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Blockchain in Agriculture and Food Supply Chain Market Size
- Report ID: GMI10031
- Published Date: Jun 2024
- Report Format: PDF
Blockchain in Agriculture and Food Supply Chain Market Size
Blockchain in Agriculture and Food Supply Chain Market was valued at USD 302.8 million in 2023 and is estimated to register a CAGR of over 36.2% between 2024 and 2032. The continuous evolution and integration of technological advancements into blockchain technology in the agriculture and food supply chain segment are expected to fuel market growth.
For the government, blockchain provides an immutable ledger that can trace the origin and journey of agricultural products, helping track food safety, verify organic or fair-trade claims, and reduce fraud. For instance, in May 2023, the Karnataka government implemented blockchain-based seed traceability across the state for high transportability. This action ensured seed authenticity, increased transparency in seed distribution, and lowered the number of seed theft incidents.?
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Blockchain in Agriculture and Food Supply Chain Market Size in 2023: | USD 302.8 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 36% |
| 2032 Value Projection: | USD 4.6 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 361 |
| Segments covered: | Component, Channel, Deployment Model, Organization Size, End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In the event of any contamination or recall, blockchain can help identify and isolate affected products efficiently, thereby reducing health risks and economic loss. The provision of real-time data on the location and condition of food products through blockchain can help optimize supply chain operations, reducing delays and spoilage. This is particularly beneficial for perishable goods. Automation of transactions and reduction of intermediaries are possible through blockchain, leading to cost savings and improved efficiency in handling and transportation.
In blockchain in the agriculture and food supply chain market, data privacy and security concerns pose significant challenges. As these systems handle sensitive information, ensuring robust security measures is crucial. Organizations must comply with data protection regulations to safeguard the data from unauthorized access or breaches. Additionally, many stakeholders in the agriculture and food supply chain may lack the technical expertise needed to adopt and maintain blockchain systems.
Frequently Asked Questions (FAQ) :
Blockchain in Agriculture and Food Supply Chain Market Scope
