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2024

Blockchain for Sustainable Agriculture Market

Blockchain for Sustainable Agriculture Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Enterprise size, by Stockholder, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

IC : High Tech, Enterprise & Consumer IT

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Author's: Akanksha Pandey | Onkar Sumant
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The global blockchain for sustainable agriculture market was valued at $174.5 million in 2023, and is projected to reach $292.6 million by 2032, growing at a CAGR of 5.6% from 2024 to 2032. The market is driven by the growing need for transparent, traceable supply chains that enhance food safety, reduce waste, and support ethical sourcing. Additionally, blockchain’s ability to streamline data management and improve resource allocation has made it a valuable tool for promoting environmentally sustainable farming practices.

Blockchain for Sustainable Agriculture Market

Market Introduction and Definition 

Blockchain for sustainable agriculture refers to the application of blockchain technology in the agricultural sector to enhance transparency, traceability, and sustainability throughout the supply chain. Stakeholders track the journey of agricultural products from farm to table by leveraging blockchain's immutable and decentralized ledger, ensuring authenticity and ethical practices. This technology enables farmers to record crucial data such as crop cultivation methods, harvesting practices, and transportation details, empowering consumers to make informed choices about the products they purchase. Furthermore, blockchain facilitates the implementation of sustainability initiatives by enabling the verification of fair-trade practices, environmental stewardship, and compliance with regulatory standards within the agricultural industry. 

Key Takeaways 

  • The blockchain for sustainable agriculture market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Million) for the projected blockchain for sustainable agriculture market forecast period 2024-2032. 

  • More than 1,500 product literatures, industry releases, annual reports, and other such documents of major blockchain for sustainable agriculture industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights and blockchain for sustainable agriculture market share.

  • The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and assist stakeholders in making educated decisions to achieve their most ambitious growth objectives and blockchain for sustainable agriculture market size

Key Market Dynamics

One of the primary drivers propelling the adoption of blockchain technology in the sustainable agriculture market is the increase in demand for transparency and traceability throughout the food supply chain. Consumers have become more conscious of where their food comes from, how it is produced, and its impact on the environment & society. Blockchain enables the recording of every transaction or event along the supply chain in an immutable and transparent manner, providing stakeholders with real-time visibility into the origin, journey, and conditions of agricultural products. This transparency enhances trust among the producers, distributors, retailers, and consumers, driving demand for sustainably sourced and ethically produced food products. However, the complexity and cost associated with implementation blockchain solutions across the agricultural supply chain hamper the market. Moreover, integrating blockchain technology requires investment in infrastructure, data collection systems, and training for stakeholders, particularly small-scale farmers who lack access to resources and technical expertise. Moreover, interoperability issues between different blockchain platforms and legacy systems present compatibility challenges, hindering seamless data sharing and collaboration among supply chain participants. Furthermore, blockchain-based smart contracts can automate and enforce agreements between stakeholders, ensuring fair compensation for farmers, transparent pricing, and timely payments. Moreover, blockchain technology opens new avenues for financing and investment in sustainable agriculture by enabling crowdfunding, tokenization of agricultural assets, and transparent impact investing. By harnessing blockchain's potential, stakeholders in the agricultural sector can overcome existing challenges and unlock new opportunities for advancing sustainability, transparency, and resilience in food production systems.

Government Policy for Global Blockchain for sustainable agriculture Market

In the European Union, the European Commission has recognized the potential of blockchain technology to enhance transparency and traceability in the food supply chain. The EU Blockchain Observatory and Forum, established in February 2018, aims to monitor blockchain developments, promote collaboration among stakeholders, and provide guidance on regulatory issues. In addition, initiatives such as the Digital Europe Programme and the Farm to Fork Strategy prioritize the use of digital technologies, including blockchain, to support sustainable agriculture practices and ensure food safety and security. Similarly, in the U.S, government agencies such as the United States Department of Agriculture (USDA) and the Food and Drug Administration (FDA) have shown interest in blockchain applications for agriculture. The USDA's Agricultural Marketing Service (AMS) has explored blockchain-based solutions for supply chain traceability and organic certification. Moreover, the FDA has piloted blockchain technology to improve food safety by enabling rapid traceback of contaminated products.

In other parts of the world, governments explore regulatory frameworks to support the adoption of blockchain in agriculture. For example, in January 2023, in China, the Ministry of Agriculture and Rural Affairs has launched initiatives to promote digital transformation in agriculture, including the integration of blockchain technology for enhanced traceability and quality control.

Market Segmentation

The blockchain for sustainable agriculture market is segmented into type, enterprise size, stockholder, application, and region. On the basis of type, the market is divided into public, private, and hybrid. On the basis of enterprise size, the market is classified into large enterprise and small & medium enterprise. On the basis of stockholder, the market is segregated into food manufacturers/processors, growers, and retailers. On the basis of application, the market is categorized into product traceability, tracking & visibility, payment settlement, smart contracts, governance, and risk & compliance management. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

In the U.S., blockchain is utilized to enhance transparency and traceability overall the agricultural supply chain. This includes tracking the origin and journey of food products from farm to table, ensuring compliance with food safety regulations, and providing consumers with information about sustainability practices. Moreover, in India, blockchain is deployed to address challenges such as land ownership rights, fair trade, and supply chain inefficiencies. Smallholder farmers benefit from blockchain-based solutions that enable transparent and secure transactions, facilitate access to markets, and ensure fair prices for their produce. Furthermore, in China, blockchain is leveraged to improve food safety, enhance agricultural productivity, and support government initiatives for sustainable farming practices. Companies are implementing blockchain-enabled traceability systems to monitor the quality and authenticity of agricultural products, reduce fraud in the supply chain, and build consumer trust.

  • In November 2023, South Africa's agricultural exports reached a significant milestone, totaling $12.8 billion for the year, representing half of its annual agricultural output. Moreover, there is strong optimism that the country can further support these figures by embracing smart, data-driven farming practices aimed at enhancing efficiencies across the sector. Innovative technologies, including blockchain, artificial intelligence (AI) , and drones, are expected to continue to pave the way for growth within the local agricultural sector, while playing a critical role in helping to alleviate global challenges such as food security and wastage.

  • In May 2023, CFI 2.0 prioritized a national traceability system in direct and indirect supply chains to counter deforestation caused by cocoa growing in West Africa. Further, the Cocoa Trust platform leverages blockchain to trace cocoa beans from origin to end product. This promotes sustainability by ensuring sourcing practices verifying fair labor standards and minimizing deforestation.
  • For instance, in November 2023, Agribusiness giant Bunge partnered with one of the world’s largest producers of animal feed to develop a blockchain technology for ensuring soy and other products are deforestation-free. The partnership focuses on Bunge-sourced grains from Brazil, specifically destined for Asian markets where the partner companies, BKP and CP Foods, manufacture feed and food products. This initiative responds to concerns stemming from record levels of deforestation in Brazil during 2022, driven by land clearance to meet international demand for soybeans and beef.

Industry Trends:

  • Blockchain is increasingly used to create transparent and traceable supply chains, allowing consumers to track the origin, processing, and transportation of their food. This fosters trust & accountability and helps identify & remove contaminated products. For instance, in October 2023, Walmart partnered with IBM Food Trust to track the supply chain of mangoes from Guatemala to the U.S. This allows Walmart to track the origin of its mangoes and ensure they meet its sustainability standards.

  • Blockchain-based DeFi solutions enable farmers to access financial services, such as loans, insurance, and payments without relying on traditional financial institutions. This provides much-needed capital for sustainable farming practices and improves financial inclusions. For instance, in July 2023, Harvest Finance launched a new product called “Harvest Loans” that allows farmers in developing countries to borrow money directly from investors using decentralized lending platforms.

  • Blockchain facilitates the creation of a marketplace for carbon credits and other ecosystem services generated by sustainable agricultural practices. This makes it possible to compensate farmers for their contributions to the environment and encourages the use of regeneration farming techniques. For instance, in September 2023, ClimateTrade partnered with Climate Action Tracker to launch a new platform that allows farmers to sell carbon credits generated by their sustainable farming practices.

Competitive Landscape

The major players operating in the blockchain for sustainable agriculture industry include AgriDigital, International Business Machine Corporation, TE-FOOD International GmbH., Ripe Technology, Inc., OriginTrail, Amazon Web Services, AirDAO, GrainChain Inc., and Bitfury Group Limited.

Recent Key Strategies and Developments

  • In February 2024, Bitfury Group, a leading full-service blockchain technology company, announced the shareholder approval of the non-dilutive distribution of approximately 126 million common shares currently held by Bitfury in Cipher Mining Inc.

  • In February 2024, IBM collaborated with several leading organizations to solve complex business challenges through its blockchain network. Moreover, IBM Research partnered with The Freshwater Trust (TFT) , a nonprofit trust working to protect and restore freshwater ecosystems, and SweetSense Inc., a provider of low-cost satellite connected sensors, to pilot blockchain and IoT technologies for monitoring groundwater usage in one of the largest and aquifers in North America.

  • In June 2020, at the 2020 Consumer Electronics Show (CES) , Farmer Connect and IBM announced a new consumer mobile application called "Thank My Farmer, " which is expected to allow coffee drinkers to trace their coffee to understand its quality and origin, and even support the farmer who grew the beans. With the support of IBM Blockchain, the J.M. Smucker Company, Rabobank, RGC Coffee, Volcafe, Sucafina, and Yara International, Farmer Connect is a traceability platform that aims to improve the efficiency, fairness, and traceability of the coffee supply chain.

Key Sources Referred

  1. Appventurez.com

  1. Blaize.tech

  1. Icommunity.io

  1. cutter.com

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the Blockchain for sustainable agriculture Market segments, current trends, estimations, and dynamics of the blockchain for sustainable agriculture market analysis from 2024 to 2032 to identify the prevailing blockchain for sustainable agriculture market opportunities.

  • Market research is offered along with information related to key drivers, restraints, and opportunities.

  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the Blockchain for sustainable agriculture Market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global blockchain for sustainable agriculture market size.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional and global blockchain for sustainable agriculture market trends, key players, market segments, application areas, and blockchain for sustainable agriculture market growth strategies.

Blockchain for Sustainable Agriculture Market Report Highlights

Aspects Details
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Market Size By 2032

USD 292.6 Million

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Growth Rate

CAGR of 5.6%

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Forecast period

2024 - 2032

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Report Pages

215

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By Type
  • Public
  • Private
  • Hybrid
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By Enterprise Size
  • Large Enterprises
  • Small and Medium-sized Enterprises
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By Stockholder
  • Food Manufacturers/Processors
  • Growers
  • Retailers
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By Application
  • Product Traceability
  • Tracking & Visibility
  • Payment Settlement
  • Smart Contracts
  • Governance
  • Risk & Compliance Management
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

AirDAO, IBM Corporation, AgriDigital, OriginTrail, Ripe Technology, Inc., Bitfury Group Limited, Amazon Web Services, TE-FOOD International GmbH, GrainChain Inc.

Author Name(s) : Akanksha Pandey | Onkar Sumant
Frequently Asked Questions?

The blockchain for sustainable agriculture market was valued at $174.47 million in 2023 and is estimated to reach $292.6 million by 2032, exhibiting a CAGR of 5.6% from 2024 to 2032.

The need for enhanced transparency and traceability and the rising demand for efficiency in supply chain management are the upcoming trends of Blockchain for the Sustainable Agriculture Market in the globe.

Improved Supply Chain Traceability and Quality Assurance is the leading application of Blockchain for the Sustainable Agriculture Market.

North America is the largest regional market for Blockchain for Sustainable Agriculture.

AgriDigital, IBM Corporation, TE-FOOD International GmbH., Ripe Technology, Inc., OriginTrail, Amazon Web Services, AirDAO, GrainChain Inc., and Bitfury Group Limited. are the top companies to hold the market share in Blockchain for Sustainable Agriculture.

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Blockchain for Sustainable Agriculture Market

Global Opportunity Analysis and Industry Forecast, 2024-2032