Global Food & Beverage Non Fungible Token Market Report 2023-2032: Creative Marketing Strategies Gaining Momentum as Pizza Hut and Papa John's Launch NFTs to Promote Food Products

DUBLIN, July 26, 2023 /PRNewswire/ -- The "Food & Beverage Non Fungible Token Market Share, Size, Trends, Industry Analysis Report, By Type, By Application, By Region, Segments & Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global food & beverage non fungible token (NFT) market size is expected to reach USD 2,134.04 Million by 2032

The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions, and advertising from food companies and restaurants are other factors expected to drive the market in the forecast period.

Nonfungible tokens (NFTs) are unique digital assets verified on a blockchain network. These are created using blockchain technology, a decentralized digital ledger that records transactions transparently and securely. The value of an NFT can vary greatly depending on the rarity and popularity of the item it represents, with some NFTs selling for millions of dollars. The growing demand for transparency and traceability in the food industry boosts the nonfungible token (NFT) market. The ability to track and verify food products' origin, quality, and safety is becoming increasingly important to consumers, retailers, and regulatory bodies.

Pizza Hut Canada has introduced "1 Byte Favorites", NFTs of a pizza slice with recipes such as Hawaiian, Canadian, Margherita, and Pepperoni, as part of a marketing drive to promote their pan pizzas and draw customer attention. Another example for the market includes Papa John's International, Inc., a pizza take-out chain that launched its NFT "Hot Bags," featuring a sequence of handbag designs to publicize its new line of business - Papa John's X Cheddar, a line of its merchandise.

Several limiting factors affect the growth and adoption of Organic Seed in the market, including limited market adoption, high costs and technical expertise, regulatory hurdles, and lack of standardization. Creating and managing NFTs requires technical expertise and resources, which could be a barrier for smaller Food & Beverage producers.

The use of NFTs in the Food & Beverage industry is still a relatively new concept, and there may be limited awareness or understanding of their potential benefits among consumers and industry stakeholders.

Report Highlights

• The COVID-19 pandemic moderately impacts the Food & Beverage nonfungible token (NFT) market. On the positive side, the pandemic has increased interest in online marketplaces and digital assets. However, the pandemic has also negatively affected the food industry, which could impact the food & beverage NFT market. It has affected the demand for food-related NFTs, as fewer people may be interested in purchasing culinary expertise or virtual food items during economic uncertainty.
• The NFT Food segment is anticipated to dominate the market in the forecast period. Factors include the potential application of NFTs in the Food & Beverage industry for safety and traceability. Another application of NFTs majorly used in the Food & Beverage industry is in Food & Beverage marketing and branding.
• The Dining segment dominated the market in the year 2022. Accessing exclusive restaurants, private chef services, or food tours, providing proof of ownership or access to these experiences, and offering collectors a way to own a piece are the key driving factors for the segment. It is also used to create virtual dining experiences, where users can purchase an NFT that grants them access to a virtual reality dining experience or a live-streamed cooking class.
• North America region is leading the market in terms of revenue share for the year 2022. The growing popularity of blockchain technology and the increasing demand for traceable food goods are the key supporting factors for the segment in the forecasted period. The market presents an exciting opportunity for businesses and investors to explore new ways of monetizing and marketing Food & Beverage products while tapping into the growing interest in blockchain and cryptocurrency.
• Asia Pacific region is expected to witness a significant CAGR for the market owing to a diverse range of cuisines and food cultures and a large and growing middle class with increasing disposable income. In addition, the region is home to many socially and environmentally conscious consumers who might be interested in supporting businesses that use sustainable and ethical practices.

Market Dynamics

Drivers and Opportunities

• Growing demand for transparency and traceability in the food industry
• Rising fuel cell demand

Restraints and Challenges

• High and hidden fees

Market Trends

• Porter's Five Forces Analysis
• PESTLE Analysis
• Food & Beverage Non Fungible Token (NFT) Industry trends
• Value Chain Analysis
• COVID-19 Impact Analysis

Competitive Landscape

• Flyfish (FFC)
• Kley Inc. (Bored Breakfast Club)
• Gourmet NFT
• Burger King
• McDonald's Corporation
• Pizza Hut
• William Grant & Sons Ltd.
• The Yummy Cottage LLC
• Quality Is Our Recipe LLC (Wendyverse)
• Bacardi Limited

Scope of the Report

Food & Beverage Non Fungible Token Market, Type Outlook (Revenue - USD Million, 2019 - 2032)

• NFT Food
• NFT Beverage

Food & Beverage Non Fungible Token Market, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Dining
• Coffee Subscription
• Digital Recipes
• Other

Food & Beverage Non Fungible Token Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Latin America
• Argentina
• Brazil
• Mexico
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

For more information about this report visit https://www.researchandmarkets.com/r/72cs2u

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SOURCE Research and Markets

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