According to a new report, published by KBV research, 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.
The Private segment is leading the Global Blockchain for Sustainable Agriculture Market by Type in 2023; thereby, achieving a market value of $150.1 million by 2031. Private blockchains are favored in the agriculture sector for their controlled access and enhanced security features. These blockchains are accessible only to select participants, typically within a single organization or a consortium of organizations, ensuring that sensitive agricultural data remains secure and confidential. Private blockchains enable precise tracking and verification of agricultural practices, ensuring compliance with sustainability standards and improving supply chain transparency.
The Growers segment is anticipating a CAGR of 5.7% during (2024 - 2031). For growers, blockchain technology offers a reliable way to document and verify sustainable farming practices. Using blockchain, growers can record and share information about crop cultivation, using fertilizers and pesticides, water usage, and other farming activities. This transparency helps build trust with consumers and other stakeholders by demonstrating commitment to sustainable agriculture. Additionally, blockchain can facilitate better supply chain collaboration and efficiency, ensuring that growers receive fair compensation for their produce and reducing instances of market inefficiencies and waste.
The Large Enterprises segment is leading the Global Blockchain for Sustainable Agriculture Market by Enterprise Size in 2023; thereby, achieving a market value of $177.1 million. Large enterprises are more likely to invest in blockchain technology due to their substantial resources and the need to manage complex supply chains. These organizations often have the infrastructure and capital necessary to implement and maintain blockchain solutions at scale. By adopting blockchain technology, large enterprises can enhance traceability, improve transparency, and ensure sustainability throughout their extensive agricultural supply chains.
The Tracking & Visibility segment is registering a CAGR of 5.2% during (2024 - 2031). This application focuses on providing real-time visibility into the supply chain, enabling stakeholders to monitor the movement and condition of agricultural products. Blockchain technology facilitates seamless information sharing among participants, improving coordination and reducing inefficiencies. Enhanced tracking and visibility help optimize inventory management, reduce waste, and ensure timely delivery of products. The transparency offered by blockchain in this segment enhances supply chain efficiency and reliability.
Full Report: https://www.kbvresearch.com/blockchain-for-sustainable-agriculture-market/
The North America market dominated the Global Blockchain for Sustainable Agriculture Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $104.4 million by 2031. The Europe market is expected to witness a CAGR of 5.6% during (2024 - 2031). Additionally, The Asia Pacific market is expected to witness a CAGR of 6.5% during (2024 - 2031).
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