The global market of Blockchain in Agriculture and Food Supply is estimated to grow from 87 million in 2020 to $189.48 million in 2021 at a compound annual growth rate (CAGR) of 47%. While the market was disrupted due to the COVID-19 outbreak, in the year 2021 the market will resume its services and adapt to the new normal while recovering from the impact. Due to these efforts taken in closing the gap will benefit the market and is expected to reach $886.18 million in 2025 at a CAGR of 47.1%.
In this emerging market, the major players in the blockchain in agriculture and food supply chain market are Ambrosus, IBM, SAP-SE, Microsoft, Arc-net, Rip. Io, OriginTrail, ChainVine, AgriDigital, and Provenance.
Blockchain in Agriculture Technology
Blockchain with IoT is an emerging trend that will influence the future of agriculture. Several technologies have revolutionized the agriculture technology, however; such deep technologies will further enhance the Agriculture and Food Supply chain market. Companies are leveraging blockchain to secure data in IoT devices. These devices can collect, transfer, and store data over a wireless network. When IoT devices are combined with blockchain, it enables smart dices to exchange data and other financial transactions in a scalable, private, and reliable manner.
Blockchain technology with IoT further supports businesses to share and access data without the need for central control management. Recently, the companies have transformed their operations to utilize compelling technologies to the forefront. As the key agriculture technology players ingest and scale the best of these new ideas and products in 2021, bringing real results and clear value for framers is going to be paramount.
The same has been confirmed in an article published by Thales in 2019, that blockchain in IoT devices has doubled and a majority of the organizations plan to consider blockchain technology shortly.
What are the new trends in agriculture?
- Regenerative Ag
- Ag Biotech
- Automation & Robotics
- Ag Fintech & Insurance
- Farm Management Software
- Precision Pollination
- Ag Marketplaces
- Indoor Farming