The Latin America, Middle East and Africa Blockchain for Sustainable Agriculture Market would witness market growth of 8.5% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Blockchain for Sustainable Agriculture Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5,434.2 Thousands by 2031. The Argentina market is showcasing a CAGR of 9.9% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 7.5% during (2024 - 2031).
Smart contracts, self-executing contracts with terms directly written into code, are another application of blockchain in agriculture. These contracts can facilitate more transparent, fair, and efficient transactions between farmers and other stakeholders. In sustainable agriculture, smart contracts can ensure that farmers are paid fair product prices based on agreed-upon terms. They can also help eliminate intermediaries who may otherwise take a substantial cut from the farmer’s earnings.
Additionally, blockchain can be key in managing agricultural resources, including water, land, and energy. For example, blockchain can help farmers access precise data about soil health, weather patterns, and water usage, enabling them to make more informed decisions and optimize resource consumption. Blockchain can also be used to track carbon emissions, helping farmers reduce their environmental footprint and improve sustainable agriculture.
Brazil’s large-scale agricultural production, while conserving over 60% of its native vegetation, presents a unique challenge in balancing economic growth with environmental preservation. Blockchain can play a pivotal role in ensuring transparency and traceability in the supply chain, particularly in monitoring deforestation rates, water usage, and sustainability practices. The availability of significant credit lines for rural producers in Brazil encourages the adoption of innovative technologies, such as blockchain, which can help farmers track production processes, verify sustainability claims, and optimize resource management.
Free Valuable Insights: The Worldwide Blockchain for Sustainable Agriculture Market is Projected to reach USD 294.97 Million by 2031, at a CAGR of 5.9%
Based on Stockholder, the market is segmented into Food Manufacturers/Processors, Growers, and Retailers. Based on Type, the market is segmented into Private, Hybrid, and Public. Based on Enterprise Size, the market is segmented into Large Enterprises and Small and Medium-sized Enterprises (SMEs). Based on Application, the market is segmented into Product Traceability, Tracking & Visibility, Payment Settlement, Smart Contracts, Risk & Compliance Management, and Governance & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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