(I-BusinessNews.Com, February 18, 2020 ) 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. According to the Food and Agriculture Organization (FAO), about one-third of the food produced globally is wasted every year, which amounts to about USD 680.0 billion in industrialized countries and about USD 310.0 billion in developing nations. In developing nations, about 40.0% of the losses occur at the processing stage. It was estimated that even if one-fourth of the total wasted and lost food is saved, it would be sufficient to feed 870.0 million people around the globe.
This has enabled many organizations to incorporate blockchain technology to track the amount of food supply, which has driven the market for blockchain in agriculture and food supply chain. In addition, the growing cases of food wastage, rising cases of food fraud, and growing consumer needs for supply chain transparency have been the other major drivers of this market. Countries such as China, India, Singapore, South Africa, and UAE are expected to create lucrative opportunities for the blockchain technology providers in the agriculture and food supply chain market of these countries.
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Based on organization size, the small and medium-sized (SMEs) enterprises segment of the blockchain in agriculture and food supply chain market is projected to grow at the higher CAGR during the forecast period. Currently, the SMEs in Asia Pacific, the Middle East, and Africa are exploring the benefits of using blockchain technology in their processes; and hence, this segment in these regions is expected to show higher growth.
Based on application, the product traceability, tracking, and visibility segment of the blockchain agriculture and food supply chain market is projected to grow at the highest CAGR during the forecast period, making it a key revenue pocket for blockchain technology players. China is expected to be a high-growth market for blockchain technology providers. Many organizations such as Walmart (US), Nestle (Switzerland), and McCormick & Co. (US) have started piloting the blockchain technology solutions provided by IBM (US) to ensure food safety and rapid food recalls in case of any contamination. There are many other big players such as IBM (US), Microsoft (US), and SAP-SE (Germany) and small players such as AgriDigital (Australia), Provenance (UK), and OriginTrail (Slovenia) that are providing platforms and solutions for complete traceability of food products across the supply chain.
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In terms of value, Asia Pacific is projected to be the fastest-growing region for the blockchain in agriculture and food supply chain market during the forecast period. Countries such as India, China, Indonesia, Thailand, and Vietnam offer significant opportunities for the growth of the blockchain in agriculture and food supply chain market. The growing food fraud cases in these countries, high movement of agriculture and food commodities during trading, government support, and rising consumer awareness about the origin of products, coupled with key players’ expansion plans in this region, are some of the major factors that are expected to drive the growth of the blockchain in agriculture and food supply chain market in these regions.
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