Covina, Aug. 26, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global blockchain for cold chain logistics market size and share value is projected to grow from USD 470 Billion in 2024 and is forecasted to reach USD 1592.4 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 14.3% during the forecast period (2024 - 2034).
Blockchain for Cold Chain Logistics Market Report Overview
Blockchain technology is increasingly being integrated into cold chain logistics to enhance transparency, traceability, and security throughout the supply chain. By providing a decentralized, immutable ledger, blockchain enables real-time tracking of goods from their origin to their final destination, ensuring that temperature-sensitive products are maintained within the required conditions.
The adoption of blockchain in cold chain logistics facilitates the seamless sharing of data among all stakeholders, including manufacturers, distributors, and retailers. This improved data accuracy and visibility help in preventing spoilage, optimizing inventory management, and enhancing overall supply chain resilience.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Blockchain for Cold Chain Logistics Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- IBM
- Maersk
- VeChain
- DHL
- Walmart
- Modum
- Pfizer
- Zebra Technologies
- Nestlé
- Bayer
- Carrier
- SAP
- TE-FOOD
- Ripe.io
- Auctus
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Analyst View:
Blockchain streamlines supply chain processes by automating data sharing and reducing the need for intermediaries. This automation minimizes paperwork, reduces errors, and speeds up processes, leading to cost savings.
Market Dynamics:
Drivers:
Enhanced Transparency and Traceability
- One of the primary drivers of the target market is its ability to provide enhanced transparency and traceability. Blockchain technology enables the creation of an immutable record of all transactions and movements within the supply chain.
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Market Trends:
Rising Focus on Regulatory Compliance
- The use of blockchain technology to assure compliance is becoming more and more important as regulations related to temperature-sensitive commodities get stricter. Blockchain technology makes it easier to keep thorough records and evidence of safety standard compliance which is essential for satisfying regulatory requirements.
Segmentation:
Blockchain for Cold Chain Logistics Market is segmented based on Component, End-Use Industry, Application, and Region.
Component Insights
- This industry includes the following: Platforms, and Services. The market growth for the platform is anticipated to be dominant as blockchain platforms provide a robust solution for ensuring transparency and traceability throughout the cold chain.
End-Use Industry Insights
- This sector includes Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, and Others. The pharmaceuticals & healthcare segment is expected to dominate the target market growth as this sector is subject to rigorous regulatory standards to ensure the safety and efficacy of drugs and medical products.
Application Insights
- This sector includes Restaurant & Food Supply, E-commerce, Healthcare, Retail Logistics & Transportation and Others. The transportation & logistics sector is anticipated to boost the target market expansion as the cold chain logistics industry deals with highly sensitive and perishable goods that require strict adherence to temperature controls.
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Recent Development:
- In March 2024, Smart logistics through the interoperability of blockchain for a sustainable supply chain ecosystem. Blockchain technology has been successful with its application in cryptocurrencies. It has been recognized as a novel technology for removing the intermediaries in various sectors such as finances and the supply chain.
Regional Insights
- North America: To deploy and expand blockchain solutions, technology suppliers, logistics firms, and government agencies are increasingly forming alliances and partnerships.
- Asia Pacific: Governments in this region are increasingly supporting the adoption of advanced technologies including blockchain to improve supply chain management. Initiatives and policies aimed at enhancing logistics infrastructure and regulatory frameworks are driving the implementation of blockchain solutions in the cold chain sector.
Browse Detail Report on "Blockchain for Cold Chain Logistics Market Size, Share, By Component (Platform, Services), By Application (Food & Beverages, Pharmaceuticals & Healthcare, Chemicals, Others), By End-Use Industry (Retail, Manufacturing, Transportation & Logistics, Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/blockchain-for-cold-chain-logistics-market-5561
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