Study: Global blockchain anticipated to reach $1.4B by 2028
Presently, North America is at the forefront of the global blockchain in agriculture and food market.
The global market for blockchain in agriculture and food is projected to grow from $41.9 million in 2018 to $1.4 billion by 2028, growing at a CAGR 42.45% from 2018 to 2028, according to BIS Research, Fremont, Calif.
The report, “Global Blockchain in Agriculture & Food Market - Analysis and Forecast, 2018-2028,” reveals the need for transparency and traceability in the agriculture and food supply chain are what’s driving growth in blockchain.
“In 2017, supply chain tracking application held approximately 62% share of the total blockchain in agriculture and food market,” says Arvind Pal, analyst. “Large market share for supply chain tracking application has been attributed to growing demand for provenance and traceability data of the commodity across the supply chain by the stakeholders. Increasing awareness among consumers about food safety and their growing demand for transparency in the supply chain is expected to further increase the exponential growth of supply chain tracking in the global blockchain in agriculture and food market during the forecast period.”
During the forecast period, finance management application is expected to display the highest growth rate. Usage of smart contracts to make fair and secure payments in the agricultural supply chain is expected to augment the growth of blockchain for agricultural finance sector. Meanwhile, the increased need for safer record keeping and real-time monitoring of supply chain data is expected to drive the growth of data management. And, revenue generation of blockchain products for land and property owners will increase, as government bodies and other land ownership authorities in different countries will start adopting blockchain for a streamlined structure.
Presently, North America is at the forefront of the global blockchain in agriculture and food market. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products. For instance, the Asia-Pacific region is projected to display high market growth, owing to the increasing size of the urban population, demand for food provenance data and transparency in the agricultural supply chain.
This report is a compilation of research on more than 100 players in the global blockchain in agriculture and food ecosystem.