According to the ReportLinker forecast, the global blockchain in the agriculture and food supply market can reach almost $430m by 2023, with a CAGR of 47.8%. Nowadays, the agriculture market capitalization is $60.8m.
Blockchain’s ability to trace and track products transparently will be a decisive factor for the growth of the agriculture and food supply market. The Food and Agriculture Organization (FAO) reports that one-third of all food produced is wasted at this moment.
According to the Grocery Manufacturers Association, food fraud cases have become frequent, their cost is estimated at $49 billion as of 2014. These circumstances lead to an increased demand for transparency in the market's supply chain.
Uncertainty about the rules and regulation of Blockchain technologies is holding back the growth of the Blockchain agriculture global market. However, with increased investment in the technology's implementation across the industry, this deterrent is likely to wane in coming years.
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