Blockchain in Agriculture Market Size

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.