Blockchain in Agriculture Market Size
Market Outlook:
Blockchain in Agriculture Market size was over USD 568.5 Million in 2023 and is estimated to surpass USD 16.29 Billion by end of the year 2032, witnessing more than 45.1% CAGR between 2024 and 2032.
Base Year Value (2023)
USD 568.5 Million
19-23
x.x %
24-32
x.x %
CAGR (2024-2032)
45.1%
19-23
x.x %
24-32
x.x %
Forecast Year Value (2032)
USD 16.29 Billion
19-23
x.x %
24-32
x.x %
Historical Data Period
2019-2023
Largest Region
North America
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:1. Increasing demand for transparency and traceability in food supply chains
2. Rising adoption of blockchain technology in agriculture for improved record-keeping and data management
3. Growing awareness about the benefits of blockchain in reducing fraud and food safety concerns
4. Government initiatives and investments in promoting blockchain technology for agriculture sector
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Application, Provider |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | IBM, Microsoft, Ambrosus, ChainVine, SAP-SE, Arc-net, Ripe.io, VeChain, OriginTrail, and Provenance |
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1. High initial investment and implementation costs for adopting blockchain technology
2. Lack of standardized regulations and guidelines for blockchain in the agriculture industry
3. Limited awareness and understanding of blockchain technology among farmers and stakeholders.
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