Agricultural Food Supply Development’s Blockchain Use to Be Valued at $430 Million in 5 Years
Blockchain in Agricultural Development and Food Supply to Be Worth $430 Million
Both the industries of Agriculture and Food supply chains are poised to see an injection with a value of over $400 million over the next five years, thanks in large part to the inclusion of blockchain technology. This is all according to a brand new report published recently.
Developed and authored by Reportlinker, the study was released this week, dubbed “Blockchain: Agriculture Market Forecast Until 2023.” And what it expects to happen within the next five years is a fast-growing sector, with its current worth spiraling upwards from its current value at $60.8 million, to reach up to $429.7 million, all with a compound annual growth rate of 47.8 percent.
“Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations,” a summary within the finished press release reads.
“The blockchain market is expected to grow, owing to the increase in the demand for supply chain transparency along the agriculture and food verticals.”
It's not just the agricultural sector that's waking up to the potential that blockchain solutions are poised to provide, as number blockchain-facing news outlets have reported on a number of occasions. It's been shown that by experimenting with blockchain solutions, a wide range of inefficiencies can be effectively ironed out.
One of the more recent participants came in the shape of the Dairy Farmers of America's food supply chain, as well as Alber Heijn, a Danish Supermarket, the latter of which is using the technology specifically to track orange juice production.
The report goes on to discuss that one of the more wide applications of blockchain technology has been in order to combat the emerging difficulties presented to the industry by what is referred to as ‘food fraud.'
Researchers reveal quoting 2014 data from the Grocery Manufacturers Association:
“…The estimated food fraud cases cost USD 49.0 billion to the global food industry annually.”
“This has resulted in an increased awareness among consumers, which is further expected to drive the growth of the blockchain in agriculture and food supply chain market.”
Over the course of July, there was a report made on the impact that blockchain technology would have on the telecommunications industry. The end result was this it would be able to deliver an almost $1 billion return on value within the same five-year period: from 2018-2023.