Blockchain for Cold Chain Logistics Market Size, Share, By Component (Platform and Services), Application (Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, and Others), End-Use Industry (Retail, Manufacturing, Transportation & Logistics, and Others), and Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI556124 | Publish Date: August 2024 | No. of Pages: 176

Blockchain For Cold Chain Logistics Market Overview

  • The blockchain for cold chain logistics market size is projected to be worth USD 1592.4 billion by 2034.
  • In 2024, the market was valued at USD 470 billion.
  • The market is projected to grow at a CAGR of 14.3% during the forecast period.

Blockchain in cold chain logistics applies blockchain technology to enhance and secure the supply chain management of temperature-sensitive products. It is an initiative that deals with maintaining proper temperature conditions of perishable goods, such as food, pharmaceuticals, and chemicals during their journey from production to consumption. Using an immutable and transparent blockchain, it records all steps within the cold chain process in real time to guarantee product integrity and safety. It allows for tracing temperature history and location, handling, and creating an unbroken chain of custody and accountability. Rising cases of counterfeiting is expected to drive the market growth during the forecast period.

Key Takeaways:

  • North America is the dominating region in the market due to its solid infrastructural base.
  • Asia Pacific is expected to be the fastest-growing region in the market due to the increasing need for safety and security of perishable goods transportation.

Blockchain for Cold Chain Logistics Market Share

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Blockchain For Cold Chain Logistics Market Drivers & Restraints

Increase in Cases of Counterfeiting to Boost Market Expansion

  • Counterfeiting, especially in pharmaceuticals and health care, has been a growing issue globally. Blockchain technology is a remedy that provides an unchangeable log of the product's journey through the supply chain. It is quite close to becoming impossible to tamper or create fake records of origin. It ensures the validity of products at every step, lowering the probability of counterfeit products entering the consumer market.

Rising Regulatory Mandates to Augment Market Growth

  • Rigorous regulations in the food, pharmaceuticals, and chemicals industries are yet another driving factor that compels companies to leverage such technologies that can help prove their compliance with the regulations. All over the world, regulatory authorities are increasing their control over the storage and transportation of temperature-sensitive products. Blockchain allows meeting these regulations through a transparent and auditable record regarding the entire supply chain, thereby reducing associated risks leading to non-compliance.

Restraints:

Lack of Standardization May Impede Market Growth

  • The third significant barrier is the issue of non-standardization within blockchain technology. Different guidelines and standards exist for applying blockchain between industries and regions. This, in turn, prevents multiple technologies from interoperability and full integration. Blockchain needs to be more cohesive, thus blocking the smooth flow of information across the supply chain from start to end, making blockchain solutions in cold chain logistics less effective.

Opportunities:

Sustainable Practices Can Provide Better Future Growth Opportunities

As sustainability becomes one of the top concerns for businesses and customers, blockchain can play a critical role in efficient and transparent supply chains. For instance, companies may implement blockchain to monitor and authenticate logistics operations, including environmental impacts, such as carbon emissions and energy use. This focus on sustainability assures companies that they have met new regulatory requirements and that the products will become attractive to environmentally aware consumers, thus creating new market opportunities.

Blockchain For Cold Chain Logistics Market Segmentations & Regional Insights

The blockchain for cold chain logistics market is segmented into component, end-use industry, application, and region.

Component Insights:

Based on components, the market is bifurcated into platform and services. The platform segment is expected to hold the largest blockchain for cold chain logistics market share. The growth is attributed to the rising adoption of these logistics for better transparency and traceability.

Application Insights:

By application, the blockchain for cold chain logistics market is classified into food and beverages, pharmaceuticals and healthcare, chemicals, and others. The food and beverages segment is dominating the market as the blockchain technology allowing the companies in the food and beverages industry to earn consumer trust.

By End-Use Industry Insights:

By end-use industry, the market is categorized into retail, manufacturing, transportation and logistics, and others. The retail segment is holding the dominant share in the market owing to the growing adoption of blockchain technology to enhance effectiveness and transparency within the cold chain logistics.

Regional Insights:

On the basis of region, the market is analyzed across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

  • North America: This is one of the leading regions in the field of blockchain technology in cold chain logistics, primarily due to its solid infrastructural base and faster adoption of advanced technologies. This regulatory environment and potential customer demand in the region have also played a role. The widespread use of blockchain in the North American region is in the food and beverage, pharmaceuticals, healthcare, and logistics industries in sensitive sectors where the temperature is essential to maintain.

Asia Pacific: The rapid growth that the Asia-Pacific region is experiencing in the cold chain logistics sector through the integration of blockchain primarily stems from the growing needs and imperatives for safety and security in the perishable goods transportation market. An increase in the size of the region's food and drink, pharmaceutical, and chemical industries further reinforces growth. The governments of the Asia Pacific region are also leading to increased technology adoption by friendly policies and regulation implementation.

Blockchain for Cold Chain Logistics Market Report Scope:

Attribute

Details

Market Size 2024

USD 470 Billion 

Projected Market Size 2034

USD 1592.4 Billion

CAGR Growth Rate

14.3%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Component- Platform and Services

By End-Use Industry- Retail, Manufacturing, Transportation & Logistics, and Others

By Application- Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, and Others

Regional scope

North America - U.S. and Canada

Europe – U.K., Germany, Spain, France, Italy, Russia, and Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, and Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, and Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segmentation:

By Component:

  • Platform
  • Services

By Application:

  • Food & Beverages
  • Pharmaceuticals & Healthcare
  • Chemicals
  • Other

By End-Use Industry:

  • Retail
  • Manufacturing
  • Transportation & Logistics
  • Others

By Region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Blockchain For Cold Chain Logistics Market Competitive Landscape & Key Players

The major players competing in the market include IBM, Maersk, Walmart, Pfizer, and others. These key are expanding their business through mergers & acquisitions and partnership and collaborations, along with new blockchain solution introduction to maintain their competitive edge in the market.

List of Key Players in the Market:

  • IBM
  • Maersk
  • VeChain
  • DHL
  • Walmart
  • Modum
  • Pfizer
  • Zebra Technologies
  • Nestlé
  • Bayer
  • Carrier
  • SAP
  • TE-FOOD
  • Ripe.io
  • Auctus

Blockchain for Cold Chain Logistics Market Key Players

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Blockchain For Cold Chain Logistics Market Recent News

  • In June 2024, Walmart announced a high expansion in its food safety initiative involving a collaborative process with IBM for using blockchain technology. This partnership would enhance the ability to trace perishable goods within the logistics cold chain process. On IBM's platform, Walmart can track the real-time movement of food products they sell to customers, ensuring food safety standards with minimum chances of contamination or spoilage.
  • In April 2024, DHL introduced a new blockchain-based solution to its cold chain logistics, providing added value in monitoring and tracking medicines that are sensitive to temperature. The solution integrates IoT sensors with blockchain to provide real-time data on parameters, such as temperature and humidity. This step is part of DHL's strategy to add transparency to the supply chain while ensuring the product is delivered to the end consumer.
  • In March 2024, Pfizer will start operating with blockchain to leverage vaccine distribution, especially in developing regions. From manufacturing to delivery, the system offers records that do not allow changes. Vaccines will be safeguarded for integrity and safety, with reduced risks of counterfeiting, followed by better compliance with regulatory requirements.

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Blockchain For Cold Chain Logistics Market Company Profile

Company Name

IBM

Headquarters

New York, U.S.

CEO

Arvind Krishna

Employee Count (2023)

282,200 Employees

FAQs

Blockchain for Cold Chain Logistics Market Size was valued at USD 470 Billion in 2024 and is expected to reach USD 1592.4 Billion by 2034, growing at a CAGR of 14.3%

Blockchain for Cold Chain Logistics Market is segmented into Component, End-Use Industry, Application, and Region.

Factors driving the market include Increase in Cases of Counterfeiting and Rising Regulatory Mandates.

The restraints of the Blockchain for Cold Chain Logistics Market include a lack of standardization.

Region segments the Blockchain for Cold Chain Logistics Market into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is expected to dominate the Market.

The key players operating the Blockchain for Cold Chain Logistics Market include IBM, Maersk, VeChain, DHL, Walmart, Modum, Pfizer, Zebra Technologies, Nestlé, Bayer, Carrier, SAP, TE-FOOD, Ripe.io, Auctus.