The global agriculture supply chain management market has experienced its share of ups and downs, but it is now on the path to substantial growth. The market, valued at approximately US$750 Mn as of 2021, is poised to witness strong, double-digit growth in the coming years. This growth is driven by the increasing demand for agricultural products, the adoption of advanced farming techniques, and the brisk penetration of next-gen technologies like AI and blockchain. Favorable government initiatives are also contributing to the surge in supply chain management (SCM) adoption across the agriculture industry, including the practice of contractual farming of vegetables and fruits. A recent comprehensive report delves into the agriculture supply chain management industry to closely examine its current development and forecast its future progression.
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Key Report Findings
The agriculture supply chain management market, valued at around US$750 Mn in 2021, is all set to see strong, double-digit growth in the near term.
Primary research findings anticipate more than 10% revenue growth for the agriculture supply chain management industry, indicating a promising outlook.
The rapid growth in cloud SCM adoption is expected to bode well for the expansion of the agriculture supply chain management market, further fueling its progress.
Asia Pacific, led by China and India, remains at the forefront of the market, presenting lucrative opportunities for growth and development.
Growth Drivers
Need for Greater Visibility in Supply Chain
In the agriculture sector, the need for supply chain visibility continues to escalate, as stakeholders focus on mitigating disruptions, increasing agility, and meeting customer demands with data-driven insights. The implementation of agriculture supply chain management solutions empowers managers to supervise ongoing operations, promptly address underperforming activities, and optimize resource allocation to resolve issues and adapt to changing conditions. By providing data-driven and reliable solutions, agriculture supply chain management enhances production output and ensures timely product delivery to customers, elevating the overall customer experience in terms of quantity, quality, price, and timely delivery. This emphasis on supply chain visibility is a significant driver for the growth of the agriculture supply chain management market on a global scale.
Growing Integration of Blockchain
The agriculture supply chain management market is witnessing a growing integration of blockchain technology, as companies seek to minimize transportation costs and improve operational efficiency. Blockchain’s secure and transparent recording of transactions between parties eliminates the need for intermediaries, enhancing visibility and traceability of critical aspects such as inventories, farm status, and agricultural contracts. The integration of blockchain technology augurs well for the growth and progress of the agriculture supply chain management market.
Increasing Cloud-based Deployments in Agriculture Value Chain
Across the agriculture value chain, there is a notable surge in the adoption of cloud-based software, providing operational and economic benefits over traditional on-premises setups. Reduced setup costs and pay-per-usage licensing contribute to cost reduction and streamlined processes, making cloud agriculture supply chain management an attractive choice. Service providers are actively upgrading their current portfolios, further lowering the costs of their solutions and driving the adoption of cloud SCM in the agriculture industry.
Growth Opportunities Across RegionsÂ
Asia Pacific to Prevail as a Lucrative Region
The Asia Pacific region, led by dynamic markets such as China and India, presents high-growth lucrativeness for the agriculture supply chain management market. Advancements in agricultural practices and strong government support for technology integration create a favorable landscape for growth in the region. Emerging economies offer attractive revenue opportunities, solidifying the position of Asia Pacific as a key driver of the agriculture supply chain management market in the forthcoming years.
Agriculture Supply Chain Management Market: Competitive Landscape
In the fiercely competitive landscape of the agriculture supply chain management market, major players such as FCE Group AG, Bext360, ChainPoint, Agri Value Chain, GarainChain Inc., Intellync Inc., and AgriDigital are actively pursuing strategic partnerships, collaborations, and alliances to strengthen their foothold. Embracing innovative technologies like blockchain, these companies are focused on improving efficiency while reducing transportation costs, driving continuous innovation in the industry.
As the agriculture industry continues to evolve, the adoption of supply chain management solutions and cutting-edge technologies will be paramount in ensuring sustainable growth and meeting the evolving demands of a dynamic global market. The future of the agriculture supply chain management industry holds great promise, with numerous growth opportunities across regions, particularly in the Asia Pacific region.
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