Global Blockchain in Cold Chain Market – Industry Trends and Forecast to 2029

Global Blockchain in Cold Chain Market, By Type (Transportation, Monitoring Components, Storage), Component (Platforms, Services), Application (Smart Contracts, Payment and Settlement, Product Traceability, Inventory Monitoring, Compliance Management, Others), Industry Vertical (Retail, Manufacturing, Food and Beverages, Healthcare, Oil and Gas, and Others) – Industry Trends and Forecast to 2029

Blockchain in Cold Chain Market Analysis and Size

Blockchain has gained immense popularity among large corporations and startups, and is expanding its applications outside financial services industry. Numerous organizations are investing in the research and development of blockchain technology to fulfill a range of needs. This technology enhances chain transparency, improving efficiency and overall supply chain management while declining risks.

Global Blockchain in Cold Chain Market was valued at USD 287.16 billion in 2021 and is expected to reach USD 790.83 billion by 2029, registering a CAGR of 13.50% during the forecast period of 2022-2029. Product Traceability in the application segments of the market owing to the high usage of blockchain solutions to automate supply chain procedures. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Market Definition

Blockchain is a record of digital database or blocks of validated and immutable transactions. The blockchain technology acts as an open ledger, such that every transaction on the network is recorded and is made available for all the entities or participants involved in the network to see and verify them.

Blockchain in Cold Chain Market Scope and Segmentation

Blockchain in Cold Chain Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surge in Investments in Blockchain

The rising venture capital funding and investments in blockchain technology is a vital factor escalating the market growth, also increased demand for enhanced security of supply chain transactions, lower operational costs and rising popularity of blockchain technology in retail and supply chain management are the major factors among others driving the blockchain in cold chain market.

• Demand for Interoperability

The rise in the adoption of the blockchain technology in cold chain due to high need for interoperability accelerate the market growth. This technology assist businesses in securely exchanging data and information with distributors, vendors and suppliers.

• Increase in Demand from Pharmaceutical

The increase in demand for blockchain supply chain offerings from pharmaceutical companies to reduce illegitimate activities, including illegal production of harmful medicines, improper stock control and counterfeit drugs, among others further influence the market.

Additionally, change in lifestyle, increase in the disposable income and rise in awareness regarding the benefits of the nutrition plan positively affect the blockchain in cold chain market.

Opportunities

Furthermore, surge in need for automating supply chain activities and eliminating middlemen extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in government initiatives will further expand the market.

Restraints/Challenges

On the other hand, uncertain regulatory status and standards, and issues with management of increasing data volume are expected to obstruct market growth. Also, lack of the technical knowledge and shortage of supply and demand shocks during COVID-19 are projected to challenge the blockchain in cold chain market in the forecast period of 2022-2029.

This blockchain in cold chain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on blockchain in cold chain market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Blockchain in Cold Chain Market

The COVID-19 has impacted blockchain in cold chain market. The limited investment costs and lack of employees hampered sales and production of various products. However, market key players adopted new safety measures for developing the products. The online distribution channel changing the shopping habits of people as it offers benefits such as easy payment methods, availability of a wide range of products, doorstep delivery and heavy discounts assisted in the growth of the market during the pandemic, and will further accelerate the growth during the post-pandemic situation.

Global Blockchain in Cold Chain Market Scope and Market Size

The blockchain in cold chain market is segmented on the basis of type, component, application and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Transportation
• Monitoring Components
• Storage

Component

• Platforms
• Services

Application

• Smart Contracts
• Payment and Settlement
• Product Traceability
• Inventory Monitoring
• Compliance Management
• Others

Industry Vertical

• Retail
• Manufacturing
• Food and Beverages
• Healthcare
• Oil and Gas
• Others

Blockchain in Cold Chain Market Regional Analysis/Insights

The blockchain in cold chain market is analysed and market size insights and trends are provided by country, type, component, application and industry as referenced above.

The countries covered in the blockchain in cold chain market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the blockchain in cold chain market because of the presence of key market players along with on-going developments in blockchain technology within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rapid growth of e-commerce sector due to the higher population base in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Blockchain in Cold Chain Market Share Analysis

The blockchain in cold chain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain in cold chain market.

Some of the major players operating in the blockchain in cold chain market are

• IBM (US)
• Microsoft (US)
• BASF SE (Germany)
• DSM (Netherlands)
• Oracle (US)
• Huawei Technologies Co., Ltd. (China)
• Bitfury Group Limited. (Netherlands)
• TIBCO Software Inc. (US)
• Applied Blockchain Ltd (US)
• GUARDTIME (Estonia)
• OARO (Canada)
• Peer Ledger Inc. (Canada)
• Venture Proxy Ltd. (UK)
• Datex Corporation (US)
• Omnichain Solutions (US)
• Amazon Web Services, Inc. (US)
• Bitnation (US)
• Blockverify (UK)
• BTL Group Ltd. (UK)
• Cambridge Blockchain, LLC (US)