Global Blockchain In Agriculture Market Insights Forecasts to 2033

• The Global Blockchain In Agriculture Market Size was Valued at USD 0.5 Billion in 2023
• The Market Size is Growing at a CAGR of 45.64% from 2023 to 2033
• The Worldwide Blockchain In Agriculture Market Size is Expected to Reach USD 21.46 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Blockchain In Agriculture Market Size is Anticipated to Exceed USD 21.46 Billion by 2033, Growing at a CAGR of 45.64% from 2023 to 2033.

Market Overview

Blockchain technology can track a variety of plant-related data, including crop growth and seed quality. It can even provide a record of a plant's journey after it leaves the farm. By using this data, supply chain transparency might be increased and concerns about unethical activity can be allayed. They can also facilitate the process of tracing contamination or other problems back to their source in the event of a recall. Food security and sustainability are these technologies' main objectives. With this level of transparency, buyers can make well-informed judgments. They usually use this data to give producers and farmers who use sustainable farming practices incentives.

For instance, in March 2024, a significant organization in rural agriculture, the Nigerian Farmers Group and Cooperative Society (NFGCS) launched Agbatoken, a new blockchain, to transform agriculture in Nigeria and meet the growing demand for food security.

Blockchain acts as a digital ledger, storing information that is difficult to change. This ledger documents every stage of your food's journey, from the farm to the market. It can track the origins and cultivation methods of every food item in this way. In the event of a recall, it might also facilitate the tracking of defective products.

Report Coverage

This research report categorizes the market for the global blockchain in agriculture market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global blockchain in agriculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global blockchain in agriculture market.

Driving Factors

Blockchain facilitates accurate monitoring of resource consumption, including energy, fertilizers, and water, encouraging efficient use and lowering wasteful use. By giving unchangeable and transparent data on resource usage trends, it promotes sustainable resource management. By automating incentives or subsidies for adherence to environmentally friendly standards, smart contracts on the blockchain might encourage farmers to follow sustainable and eco-friendly farming practices. By automating incentives or subsidies for adherence to environmentally friendly standards, smart contracts on the blockchain and government support might encourage farmers to follow sustainable and eco-friendly farming practices.

For instance, the release of the "National Strategy on Blockchain" by MeitY in December 2021, which outlined its vision to adopt blockchain in various sectors like healthcare, agriculture, finance, voting, and e-governance, shows that the Indian government has been very interested in blockchain technology and its application to the public domain.

Restraining Factor

There are concerns that blockchain technology can be abused or misused, endangering the security of food supplies. Private blockchains, for instance, are less secure and simpler to hack. These blockchains' reliance on private organization standards makes it simple to see how the wrong individuals might abuse them. Conversely, small-scale farmers can fall behind due to their lack of the scale, technological understanding, and scalability needed to benefit from blockchain technology.

Market Segmentation

The global blockchain in agriculture market share is segmented into application and provider.

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

Based on the application, the global blockchain in the agriculture market is segmented 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 largest market share through the forecast period. A system that makes sure that product movement in the supply chain can be monitored and traced is called a traceability system. End-to-end traceability in the agricultural supply chain can be accomplished through the use of blockchain technology. Every transaction segment on the blockchain has a permanent record that is stored in distinct blocks and is impervious to manipulation. Instead of being stored in an opaque network system, all agricultural product information can be stored through the blockchain in a shared and transparent system accessible to all supply chain participants. This helps avoid the overuse of chemicals and the use of uncertified chemicals during production. Food safety and consumer health are thereby ensured, and issues with agricultural product quality are resolved through quick response and effective control.

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

Based on the provider, the global blockchain in the agriculture market is segmented into infrastructure & protocol provider, middleware provider application, and solution provider. Among these, the infrastructure and protocol provider segment is anticipated to grow at the fastest CAGR growth through the forecast period. A blockchain protocol provider in the agriculture industry is an entity or organization that creates and manages blockchain technology that is specially designed to solve issues with agricultural supply chains. These difficulties frequently involve problems with data integrity, efficiency, traceability, and transparency. It creates and designs the data structures, consensus methods, and security elements that make up the foundational blockchain protocol supporting agricultural applications.

For instance, in March 2024, Leading agricultural technology firm Vechain India announced the release of their ground-breaking technological solution for organic and non-organic food identification. This solution would assist Indian farmers in tracking their products along the supply chain. In collaboration with Wiki Data Solution Pvt. Ltd., it is a cutting-edge software and technology for farming firms throughout the nation, aiding in the tracking and upkeep of farmer data in India. Vechain India is tackling the primary concern of Indian farmers by working within contemporary agricultural frameworks and overcoming obstacles like increasing yield and profitability.

Regional Segment Analysis of the Global Blockchain In Agriculture Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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

North America is anticipated to hold the largest share of the global blockchain in the agriculture market over the predicted timeframe. North America is the leader in the regional market for blockchain technology since it is home to several of the industry's top firms. The growth 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 other factors that are expected to propel the blockchain in the agriculture market in this region. Also, the presence of prominent players in the region continuously advances in the blockchain technology.

Asia Pacific is expected to grow at the fastest CAGR growth of the global blockchain in the agriculture market during the forecast period. Due to the rising government support for exploration in this region as well as rising stakeholder investment. Additionally, the use of contemporary technologies will encourage additional market expansion. The report's national section also includes specific market-impacting variables and regulatory changes that affect the market's present and potential future trends.

For instance, in January 2024, As adoption grows, India distributes seeds using blockchain technology. Eastern Indian state Jharkhand is distributing seeds to farmers directly, cutting out intermediaries, by utilizing blockchain technology. As part of the seed distribution plan, Jharkhand's farmers receive grants, which are documented on ledgers that are circulated to the public. A one-time password (OTP) is sent to the mobile phones of qualified farmers as an additional security measure against fraud.

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.

List of Key Companies

• IBM
• Microsoft
• Ambrosius
• Sap Se
• Origintrail
• Provenance
• Agridigital
• Abaco Group
• Ripe. lo
• Vechain
• Chainvine
• Agrichain
• Skuchain
• Bext360
• Others

Key Target Audience

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

Recent Developments

• In September 2023, Farm to Fork: Silal of Abu Dhabi introduced a food tracking system driven by blockchain technology. Using the Silal App, scan the QR code on a Silal Fresh product to access the traceability feature.

• In May 2023, OVO Farm, the largest egg-producing company in East India, is leading the way in disrupting the Indian egg sector with innovative products and processes, to foster trust and transparency for the benefit of consumers. The egg giant has now introduced its proprietary blockchain technology, which makes it easier to track eggs at every point in the supply chain—from the farm to the final customer. OVO Farm, operating under the main brand "Kenko," provides fresh, hygienic eggs of superior quality. The authenticity of each product might be verified by scanning the QR code on it.

• In March 2023, Microsoft launched Microsoft Azure Data Manager for Agriculture, which speeds up innovation throughout the value chain for agriculture.

• In December 2020, The TraceHarvest Network was launched by Bayer Crop Science and BlockApps, the biggest blockchain platform. The BlockApps TraceHarvest Network is the first agricultural product lifecycle tracking and tracing blockchain system, beginning at the seed source. In the case of goods like seeds, this is to give a complete picture of stewardship during the planting, harvesting, trading, and processing stages.

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 Analysis

• 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