“Global Blockchain for Sustainable Agriculture Market to reach a market value of USD 294.97 Million by 2031 growing at a CAGR of 5.9%”
The Global Blockchain for Sustainable Agriculture Market size is expected to reach $294.97 million by 2031, rising at a market growth of 5.9% CAGR during the forecast period.
Blockchain technology streamlines payment processes by enabling secure and fast transactions between stakeholders. Smart contracts and digital currencies can automate and simplify payment settlements, reducing the need for intermediaries and minimizing transaction costs. The use of blockchain for payment settlement ensures transparency, reduces the risk of fraud, and enhances trust among parties involved in agricultural transactions. This efficiency and security in financial transactions drive the adoption of blockchain in payment settlement applications. Thus, the payment settlement segment held 15% revenue share in the market.
The demand for transparent and traceable supply chains in agriculture has grown significantly due to consumer concerns about food safety, quality, and ethical sourcing. Consumers today are more informed and conscious about where their food comes from and how it is produced. Blockchain technology addresses these concerns by providing an immutable ledger that records every transaction and movement of agricultural products from farm to fork.
Additionally, the agricultural sector has seen a surge in investments and funding directed towards AgriTech startups, particularly those leveraging blockchain technology. Venture capitalists, private equity firms, and even government agencies are increasingly recognizing the potential of blockchain to transform agriculture. In conclusion, increasing investments and funding in agritech startups drives the market's growth.
However, implementing blockchain technology in agriculture can be cost-prohibitive, particularly for small-scale farmers with limited financial resources. The initial costs associated with blockchain include purchasing hardware and software licenses and setting up the necessary infrastructure. Additionally, there are costs related to training personnel and ongoing maintenance. Therefore, high initial implementation costs and financial barriers for small-scale farmers are hindering market growth.
Based on stockholder, the market is divided into food manufacturers/processors, growers, and retailers. In 2023, the food manufacturers/processors segment garnered 43% revenue share in the market. This segment benefits significantly from blockchain technology, which enhances traceability and transparency in the food supply chain.
On the basis of type, the market is segmented into private, hybrid, and public. In 2023, the hybrid segment attained 30% revenue share in the market. Hybrid blockchains combine the strengths of both private and public blockchains, offering a balanced approach to security, transparency, and accessibility.
By enterprise size, the market is divided into large enterprises and small and medium-sized enterprises (SMEs). The small and medium-sized enterprises (SMEs) segment procured 37% revenue share in the market in 2023. SMEs increasingly recognize blockchain technology's potential to enhance their operations and compete with larger players.
Based on application, the market is divided into product traceability, tracking & visibility, payment settlement, smart contracts, risk & compliance management, governance, and others. In 2023, the smart contracts segment acquired 13% revenue share in the market. Smart contracts are self-executing contracts with the terms of the agreement directly written into code.
Free Valuable Insights: Global Claims Management Market size to reach USD 294.97 Million by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 30% revenue share in the market. The region is home to some of the largest agricultural producers globally, and blockchain technology is gaining traction for improving supply chain transparency, product quality, and sustainability.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 188.90 Million |
| Market size forecast in 2031 | USD 294.97 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.9% from 2024 to 2031 |
| Number of Pages | 287 |
| Number of Tables | 480 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Stockholder, Type, Enterprise Size, Application, Region |
| Country scope |
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| Companies Included | OriginTrail, IBM Corporation, GrainChain Inc., TE-FOOD International GmbH, Full Prole Pty Ltd trading as AgriDigital, AirDAO.io, Amazon Web Services, Inc. (Amazon.com, Inc.), Bext Holdings Inc., FARMBX, INC. and Eden Green Technology |
By Stockholder
By Type
By Enterprise Size
By Application
By Geography
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