A recent report by Credence Research indicated that the global food NFT market is expected to grow at 42.5% CAGR to hit $1820 million by 2030.
Research predicts growth in the food NFT market
The NFT market has been touching a lot of different industries across the globe, and food is one of them. Based on recent research, the role of NFTs in food will increase, leading to a Compound Average Growth Rate (CAGR) year on year at $42.5%. It reported that last year, the global food NFT market generated about $152m.
Credence Research, Inc. conducted this latest research to analyze the Global Food NFT Markets. It explored several factors, including prospects, growth, and general competitive analysis between 2016 and 2030.
The report also focused on the regional performance of the food NFT market in its analysis. Based on the report, the North American region was and is expected to record the most growth.
In this region, the leading countries are the US and Canada. The US remains the largest shareholder of this space, with chefs, restaurants, and other food producers looking into ways to use NFTs in developing new revenue streams.
The popularity of NFTs in the food industry in the North American region is mainly propelled by the general interest in blockchain tech within the region. According to the report, this widespread adoption will only increase as more companies become accustomed to blockchain tech.
Aside from North America, other regions are interested in the food NFT market. Europe is the second largest region in acceptance, with Germany, France, UK, Italy, and Spain taking the lead. The third largest region was Asia Pacific, followed by Latin America, the Middle East & Africa.
Major food networks joining the NFT train
Recently, more and more food brands have been looking to make profits by leveraging NFTs. Over the past few months, the number of food providers trying to use NFT in service delivery has increased.
For instance, last year, KFC applied for some NFT-focused trademarks with a mission to join the metaverse. Mike Kondoudis, a trademark attorney, reported this.
In another case, last November, Orbitel, another international food company, announced the dawn of Boba man NFT. Even more recently, in March. 10, Starbucks released its very first premium NFT collection, each NFT priced at $100.
Based on Credence Research, there are restaurants selling NFTs that bring special dining experiences to customers. Furthermore, other wineries provide NFTs offering customers access to limited edition wine bottles.