Global Blockchain in Agriculture Market Highlights over 2022 – 2030
The global blockchain in agriculture market is estimated to grow at CAGR of ~35% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of blockchain technology in various industries including agriculture. Blockchain provides innumerable advantages, such as, centralized availability of information, security and management of product and payment, fairer price, and high transparency, among others, which are estimated to boost the market growth. Agriculture sector is largely unorganized around the globe, especially in developing and under-developed countries. Adoption of blockchain technology in agriculture is estimated to organize this sector and improve consumer-producer transactions by providing transparency and immutable data. Moreover, growing population is bound to increase the burden over the agriculture sector. The global population crossed 7.753 billion in 2020, as per the data by the World Bank. This population is estimated to cross 9.7 billion by 2050. Increasing investment by government and private companies to organize the agriculture sector is anticipated to boost the market growth.
The market is segmented by application into product tracking, payment & settlement, governance & management, and others out of which, the governance & management segment is anticipated to hold the largest share in the global blockchain in agriculture market over the forecast period on account of increasing need for proper management in the agriculture sector. The dynamics of agriculture sector are changing, with growing privatization across the globe, which is estimated to fuel the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Blockchain in Agriculture Market Regional Synopsis
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 the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher adoption of blockchain technology, such as, blockchain in BFSI, blockchain in telecom, cryptocurrency, in developed economies, including the United States, and Canada, along with the development in the agriculture sector. The market in Asia Pacific region witnessed or is estimated to witness noteworthy growth over the forecast period on the back of presence of highly unorganized agriculture sector in countries, such as, India, Sri Lanka, and China. Moreover, the economic development in the APAC region and private investment in agriculture sector are estimated to encourage the regional market growth.
The global blockchain in agriculture market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global blockchain in agriculture market includes the following segments:
By Type
- Private
- Public
- Others
By Application
- Product Tracking
- Payment & Settlement
- Governance Management
- Others
Growth Drivers
- Rapid Adoption of Blockchain Technology
- Increasing Private Investment in the Agriculture Sector
Challenges
- Unorganized Nature of Farming in Low-income Countries
Top Featured Companies Dominating the Market
- Provenance Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SAP America
- OriginTrail d.o.o.
- AMBROSUS Inc.
- Advanced Research Cryptography Ltd.
- Microsoft
- TE-FOOD International GmbH.
- IBM
- Full Profile Pty Ltd
- Chainvine
