According to Prophecy Market Insights, the global blockchain market for cold chain logistics is projected to expand from USD 470 billion in 2024 to USD 1592.4 billion by 2034, achieving a compound annual growth rate (CAGR) of 14.3% over the forecast period.
Market Overview:
Blockchain technology is becoming increasingly vital in cold chain logistics, enhancing transparency, traceability, and security across the supply chain. By utilizing a decentralized and immutable ledger, blockchain allows for real-time tracking of goods from origin to destination, ensuring temperature-sensitive products remain within required conditions.
This technology facilitates seamless data sharing among stakeholders such as manufacturers, distributors, and retailers, improving data accuracy, preventing spoilage, optimizing inventory management, and boosting overall supply chain resilience.
Key Market Players:
– IBM
– Maersk
– VeChain
– DHL
– Walmart
– Modum
– Pfizer
– Zebra Technologies
– Nestlé
– Bayer
– Carrier
– SAP
– TE-FOOD
– Ripe.io
– Auctus
Analyst Perspective:
Blockchain simplifies supply chain processes by automating data sharing, reducing reliance on intermediaries, minimizing paperwork, reducing errors, and accelerating operations, leading to significant cost savings.
Market Dynamics:
Drivers:
– Enhanced Transparency and Traceability: The primary driver for market growth is blockchain’s ability to create an immutable record of all transactions and movements within the supply chain.
Trends:
– Increased Focus on Regulatory Compliance: As regulations around temperature-sensitive products tighten, blockchain’s role in ensuring compliance is becoming more critical. Blockchain technology simplifies maintaining comprehensive records and evidence of safety standard compliance, crucial for meeting regulatory demands.
Segmentation:
– Component: The market is divided into Platforms and Services, with Platforms expected to dominate due to their robust solutions for transparency and traceability.
– End-Use Industry: Key segments include Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, and Others. Pharmaceuticals & Healthcare is anticipated to lead due to stringent regulatory standards.
– Application: Key sectors include Restaurant & Food Supply, E-commerce, Healthcare, Retail Logistics & Transportation, and Others, with Transportation & Logistics expected to drive market growth given the strict temperature control requirements.
Regional Insights:
– North America: Growth is driven by partnerships among technology providers, logistics firms, and government agencies to deploy and expand blockchain solutions.
– Asia Pacific: Government initiatives and policies in this region are fostering the adoption of blockchain to enhance supply chain management.
Source: globenewswire.com
