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The food industry has recognized the importance of blockchain in its future operations. Analysts expect that this emerging technology could improve efficiency and the traceability of food. It could also be used as a form of validation for the sustainability, safety and quality of food. Over the coming decade, the market for blockchain technology will grow as a result of higher demand for transparency. A leading cause for this growing demand is food fraud.
Market Analysis of Blockchain in the Agri-food Industry
According to one source, the market for global agri-food blockchain will increase by 36% between now and 2028, with additional increases expected by 2032. A market analysis of the global food industry, which includes qualitative and quantitative information about the industry’s structure, suggests that the blockchain market will rise at a fast pace. Companies within this industry should refer to the market report when planning their investments. Doing so could help them achieve their business goals faster.
What the Report Includes
The agri-food market report looks at many large agricultural and food production companies as well as blockchain services and the intersection between the two. Some of the companies mentioned in the most recent report include Arc-Net, Blockgrain, GitHub, IBM, OriginTrail, SAP and Vechain. The report includes competitive scenarios for the market as well as vendor information. Growth factor details and business strategies make up the crux of the report.
How to Use the Report
Business owners and developers in the food, agricultural and blockchain industries can use the report in a variety of ways. One way is to look at the market segmentation by type of blockchain. Another way is to look at it by application of blockchain. Owners and managers can also examine the scope of the report, including prospects for importing and exporting, supply and demand dynamics, research and development opportunities and cost analyses. The analysis is further broken down into regions, including Africa, Asia-Pacific, Middle East, Europe, North America and the rest of the globe.
Special Focus on COVID-19 Impact
The COVID-19 pandemic has affected every part of the economy, and blockchain and agriculture are included. The market research includes an overview of how the pandemic has affected prices, supply and demand, market conditions for the most recent quarter and prospective market expectations. To look at COVID-19 impacts, the market report uses a SWOT analysis. SWOT stands for strength, weakness, opportunity and threat to a company. A SWOT analysis is provided for more than a dozen large agri-food corporations and blockchain providers. Both primary and secondary sources of data are used in this report.
Reasons for Future Growth
The blockchain and agri-food intersection is certain to grow over the next seven years. A growing population, transient populations and demands for affordable, healthy and fresh food are some of the market drivers. A renewed focus on the ability to trace foods that are contaminated will also play a role in implementing blockchain. Companies can maximize their time by referring to the agri-food blockchain research report for monitoring their own technology implementation, keeping an eye on the competition and understanding emerging trends.