Report: Global Blockchain Agriculture Market to Hit $430m by 2023Oct 5, 2018, 7:35AM
Blockchain Technology is Expected to Drive Massive Growth and Expansion in the Food and Agriculture Market Over the Next Five Years
A new report published on ReportLinker illustrates an extremely bullish outlook for the global blockchain technology in agriculture and food supply market. The data projects a compound annual growth rate of almost 48% over the next five years to a total market value of approximately $430 million by 2023. This growth is expected to be driven by waste reduction, enhanced decision capabilities, and the prevention of fraud.
Product Traceability, Tracking, and Visibility
Product traceability, tracking, and visibility are expected to account for the majority of growth in the blockchain agriculture and food supply chain market over the next five years. The report highlights an increasing demand for platforms and solutions that help companies keep track of their products across the entire supply chain and prevent fraud in this increasingly interconnected market landscape.
The report also goes into detail about the geographic distribution of growth in the market, highlighting North America as the biggest area, in both size and importance in the target period between 2018 and 2023.
Two countries, the United States and Canada, have together received a huge amount of investment in technologies related to the movement of food and agricultural commodities. Much of this investment is driven by the R&D budgets of publically-traded American corporations like IBM and Microsoft in the tech sector and Walmart, McCormick, and Dole Foods in retail.
American corporations aren't the only ones integrating blockchain technology into their supply chains. Earlier this year, Korean firm Samsung announced plans to optimize its supply chain by introducing distributed ledger technology.
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