Major players in the blockchain in agriculture and food supply chain market are IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Rip. io, Provenance, ChainVine, and AgriDigital. The global blockchain in agriculture and food supply chain market is expected to grow from $128.
The blockchain in agriculture and food supply chain market consists of sales of blockchain services in the agriculture and food supply chain by entities (organizations, sole traders and partnerships) that provide blockchain services to the agriculture and food supply chain.Blockchain technology enables the traceability of information in the food supply chain and thus helps improve food safety.
It also 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.
The blockchain in agriculture and food supply chain market covered in the report is segmented by type into public blockchain, private blockchain, consortium/hybrid blockchain; by stakeholder into growers, food manufacturers/processors, retailers; by application into product traceability, tracking, and visibility, payment and settlement, smart contracts, governance, risk and compliance management.
North America was the largest region in the blockchain in agriculture and food supply chain market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Blockchain in food and agriculture market can be expensive and this can hinder market growth.Obtaining the data uploaded to a blockchain can be costly, and this can create a barrier to the adoption of blockchain technology in the agricultural sector.
For instance, the DNA of livestock animals could be expensive.The average cost of data collection is lower for larger farms than smaller ones, which raises the concern of increasing the income discrepancy.
Therefore, obtaining data in a blockchain is expensive and hinders market growth.