In the ever-evolving landscape of agriculture and food production, the integration of blockchain technology has emerged as a game-changer. Blockchain, originally developed to support cryptocurrencies like Bitcoin, is proving to be a revolutionary tool for enhancing transparency, traceability, and efficiency in the food supply chain.

The global blockchain in agriculture and food market was valued at $139.6 million in 2020, which is expected to grow with a CAGR of 51.0% and reach $1,488.0 million by 2026. The growth in the global blockchain in agriculture and food market is expected to be driven by the increased need for transparency in the food supply chain and supportive government initiatives.

Blockchain in Agriculture and Food Market by Type

A public blockchain is a type of blockchain that provides open access to the public and that anyone can join without specific permission. This segment dominates compared to a private and hybrid type blockchain system because everyone who enters the network can read, record, and participate in this network that no one controls.

Blockchain in Agriculture and Food Market by Provider

The application and solution provider segment is anticipated to dominate the market and grow robustly during the forecast time. The introduction of enhanced technological solutions has undergone significant adoption in the industry, which has boosted the overall market growth.

Blockchain in Agriculture and Food Market by Application

With increasing pilot cases for blockchain in the agricultural supply chain, stakeholders have begun to see high potential for increasing transparency. The arrival of blockchain is also seen as timely because of the rising demand for supply chain transparency and traceability motivated by the increasing number of food outbreaks and food-borne illnesses.

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Global Blockchain in Agriculture and Food Market (by Region)

The global blockchain in agriculture and food market is expected to grow significantly during the forecast period as the blockchain in agriculture and food market holds a huge potential in the North America and Europe regions.

North America region is expected to dominate the global blockchain in agriculture and food market attributed to the high technological advancement in the region along with the presence of leading blockchain in agriculture and food technology solution providers in the North America region. The growth in the market is further driven by the increasing research and development activities and large-scale adoption of digital technologies in countries like the U.S., Canada, and Mexico. The U.S. is the major player in this market.

Asia-Pacific is anticipated to register the highest growth rate during the forecast period 2021-2026. This is due to ongoing efforts to digitize every industry, which is further expected to benefit the agricultural industry. Apart from that, the regional governments are enacting technology-friendly policies, which are anticipated to further put a significant impact on the market.

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Competitive Landscape of Global Blockchain in Agriculture and Food Market

The global blockchain in agriculture and food market has seen major developments by key players operating in the market, such as mergers and acquisitions, business expansions, partnerships, collaborations, and joint ventures. For instance, in June 2020, Microsoft Corporation partnered with food company Land O’Lakes to drive agricultural innovation and support rural communities by connecting consumers and farmers via cloud-based technologies. The partnership is expected to work toward enhancing the supply chain, expanding sustainable agricultural practices for farmers and the food system, and closing the rural broadband gap.

For instance, in May 2020, GE Aviation's Digital Group and TE-FOOD International GmbH partnered to enhance the efficiency of aviation industry supply chains with blockchain. In February 2020, Neogen Corporation entered a partnership with a blockchain provider called Ripe Technology Inc. (ripe.io) to adapt innovative blockchain technology for usage with Neogen's food safety diagnostics and animal genomics.

The companies have put in considerable efforts to develop new strategies for increasing the availability of technology and knowledge for blockchain adoption.

Key Questions Answered in this Report:

• What is the estimated global blockchain in agriculture and food market size in terms of revenue during the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to the global blockchain in agriculture and food market?
• What are the major factors inhibiting the growth of the global blockchain in agriculture and food market?
• Which region is the largest market for the global blockchain in agriculture and food market?
• What are the expected future scenarios and revenues generated by different regions and countries, such as North America, South America, Europe, the U.K., China, Asia-Pacific, and Middle East and Africa, in the global blockchain in agriculture and food market?