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Global Blockchain in Agriculture and Food Market: Focus on Stakeholders, Regulations, Application (Supply Chain Tracking, Finance Management, Data Management, and Land and Property Ownership) and Regional Adoption - Analysis & Forecast 2018-2028LONDON, Nov. 7, 2018 /PRNewswire/ -- Global Blockchain in Agriculture & Food Market Anticipated to Reach $1.4 billion by 2028 Moreover, the report consists of a comprehensive analysis of blockchain in agriculture and food market for different geographical regions.The blockchain in agriculture and food market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC) and Rest-of-the-World (RoW). Each geographical region analysis details individual driving and restraining forces acting in the market in addition to the key players from that particular region. Executive Summary In 2018, the agriculture and food industry still serves for the livelihood of a majority of the global populations.Even though the global agriculture industry has been witnessing various transformations in terms of shrinking farmlands and depletion of finite natural resources, the global food demand has grown irrespectively. This extensive growth has led the large food companies to establish numerous food production factories across the world.This race amongst food companies to serve the customers with agricultural supplies and food quickly and at cheaper costs has led them to make adjustments in their supply chain by turning the chain into a complex network of suppliers ranging across geographic regions. However, while on one hand, the agriculture and food supply chains have extended their reach globally, they on the other hand have also entangled the chain.Consequently, it has led to a feeling of distrust and disconnect in consumers due to the lack of awareness regarding the origin of the food and the processes it might have undergone. Moreover, the food industry has been continuously witnessing outbreaks of the food borne illness and recalls which have led to epidemics and deaths. To counter the concerns such as food wastage, lack of provenance data, delayed payments, and unavailability of crop insurance consumers and other supply chain stakeholders are increasingly demanding for improved transparency in the agriculture and food supply chain. Blockchain technology is pitched to be the leading contender in the agriculture and food system to streamline the handling of all these concerns. Increased activity in the global blockchain in agriculture and food market has also prompted the government bodies to restructure their legislative frameworks and regulations to adapt blockchain in its economy.Real-time potential to solve the issues that have plagued the agriculture industry is mainly driving the blockchain technology into the agriculture market. Moreover, the improvement in efficiency of supply chain with regard to cost and time is also a contributing factor for the same. The high market growth in the global blockchain in agriculture and food market is expected to be driven by the need for transparency and traceability in the agriculture and food supply chain.A blockchain powered supply chain will ensure accountability of food companies to provide healthy and high-quality ingredients as quoted on the product casing. Blockchain's deployment will also lead to reduction of food wastage within the supply chain and create capital growth opportunities for all the stakeholders such as farmers, processors, distributors, retailers, and traders involved in the agricultural supply chain. Specifically, the agriculture market will benefit from blockchain's capability to ensure lower costs for transaction and processing, across the supply chain and generating value for all stakeholders. Currently, the blockchain in agriculture and food market, is generating revenue based on the pilot projects run by individual agricultural startups or consortiums of large food companies, retail companies, trading companies, and blockchain technology product providing companies. Blockchain has found several applications in agriculture including supply chain tracking, finance management, data management, and land and property ownership, among others.The technology will increase the speed of movement of all kinds of commodities ranging from agri-input to food throughout the supply chain and shall also permit faster removal of targeted products that do not qualify for consumption. While executing both the processes, food wastage shall be reduced manifold.Food processors and distributors will be able to track food commodities at different temperatures and times. This shall help them store food efficiently, further leading to the reduction in its wastage.Accuracy in the supply chain could be established by ensuring transparency in places where human error could seep into the system. Along with transparency, the immutability of blockchain-powered supply chain consists of a means to identify incorrect entry of data for stakeholders to regulate and rectify. Blockchain possesses a potential to add value to the stakeholders by providing them better access to data about products, their prices and markets.Information generated through blockchain about nuances of supply chain can also help the stakeholders identify new opportunities across the globe to comply with customer needs and enable faster adoption of blockchain in the supply chain. Transparency in the supply chain would lead to the circulation of reliable information and aid the stakeholders in having access to customized financial options. Cooperation from regulatory bodies and government organizations will build upon the benefits of blockchain in making the supply chain efficient. The trends of blockchain in agriculture and food market vary across different geographical regions.The smart farming market holds a prominent share in the regions of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Presently, North America is at the forefront of the global blockchain in agriculture and food market, with high market penetration rate in the U.S. However, smaller countries in other geographic regions are also seen as hubs for establishing blockchain companies and products. The competitive landscape for the global blockchain in agriculture and food market demonstrates an inclination toward companies adopting strategies such as product launches, development and partnerships, collaborations, and joint ventures.Large number of players in the market are focusing on establishing partnerships to carry out pilot test projects. This key strategy has also been on a rise for successful implementation of blockchain, all stakeholders need to actively participate. AgriDigital, AgUnity, OwlTing, Provenance, SkuChain, Ripe.io, Olivacoin, Foodcoin Ecosystem, Alo Agri, FARM, Origintrail, Coin22, and Bext360 are some of the prominent agricultural blockchain startups in the agriculture and food market. The market is highly fragmented with the presence of a huge number of small to medium sized companies that compete with each other and the large enterprises. Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market.Various government and private research institutes, and favorable trade policies are putting in substantial efforts to identify the benefits of these agricultural blockchain solutions for augmenting transparency in the agriculture and food supply chain. The need for blockchain technology for supply chain tracking and finance management is necessary to bridge the demand and supply gap along with attaining sustainability in the ecosystem. Countries Covered • North America • Europe • Asia-Pacific • Rest-of-the-World Download the full report: https://www.reportbuyer.com/product/5612794 About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +1 (718) 213 4904 Website: www.reportbuyer.com SOURCE ReportBuyer 
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