The blockchain market is estimated to be valued at $60.8 million in 2018, and is projected to reach $429.7 million by 2023, at a CAGR of 47.8% during the forecast period, according to "Blockchain in Agriculture Market (and Food Supply Chain), Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), Provider, Organization Size, and Region - Global Forecast to 2023," a report published by MarketsandMarkets, Northbrook, Ill.

The blockchain in agriculture and food supply chain market is driven by factors such as an increase in demand for supply chain transparency, the rise in cases of food fraud in the emerging economies of the Asia Pacific and growth in concerns toward food wastage.

The small and medium-sized enterprises segment is projected to grow at the higher CAGR during the forecast period. The growing investment by the SMEs with the support of the government and the increasing number of startups in this market across the globe for the adoption of blockchain technology are key factors driving the blockchain in agriculture and food supply chain market.

The application and solution provider segment is projected to grow at the highest CAGR during the forecast period. The introduction of technologically advanced blockchain solutions witnessed high adoption in the agriculture and food supply chain industry, which has fueled the overall market growth.

The Asia Pacific region is the fastest growing region in the blockchain in agriculture and food supply chain market. Asia Pacific is one of the leading producers of agricultural produce and food. This means that the probability of food contamination and fraud cases in the supply chain is higher in this region. Most of the countries in Asia Pacific export their food products to other countries. For instance, most of the Asian countries export fruits and vegetables to European countries, as the highest requirements for food traceability are witnessed in this region. The food industry in the Asia Pacific region is exploring blockchain technology to comply with the traceability requirements of importing companies.