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Blockchain Technology in Agriculture Sector
Acceptance Among Small & Medium Enterprises
Transparency in Food Chain
The product traceability, monitoring and visibility segment is expected to dominate the blockchain market in agriculture and the food supply chain over the forecast period.
The growing demand for platforms and solutions to achieve full traceability of food products across the supply chain and the instances of food fraud in many countries are the key factors that help the need for product traceability, monitoring and visibility applications.
However, there has been an increase in blockchain technology investments in the vertical food and agriculture sector, along with an increase in the number of pilot studies across the globe. The blockchain payment and settlement segment in the agricultural and food supply chain market is projected to rise at the highest CAGR.
Uncertainty in legislation and standards is the key factor restricting the development of blockchain in the global market for agriculture and the food supply chain.
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North America is expected to be the largest market in the global blockchain market in agriculture and the food supply chain. This field includes economies such as the US and Canada, which have a large share of the global blockchain in the market for agriculture and the food supply chain.
This region has witnessed maximum investment in the R&D of new technologies primarily involved in the trade movement of commodities for food and agriculture.
This has provided a greater likelihood that this technology will be implemented in this region. The emergence of large technology providers such as IBM and Microsoft in North America and large retailers and food processors such as Walmart, McCormick & Co. and Dole Food Company is the major contributing factor to the growth of the agricultural and food supply chain blockchain market in this area.
The growing concern over food grain waste and food fraud is the key factor driving growth in the market. Furthermore, the growing need for transparency in the food supply chain is another factor that propels market growth. In addition, technological growth in the agricultural sector has led to the launch of agricultural start-ups and thus leads to the positive effect of accelerating the market.
Blockchain technology is revolutionizing the food and agriculture industries by improving the organizations' decision-making ability. It identifies many possible applications in these fields, some of which have been explored already.
Blockchain technology's main applications in food and agriculture include traceability and monitoring, payment and settlement, smart contracts and management, risk, and enforcement.
The growth of the blockchain market in agriculture and the food supply chain is due to the increase in demand for transparency in the supply chain, the increase in food fraud cases and the increase in concerns toward food wastage.
Blockchain technology is revolutionizing the agricultural sector by increasing the organizations' decision-making ability. It identifies many possible applications in the field, some of which have been explored already. Blockchain technology's main applications in agriculture include traceability and monitoring, payment and settlement, smart contract management, and governance, risk and enforcement management.
Growth in the blockchain in agriculture market will be propelled by the increasing demand for transparency in the supply chain, increased food fraud cases and increased concerns regarding food waste. Blockchain can help replace sluggish manual farming processes, improve traceability, and reduce IT transaction costs in the food supply chains. Nonetheless, blockchain has its drawbacks, as the system cannot collect data from a number of untrusted participants / vendors.
Furthermore, there is a mammoth gap between the existing capability of the technology and the capability needed by the supply chain. Such factors will slow down the growth of blockchain in the agricultural market in the near future. Nonetheless growth strategies adopted by the leading companies are likely to have positive impact on the global market.
The global Blockchain in Agriculture market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
The blockchain in agriculture market is likely to record a CAGR of 40% through 2032.
The blockchain in agriculture market size is expected to be USD 5,675.96 Mn by 2032.
The blockchain in agriculture market share is likely to grow over USD 164,179.9 Mn in 2022.
North America is the dominant blockchain in agriculture market.
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Blockchain in Agriculture Market
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