- The global block chain in agriculture and food supply chain market is projected to be worth USD 948 million by 2025,by growing at CAGR of 48.1% during the forecast period .
- The growth of this market is attributed to the increase in incidences of food frauds and food insecurity .
- The major applications of block chain technology in food and agriculture include product traceability, tracking and visibility payment settlement smart contract governance risk and compliance management.
- Partnerships collaborations joint ventures and investments can benefit the sector with potential growth opportunities in the next five years, using block chain technology companies can claim and authenticate their products by providing the end customers with the knowledge about the products complete journey from origin to shelf.
- Market growth in Asia Pacific is attributed to the increase in the number of startups and strong government support in the region.
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