Agrifood Blockchain Market Size
Global Agrifood Blockchain Market reached US$ 120.1 million in 2022 and is expected to reach US$ 1,114.1 million by 2031, growing with a CAGR of 32.12% during the forecast period 2024-2031.
The consumer demand for transparency and traceability in food, coupled with the need to address specific challenges like food safety and supply chain inefficiencies, increases the demand for the agrifood blockchain market. The blockchain is considered to be the most secure way to share the operations and their details as it’s distributed across each stakeholder across the system.
The agrifood blockchain reduces the various unnecessary costs and wastages across the world. The use of blockchain within agrifood would help to reduce food fraud, establish the authenticity of the product, and improve customer satisfaction. It also helps in building stronger consumer relationships. Blockchain platforms can connect farmers with businesses and consumers seeking specific food items, reducing waste.
Robust investment in startups and collaboration among key players accelerate the growth, dominating North America's position in the regional marketplace. As technology evolves in North America, new applications for blockchain in food waste reduction are likely to emerge, further accelerating its impact in the region.
Market Scope
| Metrics | Details |
| CAGR | 32.12% |
| Size Available for Years | 2023-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Provider, Application, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Increase in Demand for Agricultural Supply-Chain Transparency
Consumers are increasingly demanding transparency in their food. The shift in consumer behavior is driving the need for better agri-food practices. Blockchain technology offers a secure and tamper-proof way to track food from farm to table. This builds trust by ensuring the origin, source, and quality of food. It empowers consumers with real-time information about growing practices and transportation details.
Along with transparency, blockchain addresses food safety concerns by guaranteeing product authenticity and facilitating recalls. It is also a powerful marketing tool for brands committed to ethical sourcing and sustainability. Further, blockchain streamlines the supply chain, reducing paperwork, errors, and fraud, benefiting all stakeholders. As the transactions are recorded on each stakeholder, it’s nearly impossible to alter them, which plays a significant role in supply chain management.
Growth in Concerns Toward Food Wastage
Food waste is a growing concern at the global level. According to the United Nations September 2023, globally, around 13 percent of food produced is lost between harvest and retail, while an estimated 17 percent of total global food production is wasted in households, food service, and retail together. The blockchain works as a responsible and sustainable food system with minimal waste.
Blockchain technology supports to fight against food waste by its transparent and traceable nature providing a better supply chain, the agrifood blockchains reveal inefficiencies that lead to wasted food. The agrifood blockchain predicts consumer demand more accurately through data analysis and helps optimize production and distribution, minimizing overproduction and its associated waste. Blockchain also empowers ethical sourcing and sustainable practices.
Lack of Technical Skillset in Blockchain Technology
Implementing and managing blockchain technology requires specialized skills. This includes understanding the underlying technology, developing and maintaining blockchain applications, and integrating them with existing systems. The small-time farmers and growers in rural areas might lack the technical know-how to utilize the system. The lack of a readily available workforce with these skills in the agricultural sector poses a significant challenge to market growth.
Market Segment Analysis
The global agrifood blockchain market is segmented based on type, provider, application, end-user and region.
High Product Transparency Provided By Product Traceability, Tracking, And Visibility
The global agrifood blockchain market is segmented based on application into product traceability, tracking, and visibility, payment and settlement, smart contract, governance, risk, and compliance management. The product traceability, tracking, and visibility segment accounted for the largest share of the agrifood blockchain market.
The secure, tamper-proof nature of agrifood blockchain helps to track a product's journey from farm to table, addressing concerns about safety, sustainability, and ethical sourcing. This builds trust and empowers them to make informed choices. It streamlines data exchange, automates processes, and facilitates compliance with regulations. It can satisfy consumer demands and transform the agrifood industry for the better, driving segment growth.
Market Geographical Share
High Adoption of Blockchain in North America
North America dominated the global agrifood blockchain market. The largest regional share of North America is due to the adoption of blockchain in agriculture and the growing blockchain expertise of the area. The region’s vast and established agricultural sector serves as a prime testing ground for these innovations.
North America accounts for the brilliant advancement in technology that helps in wide contribution to the fact regions higher position in the market. This support in developing and deploying effective solutions for the agricultural sector. In addition to the technology advancement, the presence of major companies like IBM and Microsoft actively promoting blockchain solutions provides a strong foundation for the market size.
Major Global Players
The major global players in the market include IBM, Microsoft, SAP SE, Arc-net, AgriDigital, Ripe Technology, Inc., Oracle, DigitalFoodLab, OTT8 Group Inc., and OPTiM Corporation.
COVID-19 Impact Analysis
The COVID-19 had a moderate impact on the global agrifood blockchain market. The market didn’t have much exposure in the market before COVID-19 but reached heights due to high consumer concentration on food origin and health benefits. The interrupted distribution channels and uncoordinated and delayed supply chains have hurt the market the during pandemic period.
The pandemic increased the health and environmental consciousness among global consumers resulting in the achievement of better health-supporting and sustainable practices. The pandemic caused consumers to need to know about better and transparent agriculture and food management through this application of the market demand post-COVID-19 conditions.
Key Developments
- In January 2024, NITI Aayog, the Ministry of Agriculture and Farmers' Welfare and the Food and Agriculture Organization of the United Nations jointly launched the Investment Forum for Advancing Climate Resilient Agrifood Systems in India. The initiative aims to develop an investment and partnership to advance climate-resilient agrifood systems.
- In March 2023, Maalexi, a start-up, that provides a blockchain-enabled ecosystem that assists small food and agri-businesses in accessing cross-border trade and finance directly, joined Rockstart AgriFood in Spring 2023. Rockstart supports founders via industry-specific and tailored accelerator programs.
Why Purchase the Report?
- To visualize the global agrifood blockchain market segmentation based on type, provider, application, end-user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of agrifood blockchain market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global agrifood blockchain market report would provide approximately 70 tables, 64 figures, and 183 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
