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Global Blockchain in Agriculture Market and Food Supply Chain 2018-2023: Market is Projected to Reach USD 429.7 Million, at a CAGR of 47.8%

/EIN News/ -- Dublin, Oct. 03, 2018 (GLOBE NEWSWIRE) -- 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.

Based on application, the product traceability, tracking, and visibility segment is projected to dominate the blockchain in agriculture and food supply chain market throughout the forecast period. The growing demand for platforms and solutions to attain complete traceability of food products across the supply chain and the increasing instances of food fraud in many countries are the major factors supporting the need for product traceability, tracking, and visibility application. However, there has been an increase in investments in blockchain implementation across the food and agriculture industry vertical, along with an increase in the number of pilot studies across the globe.

The payment and settlement segment in the blockchain in agriculture and food supply chain market is projected to grow at the highest CAGR from 2018 to 2023. The uncertainty in regulations and standards is the major factor restraining the growth of the blockchain in agriculture and food supply chain market globally. Apart from this, the challenges faced by all stakeholders to connect digitally is another major factor affecting the growth of the blockchain in agriculture and food supply chain market.

North America is projected to be the largest region, in terms of value, between 2018 and 2023. This region comprises economies such as the US and Canada, which occupy a significant share of the global blockchain in agriculture and food supply chain market. This region has witnessed maximum investments in the R&D of new technologies majorly involved in the trade movement of food and agriculture commodities. This has created a higher probability of the adoption of this technology in this region.

The presence 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 factor contributing to the growth of the blockchain in agriculture and food supply chain market in this region.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.4 Currency Considered
1.5 Stakeholders

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Opportunities in the Blockchain in Agriculture and Food Supply Chain Market
4.2 Blockchain in Agriculture and Food Supply Chain Market: Key Country
4.3 Blockchain in Agriculture and Food Supply Chain Market, By Provider & Region
4.4 Blockchain in Agriculture and Food Supply Chain Market, By Application
4.5 Developed vs Developing Markets for Blockchain in Agriculture and Food Supply Chain
4.6 Blockchain in Agriculture and Food Supply Chain Market, By Organization Size
4.7 North America: Blockchain in Agriculture and Food Supply Chain Market, By Application & Country

5 Market Overview

5.1 Introduction
5.2 Market Evolution
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Increase in Demand for Supply Chain Transparency
5.3.1.2 Rise in Cases of Food Fraud
5.3.1.3 Growth in Concerns Toward Food Wastage
5.3.2 Restraints
5.3.2.1 Uncertainty in Regulations and Standards
5.3.2.2 Limited Availability of Technical Skillsets for Implementing the Blockchain Technology
5.3.3 Opportunities
5.3.3.1 Increase in Funding and Investments in Food Blockchain
5.3.3.2 Increase in Adoption of the Blockchain Technology Within the Food Supply Chain
5.3.4 Challenges
5.3.4.1 Connecting All the Stakeholders Together Digitally is Difficult
5.3.4.2 Increased Issues Regarding Privacy
5.3.4.3 Lack of Awareness of Blockchain Technology
5.4 Industry Trends
5.4.1 Types of Blockchain Technology
5.4.2 Public Blockchain
5.4.3 Private Blockchain
5.4.4 Consortium Blockchain
5.5 Blockchain Associations and Consortiums
5.5.1 R3 Consortium
5.5.2 Kinakuta
5.5.3 Hyperledger
5.5.4 Global Blockchain Business Council
5.5.5 World Blockchain Association
5.5.6 Blockchain Alliance
5.5.7 Trace Alliance
5.5.8 Blockchain Collaborative Consortium (BCC)
5.5.9 Blockchain Industry Group (BIG)
5.6 Use Cases
5.6.1 Use Case 1: Provenance Ties Up With the Co-Op to Prove the Journey and Authenticity of Fresh Produce
5.6.2 Use Case 2: Provenance Conducts A Pilot Study for Tracking the Origin of Tuna Fish From Indonesia
5.6.3 Use Case 3: Origintrail and Tagitsmart Tie Up With Plantaze to Trace Wine With Smart Sensors
5.6.4 Use Case 4: IBM Tie Up With Walmart (US) to Track Pork in China and Mangoes in US to Ensure Food Safety
5.6.5 Use Case 5: Arc-Net Ties Up With Ireland Craft Beers (ICB) to Track the Authenticity of Its Wine
5.6.6 Use Case 6: Foodchain Ties Up With Caff San Domenico to Study the Story of the Coffee
5.6.7 Use Case 7: Agridigital Ties Up With Tremlett Storage to Efficiently Manage Client Records
5.6.8 Use Case 8: Georgian Government Uses Blockchain Technology to Limit Land Frauds
5.6.9 Use Case 9: Te-Food Ties Up With Nongshim to Traceback Its Food Products

6 Blockchain in Agriculture and Food Supply Chain Market, By Stakeholder

6.1 Introduction
6.2 Growers
6.3 Food Manufacturers/Processors
6.4 Retailers

7 Blockchain in Agriculture and Food Supply Chain Market, By Provider

7.1 Introduction
7.2 Application and Solution Provider
7.3 Middleware Provider
7.4 Infrastructure and Protocol Provider

8 Blockchain in Agriculture and Food Market, By Application

8.1 Introduction
8.2 Product Traceability, Tracking, and Visibility
8.3 Payment and Settlement
8.4 Smart Contract
8.5 Governance, Risk, and Compliance Management

9 Blockchain in Agriculture and Food Market, By Organization Size

9.1 Introduction
9.2 Large Enterprises
9.3 Small and Medium-Sized Enterprises

10 Blockchain in Agriculture and Food Supply Chain Market, By Region

11 Competitive Landscape

11.1 Overview
11.1.1 Key Market Strategies
11.2 Competitive Scenario
11.2.1 Expansions
11.2.2 New Product Launches
11.2.3 Funding
11.2.4 Partnerships and Collaborations

12 Company Profiles

12.1 IBM
12.2 Microsoft
12.3 SAP SE
12.4 Ambrosus
12.5 Origintrail
12.6 Arc-Net
12.7 Provenance
12.8 Blockgrain
12.9 Agridigital
12.10 Ripe.Io
12.11 Chainvine
12.12 Vechain

For more information about this report visit https://www.researchandmarkets.com/research/r2lhhv/global_blockchain?w=12

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                    Related Topics: Agriculture, Bitcoin  
                    

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