VeChain Enables Producers Market To Trace Agriculture Products To Support Underserved Farmers Globally
May 29, Shanghai, China — With consumer and industrial behavioral shifts due to the ongoing COVID-19 pandemic, the world has seen a stagnation of growth in the production, sales, and international exports of food products. To fight back and support vulnerable farmers in emerging markets with exporting their premium outputs, Producers Market chose to implement VeChain ToolChain™ to trace agricultural products to maintain and enhance their export competitiveness in the global marketplace. Pending a wider rollout with a growing global demand, the collaboration currently targets Latin America and the Caribbean (LAC) agricultural farmers.The Major Engine of Global Agricultural Calls For Help
The LAC region accounts for about a quarter of global exports in agricultural and fisheries products, underscoring the importance of trade openness at the global level. According to the new OECD-FAO Agricultural Outlook 2019–2028, the LAC currently accounts for 23% of agricultural and fisheries commodities exports, and by the year 2028, the LAC region will account for over 25% of global agricultural and fisheries exports.
More customers and end-users are looking towards digitized platforms to buy their products now. This shift in consumer behavior is pushing food manufacturers to digitize their businesses, from supply chain management to distribution and communication strategies. However, vulnerable farmers have limited resources and tools to do so. Reuters reported that most countries across Latin America have been forced to shutter their economies, dashing hopes for growth and sending forecasts for unemployment spiraling upward, urgently calling for extra assistance to protect their interest and help their exports.
With an eye towards the long-term development of LAC agriculture, Producers Market has chosen VeChain ToolChain™— the one-stop Ba...