The global blockchain in agriculture and food supply market has been projected to reach almost $430m by 2023, with a CAGR of 47.8% during its forecast period, according to a new report released by ReportLinker.
The market in question is currently worth an estimated $60.8m as of 2018, however, the technology's ability to trace and track products is being predicted to be a big propeller of the market in future years.
Food wastage is a significant issue globally with the Food and Agriculture Organization (FAO) estimating that one-third of all food produced is wasted. There has also been a recent rise in the number of food fraud cases, which has cost the global food market $49bn as of 2014, according to the Grocery Manufacturers Association.
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These stressors are leading to an increased demand for transparency in the market's supply chain and food verticals. 94% of respondents in a study conducted by the Label Insight Food Revolution commented on the importance of buying from transparent manufacturers.
The air of uncertainty which still hangs over the blockchain market with regards to regulations and standards has been stated as a key factor restraining the market's growth. However, with increased investment in the technology's implementation across the industry, as well as an increase in pilot studies globally, those restraining factors are likely to wane in coming years.