Global Blockchain for Sustainable Agriculture Market Size, Share & Trends Analysis Report By Stockholder, By Type, By Enterprise Size, By Application, By Regional Outlook and Forecast, 2024 - 2031

Global Blockchain for Sustainable Agriculture Market Size, Share & Trends Analysis Report By Stockholder, By Type, By Enterprise Size, By Application, By Regional Outlook and Forecast, 2024 - 2031

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.

Stockholder Outlook

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.

Type Outlook

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.

Enterprise Size Outlook

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.

Application Outlook

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.

Regional Outlook

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.

List of Key Companies Profiled

• 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.
• Eden Green Technology

Global Blockchain for Sustainable Agriculture Market Report Segmentation

By Stockholder

• Food Manufacturers/Processors
• Growers
• Retailers

By Type

• Private
• Hybrid
• Public

By Enterprise Size

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Application

• Product Traceability
• Tracking & Visibility
• Payment Settlement
• Smart Contracts
• Risk & Compliance Management
• Governance & Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA