Global Blockchain in Agriculture Market projected to grow significantly by 2033

From GlobeNewswire: 2024-08-08 14:00:00

The Global Blockchain In Agriculture Market is projected to grow from USD 0.5 billion in 2023 to USD 21.46 billion by 2033, with a CAGR of 45.64%. Blockchain technology can monitor plant growth, seed quality, and supply chain transparency, promoting sustainability and food security. Smart contracts incentivize sustainable farming practices, while ensuring transparency and traceability in the food supply chain.

The product traceability, tracking, & visibility segment is expected to dominate the global blockchain in agriculture market. End-to-end traceability in the agricultural supply chain can be achieved using blockchain technology, preventing excessive chemical use and ensuring transparency for all supply chain players. This segment ensures that product movement can be tracked and identified within the chain.

Infrastructure & protocol providers are expected to see the fastest growth in the global blockchain in agriculture market. These companies develop and maintain blockchain technology specifically designed for agricultural supply chains, addressing issues related to traceability, efficiency, transparency, and data integrity. They play a crucial role in advancing blockchain technology in the agricultural sector.

North America is predicted to hold the largest share of the global blockchain in the agriculture market, driven by leading companies in the sector and advancements in technology for food safety. Asia Pacific is expected to grow rapidly due to increasing investments and government support. The region’s progress will be influenced by market factors and regulatory changes.

Key players in the Global Blockchain In Agriculture Market include IBM, Microsoft, Ambrosius, SAP SE, and more. Recent developments include the unveiling of a blockchain-powered food tracking system in Abu Dhabi. Market segmentation includes analysis based on application, provider, and region, offering insights into revenue forecasts from 2020 to 2033.



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