Preliminary research of Fairfield Market Research indicates a promising growth outlook for global agriculture supply chain management market during the course of next few years.
Key Report Findings
Market Analysis in Brief
The worldwide agriculture supply chain has witnessed ample ups and downs over the recent past. The agriculture supply chain management market is likely to rise high in the wake of exploding demand for agricultural products, growing implementation of advanced farming techniques, brisk penetration of next-gen technologies like AI and blockchain, and favorable government initiatives. While agricultural companies seek a more efficient integration with supply chain management infrastructure, all the participants in agriculture industry are contributing toward soaring demand for SCM adoption, one of which also includes contractual farming of vegetables, and fruits. The report would examine the agriculture supply chain management industry closely to track its current development and project the futuristic progression in near term.
Need for Greater Visibility in Supply Chain
The need for supply chain visibility in the agriculture sector continues to increase with an emphasis on mitigating disruptions, enabling agility, increasing speed and meeting demands of customers using data driven results. The supply chain management solution in the agriculture sector can facilitate managers to supervise ongoing operations and take necessary action on underperforming activities. In addition, agriculture supply chain management also enables chain managers to redirect resources and resolve problems and process alterations. Furthermore, it also provides data driven and reliable solutions thus facilitating effective production output and monitoring supply of products to customers from farms thus enhancing the customer experience with regards to quantity, quality, price, and timely delivery. This will bolster the growth of agriculture supply chain management market revenue.
With high visibility in the supply chain, the concerned personnel would be able to achieve improved customer service along with cost controls by managing inventory in motion, limiting disruptions, by mitigating risks and carrying out proactive status updates. In wake of the importance of agriculture supply chain management solution, companies are collaborating with technology providers to achieve improved efficiency. For instance, in 2021, Genesis Feed Technologies, and AgriDigital entered a partnership to participate in Seed to Feed Initiative. This project resulted in further enhancement of supply chain logistics by leveraging technology that provided real time insights across the entire value chain. In this backdrop, rising emphasis on visibility in supply chain remains instrumental in driving the growth of the agriculture supply chain management market on the global front.
Growing Integration of Blockchain
Companies are leveraging the blockchain technology to minimize transportation costs and improve efficiency. Blockchain can record several transactions between parties in a safe manner. Moreover, it also eliminates the requirement of intermediaries, which were previously employed as third parties to record, verify and coordinate all transactions by sharing all databases. With the proliferation of blockchain in the agriculture supply chain management, greater visibility and traceability about inventories, farm status and agricultural contracts among others can be obtained. That said, the integration of blockchain in the supply chain in agriculture domain is likely to augur well for the growth of the agriculture supply chain management market.
Increasing Cloud-based Deployments in Agriculture Value Chain
Increasing adoption of cloud-based software has been witnessed in the agriculture supply chain management market. This can be attributed towards several operational and economic benefits offered by cloud systems as compared to an on-premises setup. Moreover, cloud agriculture supply chain management requires minimal setup and offers pay per usage license. This facilitates in reducing the overall costs of businesses alongside transforming their processes. In addition, providers of agriculture supply chain management are focused on upgrading their current portfolio which is likely to further reduce the costs of their solutions.
For instance, in 2021, FCE Group AG partnered with Synergos-Nigeria. This partnership aims to enhance the agricultural produce in Nigeria. Under this partnership, around 45,000 farmers received digital tools with an access to the cloud platform for supply chain traceability, digital identification along with payment system covering alternate methods of payment. This considerably improved the living conditions and food security in Nigeria and transformed the agricultural practices. Other benefits such as fast deployment, improved visibility and higher flexibility continue to fuel the adoption of cloud SCM, in turn significantly contributing towards the growth of the agriculture supply chain management market.
Growth Opportunities Across Regions
Asia Pacific to Prevail as a Lucrative Region
The Asia Pacific region is poised to showcase high growth lucrativeness for the agriculture supply chain management market. This is mainly owing to the growth in the agriculture sector coupled with advancements in agri practices backed by willingness of farmers and companies to adopt and leverage new age technology. Furthermore, emerging economies such as India, and China are expected to prevail as attractive revenue pockets owing to increasing government support to develop and integrate technology in the agriculture supply chain. This is expected to sketch an opportunistic landscape for the agriculture supply chain management market in the region in the forthcoming years.
Agriculture Supply Chain Management Market: Competitive Landscape
A few of the major players in the agriculture supply chain management market include FCE Group AG, Bext360, ChainPoint, Agri Value Chain, GarainChain Inc., Intellync Inc., and AgriDigital. Since the proliferation of technology in the agriculture domain, players have been focusing on advancing their current scenario by opting new strategies. A few of these include partnerships, collaborations, and alliances. Companies in the agriculture supply chain management industry are also employing new age technologies such as the blockchain ledger in a bid to enhance efficiency while lowering transportation costs.
Recent Notable Developments
Regional Classification of Global Agriculture Supply Chain Management Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Agriculture Supply Chain Management Market
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