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Blockchain in Agriculture Market and Food Supply Chain 2018-2023

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  • Blockchain in Agriculture Market and Food Supply Chain 2018-2023

    The blockchain in agriculture and food supply chain market is estimated to be valued at USD 60.8 million in 2018 and is projected to reach USD 429.7 million by 2023, at a CAGR of 47.8%.

    Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. It finds several potential applications in these sectors, some of which have already been explored. The major applications of blockchain technology in food and agriculture include traceability and tracking, payment and settlement, smart contract, and governance, risk, and compliance management. The growth of the blockchain in agriculture and food supply chain market is attributed to the increase in demand for supply chain transparency, the rise in cases of food fraud, and growth in concerns toward food wastage.

    The blockchain in agriculture and food supply chain market has been segmented, based on organization size, as large enterprises and small and medium-sized enterprises. The large enterprises segment dominated the blockchain in agriculture and food supply chain market in 2017. North America is a key market for large enterprises, as most of the organizations in this region are actively piloting blockchain technology into various processes, or are using it for the food & agriculture sector. The Asia Pacific market for the large enterprises segment is expected to grow at the highest CAGR because maximum food contamination cases are reported in countries such as India and China. Additionally, there is a growing demand for food products in this region.

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