Product Code: PM4990
The global voluntary carbon credit market size is expected to reach USD 14,560.17 million by 2032, according to a new study by Polaris Market Research. The report "Global Voluntary Carbon Credit Market Size, Share, Trends, Industry Analysis Report: Information By Project Type (Removal/Sequestration projects, Avoidance/Reduction projects), By End User, and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) - Market Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing demand for nature-based solutions, such as afforestation, reforestation, and sustainable land management projects, is acquiring traction in the market. These initiatives not only sequester carbon but also provide co-benefits like biodiversity conservation and ecosystem restoration. Concurrently, technological improvements, particularly in blockchain and data analytics, are enhancing traceability and transparency in carbon credit trading. Blockchain technology provides immutable records of carbon credits, mitigating risks like double-counting and fraud, which enhances market confidence.
The expanding carbon pricing mechanisms, coupled with the growing demand for corporate sustainability endeavors supported by profitable government approaches, are pivotal drivers of business growth. For example, in October 2023, the Government of India announced that the country has 1,451 projects registered or under various stages of consideration in the world's leading carbon registries, bolstering industry prospects.
Furthermore, increasing social and environmental awareness, alongside evolving government policies and regulations, will foster business expansion in the coming years. Investors and consumers increasingly value the social and environmental impacts of carbon credit projects. Projects that deliver broader environmental and social benefits are attracting significant attention and investment. Further, government policies, incentives, and regulations continue to shape the landscape of the voluntary carbon credit market, influencing its growth trajectory.
Voluntary Carbon Credit Market Report Highlights
The avoidance/reduction projects segment is expected to witness the fastest market during the forecast period due to its effectiveness in achieving measurable emissions reductions, strong corporate demand, supportive regulatory frameworks, technological advancements, and market credibility.
The power category accounted for the largest market share in 2023 due to its significant carbon footprint, robust regulatory support, technological advancements in renewable energy, and strong demand from corporations aiming to achieve their sustainability goals.
In 2023, North America accounted for the largest share in the voluntary carbon credit market due to mature market infrastructure, diverse project types, technological innovation, government support, and heightened awareness among investors and consumers.
The Asia-Pacific voluntary carbon credit market is expected to grow at the fastest CAGR during the forecast period, fueled by a combination of corporate commitments, supportive government policies, expanding renewable energy initiatives, increasing investor interest in sustainability, and technological advancements.
The global key market players include 3Degrees, South Pole Group, Finite Carbon, CarbonBetter, EKI Energy Services Ltd., Terrapass, Natureoffice GmbH, Carbon Credit Capital, Climate Partner GmbH, TEM (Tasman Environmental), etc.
Polaris Market Research has segmented the voluntary carbon credit market report based on project type, end-user, and region:
Voluntary Carbon Credit, Project Type Outlook (Revenue - USD Million, 2019 - 2032)
- Removal/Sequestration projects
- Avoidance/Reduction projects
Voluntary Carbon Credit, End-User Outlook (Revenue - USD Million, 2019 - 2032)
- Aviation
- Energy
- Power
- Buildings
- Transportation
- Industrial
- Forestry
- Others
Voluntary Carbon Credit, Regional Outlook (Revenue - USD Million, 2019 - 2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Voluntary Carbon Credit Market Insights
- 4.1. Voluntary Carbon Credit Market - Market Snapshot
- 4.2. Voluntary Carbon Credit Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising technological advancements are driving the market growth
- 4.2.1.2. Rising demand for carbon offset projects and related credits
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Environmental integrity concerns are limiting the growth of the market
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Voluntary Carbon Credit Market End User Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Voluntary Carbon Credit Market, by Project Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 5.3. Removal/Sequestration projects
- 5.3.1. Global Voluntary Carbon Credit Market, by Removal/Sequestration projects, by Region, 2019-2032 (USD Million)
- 5.4. Avoidance/Reduction projects
- 5.4.1. Global Voluntary Carbon Credit Market, by Avoidance/Reduction projects, by Region, 2019-2032 (USD Million)
6. Global Voluntary Carbon Credit Market, by End User
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 6.3. Aviation
- 6.3.1. Global Voluntary Carbon Credit Market, by Aviation, by Region, 2019-2032 (USD Million)
- 6.4. Energy
- 6.4.1. Global Voluntary Carbon Credit Market, by Energy, by Region, 2019-2032 (USD Million)
- 6.5. Power
- 6.5.1. Global Voluntary Carbon Credit Market, by Power, by Region, 2019-2032 (USD Million)
- 6.6. Buildings
- 6.6.1. Global Voluntary Carbon Credit Market, by Buildings, by Region, 2019-2032 (USD Million)
- 6.7. Transportation
- 6.7.1. Global Voluntary Carbon Credit Market, by Transportation, by Region, 2019-2032 (USD Million)
- 6.8. Industrial
- 6.8.1. Global Voluntary Carbon Credit Market, by Industrial, by Region, 2019-2032 (USD Million)
- 6.9. Forestry
- 6.9.1. Global Voluntary Carbon Credit Market, by Forestry, by Region, 2019-2032 (USD Million)
- 6.10. Others
- 6.10.1. Global Voluntary Carbon Credit Market, by Others, by Region, 2019-2032 (USD Million)
7. Global Voluntary Carbon Credit Market, by Geography
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Voluntary Carbon Credit Market Assessment, By Geography, 2019-2032 (USD Million)
- 7.3. Voluntary Carbon Credit Market - North America
- 7.3.1. North America: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.3.2. North America: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.3.3. Voluntary Carbon Credit Market - U.S.
- 7.3.3.1. U.S.: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.3.3.2. U.S.: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.3.4. Voluntary Carbon Credit Market - Canada
- 7.3.4.1. Canada: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.3.4.2. Canada: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4. Voluntary Carbon Credit Market - Europe
- 7.4.1. Europe: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.2. Europe: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.3. Voluntary Carbon Credit Market - UK
- 7.4.3.1. UK: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.3.2. UK: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.4. Voluntary Carbon Credit Market - France
- 7.4.4.1. France: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.4.2. France: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.5. Voluntary Carbon Credit Market - Germany
- 7.4.5.1. Germany: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.5.2. Germany: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.6. Voluntary Carbon Credit Market - Italy
- 7.4.6.1. Italy: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.6.2. Italy: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.7. Voluntary Carbon Credit Market - Spain
- 7.4.7.1. Spain: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.7.2. Spain: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.8. Voluntary Carbon Credit Market - Netherlands
- 7.4.8.1. Netherlands: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.8.2. Netherlands: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.9. Voluntary Carbon Credit Market - Russia
- 7.4.9.1. Russia: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.9.2. Russia: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.4.10. Voluntary Carbon Credit Market - Rest of Europe
- 7.4.10.1. Rest of Europe: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.4.10.2. Rest of Europe: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5. Voluntary Carbon Credit Market - Asia Pacific
- 7.5.1. Asia Pacific: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.2. Asia Pacific: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.3. Voluntary Carbon Credit Market - China
- 7.5.3.1. China: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.3.2. China: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.4. Voluntary Carbon Credit Market - India
- 7.5.4.1. India: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.4.2. India: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.5. Voluntary Carbon Credit Market - Malaysia
- 7.5.5.1. Malaysia: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.5.2. Malaysia: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.6. Voluntary Carbon Credit Market - Japan
- 7.5.6.1. Japan: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.6.2. Japan: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.7. Voluntary Carbon Credit Market - Indonesia
- 7.5.7.1. Indonesia: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.7.2. Indonesia: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.8. Voluntary Carbon Credit Market - South Korea
- 7.5.8.1. South Korea: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.8.2. South Korea: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.9. Voluntary Carbon Credit Market - Australia
- 7.5.9.1. Australia: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.9.2. Australia: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.5.10. Voluntary Carbon Credit Market - Rest of Asia Pacific
- 7.5.10.1. Rest of Asia Pacific: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.5.10.2. Rest of Asia Pacific: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6. Voluntary Carbon Credit Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.2. Middle East & Africa: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6.3. Voluntary Carbon Credit Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.3.2. Saudi Arabia: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6.4. Voluntary Carbon Credit Market - UAE
- 7.6.4.1. UAE: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.4.2. UAE: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6.5. Voluntary Carbon Credit Market - Israel
- 7.6.5.1. Israel: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.5.2. Israel: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6.6. Voluntary Carbon Credit Market - South Africa
- 7.6.6.1. South Africa: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.6.2. South Africa: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.6.7. Voluntary Carbon Credit Market - Rest of Middle East & Africa
- 7.6.7.1. Rest of Middle East & Africa: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.6.7.2. Rest of Middle East & Africa: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.7. Voluntary Carbon Credit Market - Latin America
- 7.7.1. Latin America: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.7.2. Latin America: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.7.3. Voluntary Carbon Credit Market - Mexico
- 7.7.3.1. Mexico: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.7.3.2. Mexico: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.7.4. Voluntary Carbon Credit Market - Brazil
- 7.7.4.1. Brazil: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.7.4.2. Brazil: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.7.5. Voluntary Carbon Credit Market - Argentina
- 7.7.5.1. Argentina: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.7.5.2. Argentina: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
- 7.7.6. Voluntary Carbon Credit Market - Rest of Latin America
- 7.7.6.1. Rest of Latin America: Voluntary Carbon Credit Market, by Project Type, 2019-2032 (USD Million)
- 7.7.6.2. Rest of Latin America: Voluntary Carbon Credit Market, by End User, 2019-2032 (USD Million)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. 3Degrees
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Carbon Credit Capital
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. CarbonBetter
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Climate Partner GmbH
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. EKI Energy Services Ltd.
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Finite Carbon
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. Natureoffice GmbH
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. South Pole Group
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. TEM (Tasman Environmental Markets)
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. Terrapass
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development