DUBLIN--(BUSINESS WIRE)--The "Blockchain in Agriculture Market (and Food Supply Chain), Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global blockchain in agriculture and food supply chain market is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023, at a CAGR of 47.8% during the forecast period.
Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. According to the FAO, every year about one-third of the food produced globally is wasted, which calls for a need to estimate and manage the actual supply and demand of food products so that these products reach the needy. These issues can be easily and efficiently tackled by effectively using the blockchain network.
The blockchain market is expected to grow, owing to the increase in the demand for supply chain transparency along the agriculture and food verticals. According to the 2016 Label Insight Food Revolution Study, about 94% of the respondents in the study expressed the importance of buying from manufacturers who are transparent. This has driven off the market for blockchain in agriculture and food supply chain. Another major driver of the blockchain market is the growing number of food fraud cases.
According to the Grocery Manufacturers Association (GMA) (2014), the estimated food fraud cases cost USD 49.0 billion to the global food industry annually. This has resulted in an increased awareness among consumers, which is further expected to drive the growth of the blockchain in agriculture and food supply chain market. The uncertainty in regulations and standards and the limited availability of technical skillset for implementing the blockchain technology are the key factors restraining the growth of blockchain technology in the agriculture and food supply chain market.
The market is dominated by key players such as IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Ripe.io, VeChain, Provenanc, ChainVine, AgriDigital, and BlockGrain.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Blockchain in Agriculture and Food Supply Chain Market, By Stakeholder
7 Blockchain in Agriculture and Food Supply Chain Market, By Provider
8 Blockchain in Agriculture and Food Market, By Application
9 Blockchain in Agriculture and Food Market, By Organization Size
10 Blockchain in Agriculture and Food Supply Chain Market, By Region
11 Competitive Landscape
12 Company Profiles
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