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IN THE NEWSApril, 2021: Advanced Research Cryptography Ltd. (Arc-net) to organize a seminar sharing the benefits off blockchain applied in food industry. This seminar included ICT management, supply chain under food industry, and management heads of R&D in agriculture sector.
The global blockchain in agriculture market is estimated to grow at CAGR of ~35% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of blockchain technology in various industries including agriculture. Blockchain provides innumerable advantages, such as, centralized availability of information, security and management of product and payment, fairer price, and high transparency, among others, which are estimated to boost the market growth. Agriculture sector is largely unorganized around the globe, especially in developing and under-developed countries. Adoption of blockchain technology in agriculture is estimated to organize this sector and improve consumer-producer transactions by providing transparency and immutable data. Moreover, growing population is bound to increase the burden over the agriculture sector. The global population crossed 7.753 billion in 2020, as per the data by the World Bank. This population is estimated to cross 9.7 billion by 2050. Increasing investment by government and private companies to organize the agriculture sector is anticipated to boost the market growth.
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The market is segmented by application into product tracking, payment & settlement, governance & management, and others out of which, the governance & management segment is anticipated to hold the largest share in the global blockchain in agriculture market over the forecast period on account of increasing need for proper management in the agriculture sector. The dynamics of agriculture sector are changing, with growing privatization across the globe, which is estimated to fuel the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global blockchain in agriculture market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher adoption of blockchain technology, such as, blockchain in BFSI, blockchain in telecom, cryptocurrency, in developed economies, including the United States, and Canada, along with the development in the agriculture sector. The market in Asia Pacific region witnessed or is estimated to witness noteworthy growth over the forecast period on the back of presence of highly unorganized agriculture sector in countries, such as, India, Sri Lanka, and China. Moreover, the economic development in the APAC region and private investment in agriculture sector are estimated to encourage the regional market growth.
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The global blockchain in agriculture market is further classified on the basis of region as follows:
Our in-depth analysis of the global blockchain in agriculture market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Advantages of blockchain, such as, consumer awareness and demand for full transparency are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~35% over the forecast period, i.e., 2022 – 2030.
Unorganized agriculture sector is estimated to hamper the market growth.
The market in North America region to display growth opportunities over the forecast period, owing to the presence of major market players, along with higher adoption of blockchain technology.
The major players in the market are OriginTrail d.o.o., AMBROSUS Inc., Advanced Research Cryptography Ltd., Microsoft, TE-FOOD International GmbH., IBM, Full Profile Pty Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The governance & management segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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