The agricultural sector is poorly organized around the world, especially in developing and developing countries. The adoption of blockchain technology in agriculture market is estimated to organize this sector and improve consumer-producer transactions. In addition, population growth is estimated to increase the burden on the agricultural sector. According to World Bank data, the world’s population will exceed 7.735 billion in 2020. This population is estimated to exceed 9.7 billion by 2050. Increased investment by governments and private companies to organize the agricultural sector is expected to boost market growth.
The North American market is expected to gain the largest market share during the forecast period. This growth is due to the increased adoption of BFSI blockchains, telecom blockchains, cryptocurrencies, blockchain technology in developed countries such as the United States and Canada, and the development of the agricultural sector. Markets in the Asia-Pacific region are estimated to experience remarkable growth during the forecast period due to the presence of highly unorganized agricultural sectors in countries such as India, Sri Lanka and China. In addition, economic development in the Asia-Pacific region and private investment in the agricultural sector are estimated to drive regional market growth.
Market reports detail all of the following points and provide market trends based on analysis.
- The blockchain market in agriculture is estimated to grow at a CAGR of approximately 35% during the 2022-2030 forecast period.
- The blockchain market in agriculture is divided by type (public, private, etc.); by application (product tracking, payments and payments, governance management, etc.).
- The report describes the growth opportunities for each segment, as well as the factors that drive growth. In addition, Y-o-Y growth (%) revenue (in USD millions) is included in the report along with the factors driving market growth in each segment.
- Industry leaders in the agricultural blockchain market include Provenance Limited, SAP America, OriginTrail d.o.o., AMBROSUS Inc., Advanced Research Cryptography Ltd., Microsoft, TE-FOOD International GmbH., IBM, Full Profile Pty Ltd and Chainvine. Each of these key company profiles provides the company’s finances, revenue, revenue and analytics, value chain analytics, and other parameters.
- The agricultural blockchain market is divided by regions such as North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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The globalblockchain in agriculture market is estimated to grow on the back of rapid adoption of blockchain technology among various end-users, such as, BFSI and IT & Telecom. The increasing acceptance of blockchain in the food industry, backed by initiatives taken by major blockchain technology players, is estimated to boost the market growth. For instance, Arc-Net, a leading market player in the blockchain technology conducted a seminar explaining the applications of blockchain in agriculture. Advantages of blockchain in agriculture, such as, raised consumer awareness and full transparency are estimated to further boost the market growth.
On the basis of geographical analysis, the global blockchain in agriculture market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region to garner the largest market share over the forecast period, owing to the presence of major market players, along with higher adoption of blockchain technology.
Growing Need for Organized Agriculture Sector to Propel the Market Growth
With growing urbanization worldwide, there is a rising need for organized agriculture sector, so that businesses can enhance their profits as well as to provide a greater customer experience to individuals. The adoption of blockchain in agriculture provides various advantages, such as, security, availability of complete information, tracing deals, and proper management, which helps to align the business functions. This is estimated to boost the market growth.