CHICAGO, September 27, 2018 /PRNewswire/ --

The report "Blockchain in Agriculture Market (and Food Supply Chain), Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the 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.

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The Blockchain in Agriculture and Food Supply Chain Market is driven by factors such as an increase in demand for supply chain transparency, the rise in cases of food fraud in the emerging economies of the Asia Pacific, and growth in concerns toward food wastage.

According to the Congressional Research Service, as of 2014, food fraud cases had cost the global food industry an estimated USD 10.0 billion to USD 15.0 billion, annually. According to the World Health Organization estimates, in October 2017, about one in every 10-people become ill every year by eating contaminated food; about 420,000 people die every year, resulting in the loss of 33 million healthy life years. Nowadays, the global food supply has grown so complex that it has become difficult for food manufacturers and retailers to guarantee the provenance of their products. The food fraud cases in the past, including the horsemeat scandal of the UK in 2013 and pork mislabeling debacle in China in 2011, have affected the trust of consumers in these products and their manufacturers. Hence, companies are investing in blockchain technology, which would enable them to provide their customers with transparency.

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Based on organization size, the small and medium-sized enterprises segment of the Blockchain in Agriculture and Food Supply Chain Market is projected to grow at the higher CAGR during the forecast period.

Based on organization size type, the Blockchain in Agriculture and Food Supply Chain Market has been segmented into large enterprises and small and medium-sized enterprises. The small and medium-sized enterprises segment is projected to grow at the higher CAGR during the forecast period. The growing investment by the SMEs with the support of the government and the increasing number of start-ups in this market across the globe for the adoption of blockchain technology are the key factors that are driving the small and medium-sized enterprises segment in the Blockchain in Agriculture and Food Supply Chain Market.

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Based on provider, the application and solution provider segment of the Blockchain in Agriculture and Food Supply Chain Market is projected to grow at the highest CAGR during the forecast period.

Based on provider, the Blockchain in Agriculture and Food Supply Chain Market has been segmented into application and solution provider, middleware provider, and infrastructure and protocol provider. The application and solution provider segment is projected to grow at the highest CAGR during the forecast period. The introduction of technologically advanced blockchain solutions has witnessed high adoption in the agriculture and food supply chain industry, which has fueled the overall market growth.

The Asia Pacific region is projected to grow at the highest CAGR during the 2018-2023.

The Asia Pacific region is the fastest growing region in the Blockchain in Agriculture and Food Supply Chain Market. Asia Pacific is one of the leading producers of agricultural produce and food. This means that the probability of food contamination and fraud cases in the supply chain is higher in this region. Most of the countries in Asia Pacific export their food products to other countries. For instance, most of the Asian countries export fruits & vegetables to the European countries, as the highest requirements for food traceability are witnessed in this region. The food industry in the Asia Pacific region is exploring the blockchain technology to comply with the traceability requirements of importing companies.

This report includes a study of the development strategies adopted by leading companies and their product portfolios. It includes major players such as IBM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia). These players are focusing on expansions, funding, partnerships and collaborations, and new product developments to strengthen their customer base and market position in the Blockchain in Agriculture and Food Supply Chain Market.

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