture Market based on the below-mentioned segments:
Global Blockchain In Agriculture Market, By Application
Product Traceability, Tracking, & Visibility Payment & Settlement Smart Contracts Governance Risk & Compliance Management Smart Contracts
Global Blockchain In Agriculture Market, By Provider
New Infrastructure and Protocol Provider Middleware Provider Application Solution Provider
Global Blockchain In Agriculture Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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Global Blockchain In Agriculture Market Size , Share, and COVID-19 Impact Analysis, By Application (Product Traceability, Tracking, & Visibility, Payment & Settlement, Smart Contracts, Governance Risk & Compliance Management, and Smart Contracts), By Provider (Infrastructure & Protocol Provider, Middleware Provider Application, and Solution Provider), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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