Blockchain in Agriculture Market Size, Share, Trends, Industry Analysis & Growth 2032

Blockchain in Agriculture Market Insights

According to the report published by Zion Market Research, the global Blockchain in Agriculture Market size was valued at USD 296.03 Million in 2023 and is predicted to reach USD 8492.59 Million by the end of 2032. The market is expected to grow with a CAGR of 45.2% during the forecast period. The report analyzes the global Blockchain in Agriculture Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Blockchain in Agriculture industry.

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Global Blockchain in Agriculture Market: Overview

Blockchain technology can enhance food safety by bringing transparency to the supply chain and improving the farming process. This will result in saving the time and money as well as lives of the persons involved in the agricultural activities. Blockchain technology can also help in reducing the transaction costs and will open new markets for farmers in the emerging economies, thereby benefitting both the agriculture sector as well as farmers. Blockchain in agriculture market is touted to dominate the future global business with improvement in logistics, quality assurance, environmental farm plans, nutrient management plans along with the effective implementation of big data applications, AI applications, and precision agricultural activities.

Global Blockchain in Agriculture Market: Growth Factors

Blockchain technology is revolutionizing the agriculture sector by enhancing the decision-making capabilities of organizations. It finds several potential applications in the sector, some of which have already been explored. The major applications of blockchain technology in agriculture include traceability and tracking, payment and settlement, smart contract, and governance, risk, and compliance management. The growth of the blockchain in agriculture market is attributed to the increase in demand for supply chain transparency, the rise in cases of food fraud, and rising concerns over food wastage.

Blockchain can help in replacing slow manual processes in farming, reinforce traceability, and minimize food supply-chain IT transaction costs. However, blockchain has its limitations with the technology not being able to capture data pertaining to a number of untrusted participants/ vendors. In addition, there is a mammoth gap between the technology’s current capacity and the capacity that the supply chain requires. These factors can put brakes on the evolution of blockchain in agriculture market in the coming decade.

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Global Blockchain in Agriculture Market: Segmentation

The global blockchain in agriculture market can be classified

based on application, which is further segmented into product traceability, smart contracts, risk & compliance management, governance, and payment & settlement.

Based on the provider, the market is classified into application & solution provider, infrastructure and protocol provider, and middleware provider.

On the basis of organizational size, the market is sectored into large enterprises and SMEs.

Blockchain in Agriculture Market: Report Scope

Global Blockchain in Agriculture Market: Regional Analysis

Based on regions, the global blockchain in agriculture market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.  North America was estimated to account for the largest share of the global blockchain in agriculture market in 2018, owing to the presence of major companies such as IBM and Microsoft in the U.S. The increase in research & development activities for blockchain due to food safety concerns and the benefits this technology offers to the farming vertical in terms of transparency, payment, and land registry are the factors that are expected to drive the blockchain in agriculture market in this region during the forecast timeline.

In the Asia Pacific region, India is projected to be the fastest-growing market during the forecast period. The growing investment made by various stakeholders and government support for exploration and adoption of new technology is expected to drive the blockchain in agriculture market in India. The key players in Europe and the U.S. are focusing on exploring the untapped growth potential of the agriculture sector in APAC in countries such as India and China.

LATAM, Europe, and MEA are the markets having huge growth potential.

Global Blockchain in Agriculture Market: Competitive Players

The key players in the global blockchain in agriculture market include:

• BM (US)
• Microsoft (US), SAP-SE (Germany)
• Ambrosus (Switzerland)
• Arc-net (Ireland)
• OriginTrail (Slovenia)
• Ripe.io (US)
• VeChain (China)
• Provenance (UK)
• ChainVine (UK)
• AgriDigital (Australia)
• BlockGrain (Australia).

The Global Blockchain in Agriculture Market is segmented as follows:

By application 

• product traceability
• smart contracts
• risk & compliance management
• governance
• payment & settlement

By provider 

• application & solution provider 
• infrastructure and protocol provider
• middleware provider 

By organizational size 

• large enterprises 
• SMEs

Global Blockchain in Agriculture Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.