According to a research report published by Spherical Insights & Consulting, the Global Blockchain In Agriculture Market Size Expected to Grow from USD 0.5 Billion in 2023 to USD 21.46 Billion by 2033, at a CAGR of 45.64% during the forecast period 2023-2033.

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Blockchain technology can track a variety of plant-related data, including crop growth and seed quality, and it can even provide a record of the plant’s journey once it leaves the farm. This information can remove worries about illicit and immoral activities and increase supply chain transparency. Supply chain transparency may be improved and worries about unethical behavior may be reduced by using this data. Furthermore, blockchain makes it easier to accurately track how much electricity, fertilizer, and water are being used, which promotes effective use and reduces wasteful use. It encourages sustainable resource management by providing transparent and unalterable data on resource utilization patterns. However, there are worries that the security of food supplies could be jeopardized by the abuse or misuse of blockchain technology. For example, private blockchains are easier to hack and less secure.

Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the Global Blockchain In Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Application (Product Traceability, Tracking, & Visibility, Payment & Settlement, Smart Contracts, Governance Risk & Compliance Management, and Smart Contracts), By Provider (Infrastructure & Protocol Provider, Middleware Provider Application, and Solution Provider), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

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The product traceability, tracking, & visibility segment dominates the market with the highest market share through the forecast period.

Based on the application, the global blockchain in the agriculture market is divided into product traceability, tracking, & visibility, payment & settlement, smart contracts, governance risk & compliance management, and smart contracts. Among these, the product traceability, tracking, & visibility segment dominates the market with the highest market share through the forecast period. A traceability system is one that ensures that product movement across the supply chain can be tracked and traced. Blockchain technology enables end-to-end traceability in the agricultural supply chain. Every transaction segment on the blockchain has a permanent record that is saved in separate blocks and is resistant to alteration. Instead of being maintained in an opaque network system, all agricultural product information can be shared and transparently stored on the blockchain, making it available to all supply chain players.

The infrastructure & protocol provider segment is expected to grow at the fastest CAGR growth through the forecast period.

Based on the provider, the global blockchain in the agriculture market is divided into infrastructure & protocol provider, middleware provider application, and solution provider. Among these, the infrastructure and protocol provider segment is expected to grow at the fastest CAGR growth through the forecast period. An entity or group that develops and oversees blockchain technology specifically tailored to address problems with agricultural supply chains is known as a blockchain protocol provider in the agriculture sector.

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North America is expected to hold the highest share of the global blockchain in the agriculture market over the predicted timeframe.

North America is estimated to hold the largest share of the global blockchain in the agriculture market over the predicted timeframe. North America leads the market for blockchain technology since it is home to several of the industry’s top companies. The increase in blockchain research and development for food safety concerns, as well as the increasing efficiency of the food and agriculture vertical in terms of transparency, payment, and land registry, are expected to propel blockchain in the agriculture market in this region. Furthermore, the presence of important players in the region drives progress in blockchain technology.

Asia Pacific is estimated to grow at the fastest CAGR growth of the global blockchain in the agriculture market during the forecast period. This is due to growing stakeholder investment and government backing for exploration in this area. Furthermore, the application of modern technologies will promote further market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global blockchain in agriculture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Blockchain In Agriculture Market are IBM, Microsoft, Ambrosius, Sap Se, Origintrail, Provenance, Agridigital, Abaco Group, Ripe. lo, Vechain, Chainvine, Agrichain, Skuchain, Bext360, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In September 2023, farm to Fork: Silal of Abu Dhabi unveiled a blockchain-powered food tracking system. To utilize the traceability function, use the Silal App to scan the QR code on a Silal Fresh product.

• In May 2023, the biggest egg producer in East India, OVO Farm, is at the forefront of upending the Indian egg market with cutting-edge goods and procedures that promote openness and confidence for the good of customers. It is now simpler to trace eggs at every stage of the supply chain, from the farm to the end user, thanks to the egg giant’s exclusive blockchain technology. Under the primary brand “Kenko,” OVO Farm offers high-quality, fresh, and hygienic eggs. Each product has a QR code that may be scanned to confirm its legitimacy.

• In March 2023, Microsoft introduced Microsoft Azure Data Manager for Agriculture, which accelerates innovation across the agricultural value chain.

• In December 2020, BlockApps, the largest blockchain platform, and Bayer Crop Science established the TraceHarvest Network. The first blockchain system for tracking and tracing the lifespan of agricultural products, starting at the seed source, is the BlockApps TraceHarvest Network. This aims to provide a comprehensive picture of stewardship in the planting, harvesting, trading, and processing phases of products like seeds.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global blockchain in the agriculture market based on the below-mentioned segments:

Global Blockchain In Agriculture Market, By Application

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

Global Blockchain In Agriculture Market, By Provider

• New Infrastructure and Protocol Provider
• Middleware Provider Application
• Solution Provider

Global Blockchain In Agriculture Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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