Carbon Credit for Agriculture, Forestry, and Land Use Market Report 2024

The carbon credit for agriculture, forestry, and land use market size has grown exponentially in recent years. It will grow from $4.52 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth during the historic period can be attributed to the expansion of carbon offset projects, increased efforts to educate stakeholders, the impact of climate policies, the expansion of renewable energy projects, and the rising consumer preference for environmentally friendly products.

The carbon credit for agriculture, forestry, and land use market size is expected to see exponential growth in the next few years. It will grow to $16.14 billion in 2028 at a compound annual growth rate (CAGR) of 29%. The growth in the forecast period can be attributed to improvements in reporting standards, the urgency to address climate change, the promotion of biodiversity conservation, ongoing efforts to standardize carbon credits, and investments in climate-resilient agricultural and forestry practices. Major trends in the forecast period include satellite imaging, machine learning, blockchain technology, robust monitoring techniques, and advancements in soil carbon sequestration.

The increasing demand for reducing carbon emissions is expected to drive the growth of the carbon credit market for agriculture, forestry, and land use. Carbon emissions involve the release of carbon dioxide (CO2) and other greenhouse gases into the atmosphere. This demand is encouraging innovation and research in renewable energy, battery storage, carbon capture and storage (CCS), and sustainable agriculture to achieve long-term sustainability. Carbon credits help reduce emissions by incentivizing activities that remove or prevent carbon dioxide emissions, balancing the carbon footprint in agriculture, forestry, and land use. For example, according to Microsoft's 2022 Environmental Sustainability Report, the company acquired 1.44 million metric tons of carbon credits and retired 514,156 metric tons to meet their annual carbon neutrality goal. Consequently, the increasing demand for reducing carbon emissions is driving the growth of the carbon credit market in agriculture, forestry, and land use.

Leading companies operating in the carbon credit for agriculture forestry and land use market are focusing on developing innovative technological solutions, such as multi-activity carbon credit SaaS platforms, to help achieve decarbonization targets. These platforms generate high-quality carbon offsets from various mitigation activities by utilizing diverse data sources and technologies. For instance, in September 2023, CERO Technologies, an India-based software company, launched a carbon credit generation SaaS platform known as the digital measurement, reporting, and verification (dMRV) platform. This technology addresses current market supply constraints, inefficiencies, and credibility issues by accelerating carbon credit calculation and verification using high-quality data, producing high-quality carbon credits in real-time.

In March 2022, the Ecosystem Services Market Consortium, a US-based non-profit organization running a carbon credit program, partnered with Benson Hill. This partnership supports Midwest farmers' participation in agricultural carbon markets, aiming to simplify enrollment and enhance transparency from seed to harvest. This initiative facilitates increased access to carbon credits and new revenue opportunities for farmers. Benson Hill Inc. is a US-based food technology company that specializes in unlocking the natural genetic diversity of plants.

Major companies operating in the carbon credit for agriculture, forestry, and land use market are Cargill Incorporated, Bayer AG, WGL Holdings Inc., Conservation International, Indigo AG Inc., Green Mountain Energy, The Carbon Trust, 3Degrees Group Inc., Terra Global Capital LLC, EcoAct, Verra, American Carbon Registry, Carbon Credit Capital LLC, Land Life Company, Allcot Group, Enking International, natureOffice GmbH, South Pole, Ecosystem Services Market Consortium, Sterling Planet Inc., Finite Carbon Corporation, GreenTrees LLC, Gold Standard, Nori Inc.

Asia-Pacific was the largest region in the carbon credit for agriculture, forestry, and land use market in 2023. The regions covered in the carbon credit for agriculture, forestry, and land use market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the carbon credit for agriculture, forestry, and land use market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Carbon credits in agriculture, forestry, and land use represent units of greenhouse gas reduction or removal from the atmosphere achieved through activities such as reforestation, sustainable farming, or wetland restoration. These credits incentivize the reduction of carbon emissions and are traded to offset emissions elsewhere, contributing to global climate change mitigation efforts and promoting sustainable land management practices.

The carbon credit market for agriculture, forestry, and land use primarily consists of two types voluntary and compliance. Voluntary carbon credits are units of greenhouse gas emissions reductions or removals generated outside of mandatory regulatory frameworks. The market encompasses various types of projects, including forestry and land use, and agriculture, with several applications such as avoidance projects, removal projects, and combination projects.

The carbon credit for agriculture, forestry, and land use market research report is one of a series of new reports that provides carbon credit for agriculture, forestry, and land use market statistics, including the carbon credit for agriculture, forestry, and land use industry global market size, regional shares, competitors with carbon credit for agriculture, forestry, and land use market share, detailed carbon credit for agriculture, forestry, and land use market segments, market trends, and opportunities, and any further data you may need to thrive in the carbon credit for agriculture, forestry, and land use industry. These carbon credit for agriculture, forestry, and land use market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The carbon credit for agriculture, forestry, and land use includes revenues earned by entities by providing services such as carbon accounting and measurement, verification and validation project development and management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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