According to a new market report published by Lucintel, the future of the blockchain technology in the global agriculture market looks promising with opportunities in various applications, such as product traceability, payment & settlement, smart contracts, and governance, risk & compliance management. The blockchain technology in the global agriculture market is expected to grow with a CAGR of 48% from 2020 to 2025. The major drivers for this market are an increase in demand for supply chain transparency, the rise in cases of food fraud, and growth in concerns towards food wastage.
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Blockchain in agriculture 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. In this market, large enterprises and small & medium-sized enterprises are the major organization sizes of blockchain in agriculture. Lucintel forecasts that large enterprises will remain the largest organization size segment over the forecast period, as most of the organizations all over the world are actively piloting blockchain technology into various processes, or are using it for the food & agriculture sector to reduce food contamination cases.
Within this market, product traceability will remain the largest application segment over the forecast period due to an increase in investments for food safety and transparency along the supply chain and consumer demand for the knowledge of the provenance of food products.
North America will remain the largest region over the forecast period driven by an increase in research & development activities for blockchain due to food safety concerns and the benefits this technology offer to the food and agriculture vertical in terms of transparency, payment, and land registry. Asia Pacific is expected to witness the highest growth due to the growing investment by various stakeholders and government support for new technology exploration and adoption in countries, such as India and China.
IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Ripe.io, VeChain, Provenance, and ChainVine are among the major suppliers of blockchain technology in the global agriculture market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for blockchain in the global agriculture market by application, provider, organization size, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Blockchain Technology in Global Agriculture Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for blockchain in the global agriculture market by application, provider, organization size, and region as follows:
By Application [Value ($ Million) shipment analysis for 2014 – 2025]:
Product Traceability
Payment & Settlement
Smart Contracts
Governance
Risk & Compliance Management
By Provider [Value ($ Million) shipment analysis for 2014 – 2025]:
Infrastructure & Protocol Providers
Middleware Providers
Application & Solution Providers
By Organization Size [Value ($ Million) shipment analysis for 2014 – 2025]:
Large Enterprises
Small & Medium-Sized Enterprises
By Region [Value ($ Million) shipment analysis for 2014 – 2025]:
United States
Canada
Mexico
United Kingdom
Spain
Germany
France
This more than 150-pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.