Dublin, March 07, 2022 (GLOBE NEWSWIRE) — The “Blockchain in Agriculture and Food Market – A Global and Regional Analysis: Focus on Applications, Products, and Country-Wise Analysis – Analysis and Forecast, 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global blockchain in agriculture and food market was valued at $139.6 million in 2020, which is expected to grow with a CAGR of 51.0% and reach $1,488.0 million by 2026.
The growth in the global blockchain in agriculture and food market is expected to be driven by the increased need for transparency in the food supply chain and supportive government initiatives.
Blockchain in Agriculture and Food
The agriculture and food market required a lot of inconsistent paperwork and dependency on paper-based documentation. Blockchain provides a systematic digital ledger for storing land records and other data, keeping it safe during natural calamities.
Blockchain technology will be a revolutionary change as it offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking.
The blockchain in the agriculture and food market is still in the developing phase. Increased research and development activities are underway to develop blockchain technology, which is expected to increase the technology adoption by retailers, food processors, and food distributors.
Impact of COVID-19
The outbreak of the COVID-19 pandemic and related policies imposed by governments of different countries significantly restricted both the business schedules along with the suppliers’ & customers’ business schedules, mainly in the first fiscal quarter of 2020.
Additionally, the downturn in blockchain investments, as well as delays in project developments and postponement and cancellation of major blockchain & cryptocurrency conventions, was caused due to the pandemic. These events mainly aid in the education as well as the marketing of blockchain technology.
Market…
