Blockchain in Agriculture Market size was valued at USD 5.14 billion in 2023 and is poised to cross USD 290.77 billion by 2036, registering more than 36.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blockchain in agriculture is estimated at USD 6.64 billion. The growth of the market can be attributed to the increasing adoption of blockchain technology in various industries including agriculture. Blockchain provides innumerable advantages, such as, centralized availability of information, security and management of product and payment, fairer price, and high transparency, among others, which are estimated to boost the market growth. Agriculture sector is largely unorganized around the globe, especially in developing and under-developed countries. Adoption of blockchain technology in agriculture is estimated to organize this sector and improve consumer-producer transactions by providing transparency and immutable data. Moreover, growing population is bound to increase the burden over the agriculture sector. The global population crossed 7.753 billion in 2020, as per the data by the World Bank. This population is estimated to cross 9.7 billion by 2050. Increasing investment by government and private companies to organize the agriculture sector is anticipated to boost the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
36.4% |
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Base Year Market Size (2023) |
USD 5.14 billion |
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Forecast Year Market Size (2036) |
USD 290.77 billion |
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Regional Scope |
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The market is segmented by application into product tracking, payment & settlement, governance & management, and others out of which, the governance & management segment is anticipated to hold the largest share in the global blockchain in agriculture market over the forecast period on account of increasing need for proper management in the agriculture sector. The dynamics of agriculture sector are changing, with growing privatization across the globe, which is estimated to fuel the segment growth.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is set to hold largest revenue share by 2036, on the back of higher adoption of blockchain technology, such as, blockchain in BFSI, blockchain in telecom, cryptocurrency, in developed economies, including the United States, and Canada, along with the development in the agriculture sector. The market in Asia Pacific region witnessed or is estimated to witness noteworthy growth over the forecast period on the back of presence of highly unorganized agriculture sector in countries, such as, India, Sri Lanka, and China. Moreover, the economic development in the APAC region and private investment in agriculture sector are estimated to encourage the regional market growth.
April, 2021: Advanced Research Cryptography Ltd. (Arc-net) to organize a seminar sharing the benefits off blockchain applied in food industry. This seminar included ICT management, supply chain under food industry, and management heads of R&D in agriculture sector.
Author Credits: Abhishek Verma
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