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Blockchain in Supply Chain Market Research Report: Information By Application (Payment & Settlement, Counterfeit Detection), By Provider (Application & Solution Provider, Middleware Provider), By Vertical (Retail & Consumer Goods, Manufacturing) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.


ID: MRFR/ICT/5239-HCR | 100 Pages | Author: Ankit Gupta| August 2025

Blockchain Supply Chain Market Summary

As per Market Research Future Analysis, the Blockchain in Supply Chain Market is set to experience significant growth, driven by the increasing demand for transparency, traceability, and cost efficiency in supply chain management. The market was valued at USD 1.0 billion in 2023 and is projected to reach USD 20.5 billion by 2032, reflecting a robust CAGR of 39.19% from 2024 to 2032. Key players are investing in innovative solutions to enhance supply chain processes, ensuring authenticity and reducing fraud.

Key Market Trends & Highlights

The market is characterized by several key trends that are shaping its growth trajectory.

  • Market size in 2023: USD 1.0 billion; projected to reach USD 20.5 billion by 2032.
  • CAGR during 2024-2032: 39.19%; driven by demand for transparency and traceability.
  • Counterfeit detection led market growth in 2022; payment and settlement expected to grow fastest.
  • North America held the largest market share in 2022; Asia-Pacific expected to grow at the fastest CAGR.

Market Size & Forecast

2023 Market Size: USD 1.0 Billion
2032 Market Size: USD 20.5 Billion
CAGR (2024-2032): 39.19%
Largest Regional Market Share in 2022: North America.

Major Players

Key players include IBM Corporation, Ripple, Microsoft Corporation, Chain Inc., and Coinbase.

Figure 1: Blockchain in Supply Chain Market Size, 2024-2032 (USD Billion)

Blockchain in Supply Chain Market Overview 2024-2032

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Blockchain in Supply Chain Market Trends

Growing demand for transparency and traceability drives market growth

The increasing requirement for transparency and traceability in supply chain management is driving the market CAGR for blockchain in the supply chain market. Traditional supply chain management systems are frequently plagued by transparency and traceability difficulties, such as counterfeiting, fraud, and a lack of visibility. These difficulties can cause considerable losses for enterprises, as well as harm to consumer trust and brand reputation. Blockchain technology, by offering a secure and transparent platform for tracking and tracing products along the supply chain, can help address these concerns. The technology enables the construction of a tamper-proof and unchangeable record of all product transactions and occurrences, from the point of origin to the point of consumption. This gives organizations real-time visibility into their supply chain, allowing them to identify and address issues as they arise.

By offering a safe and transparent platform for confirming the authenticity of items, blockchain technology can also assist reduce the danger of fraud and counterfeiting. This can assist firms in protecting their brand reputation and consumer trust, as well as preventing losses due to fraudulent activity.

Another driver of the blockchain in the supply chain business is the technology's cost and time efficiency. Traditional supply chain management systems are frequently complex and involve several intermediates, resulting in delays, errors, and expensive prices. By eliminating the need for intermediaries and offering a safe and transparent platform for all transactions, blockchain technology can help streamline the supply chain. Walmart, for example, has deployed a blockchain-based supply chain management system that allows it to track the origin and movement of products in real time. Walmart has reduced the time it takes to track food products from six days to two seconds, allowing the corporation to increase supply chain efficiency and cut expenses.

Blockchain technology can also assist to reduce the cost of supply chain management by doing away with the need for middlemen. The technology enables firms to transact directly with one another, eliminating the need for a middleman. This can assist minimize transaction costs and increase supply chain efficiency.

Moreover, growing demand for long-term supply chain management. Businesses are under increasing pressure to implement sustainable practices and limit their environmental effect. Blockchain technology can assist businesses in accomplishing these objectives by offering a transparent and secure platform for tracking and tracing the environmental impact of their supply chain.

As an example, IBM has created the IBM Food Trust, a blockchain-based platform that allows businesses to track the origin and movement of food goods along the supply chain. The tool gives organizations real-time visibility into their supply chain's environmental impact, allowing them to discover areas where they may lower their environmental footprint.

Blockchain technology can also assist businesses in meeting their sustainability objectives by allowing them to manage and trace the use of sustainable materials and goods throughout their supply chain. The technology can provide a transparent and secure platform for confirming the origin and authenticity of sustainable products, assisting businesses in meeting the growing consumer demand for sustainable products.

Blockchain in Supply Chain Market Segment Insights

Blockchain in Supply Chain Application Insights

The Blockchain in Supply Chain Market segmentation, based on Application includes Payment & Settlement, Counterfeit Detection. In 2022, the counterfeit detection category led the market growth. Used to determine whether or not a product is genuine. Blockchain-based anti-counterfeiting solutions employ barcodes to track and trace products along the supply chain and guarantee that buyers receive genuine goods. Payment and settlement, on the other hand, is expected to be the fastest increasing. Increased use of blockchain systems to automate supply chain procedures.

Blockchain in Supply Chain Provider Insights

The Blockchain in Supply Chain Market segmentation, based on Provider, includes application & Solution Provider, Middleware Provider. In 2022, application and solution providers accounted for the majority of blockchain market growth in the supply chain industry. The market has grown significantly as a result of the adoption of highly complex blockchain supply chain management systems. The middleware provider category, on the other hand, is expected to increase at the fastest rate during the projected period. Typically, "blockchain middleware" software functions connect several interrelated instances and components of blockchain data. It can also refer to software that merges multiple blockchain implementations into a single interface for user convenience and (usually) scale.

Blockchain in Supply Chain Vertical Insights

The Blockchain in Supply Chain Market is segmented by vertical, which comprises Retail & Consumer Goods, Manufacturing. The retail consumer goods industry has a monopoly on the blockchain supply chain market. It is expected to maintain its dominance as retail players use it to streamline their supply chain procedures. Furthermore, blockchain ensures quality, product safety, reliability, and authenticity, as well as providing supply chain partners with information on the whereabouts of their goods. These factors fuel blockchain market growth in the retail business.

Figure 2: Blockchain in Supply Chain Market, by Vertical, 2022 & 2032 (USD Billion)

Blockchain in Supply Chain Market, by Vertical, 2022

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Blockchain in Supply Chain Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America held the majority of the market share in 2022. North America is recognized as having the most advanced infrastructure and technological adoption. The fundamental influencing element in this industry is the overall behaviour of the major blockchain technology solution providers. Companies across a variety of industries, including as manufacturing, healthcare, retail and consumer products, and logistics, provide an important opportunity for vendor growth.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: BLOCKCHAIN IN SUPPLY CHAIN MARKET SHARE BY REGION 2022 (USD Billion)

BLOCKCHAIN IN SUPPLY CHAIN MARKET SHARE BY REGION

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Blockchain in Supply Chain Market accounts for the second-largest market share due to increasing adoption of blockchain technology in the region, particularly in the financial and logistics industries. Further, the German Blockchain in Supply Chain Market held the largest market share, and the UK Blockchain in Supply Chain Market was the fastest growing market in the European region

The Asia-Pacific Blockchain in Supply Chain Marketis expected to grow at the fastest CAGR from 2023 to 2032. This is because of its early acceptance of emerging technologies. Moreover, China’s Blockchain in Supply Chain Market held the largest market share, and the Indian Blockchain in Supply Chain Market was the fastest growing market in the Asia-Pacific region.

Blockchain in Supply Chain Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Blockchain in Supply Chain Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Blockchain in Supply Chainindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Blockchain in Supply Chain industry to benefit clients and increase the market sector. In recent years, the Blockchain in Supply Chain industry has offered some of the most significant advantages to medicine. Major players in the Blockchain in Supply Chain Market, including IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, and others, are attempting to increase market demand by investing in research and development operations.

The International Business Machines business (IBM), also known as Big Blue, is a multinational technology business headquartered in Armonk, New York, with operations in more than 175 countries. It specializes in computer hardware, middleware, and software, as well as hosting and consulting services spanning from mainframe computers to nanotechnology. IBM is the world's largest industrial research organization, with 19 research labs in a dozen countries. In 2021, IBM collaborated with Chainyard to create Trust Your Supplier, a blockchain-based supply chain management tool. The platform's goal is to make supplier management easier by offering a safe and transparent platform for tracking supplier information including certifications and compliance.

Maersk A/S is a Danish shipping and logistics firm founded by Peter Mrsk Mller and Arnold Peter Mller in 1904. Shipping, port operations, supply chain management, and warehousing are all part of Maersk's business. In 2022, the corporation will be headquartered in Copenhagen, Denmark, with subsidiaries and offices in 130 countries and over 110,000 workers worldwide.In 2020,Maersk, the world's largest container shipping firm, collaborated with IBM to build TradeLens, a blockchain-based platform. The platform's goal is to digitize the supply chain and provide a secure and transparent platform for tracking cross-border commodities movement.

Key Companies in the Blockchain in Supply Chainmarket include

  • IBM Corporation (US)
  • Ripple (US)
  • Coinbase (US)
  • Microsoft Corporation (US)
  • Chain Inc.(US)
  • Abra Inc (US).
  • Blockchain Tech Ltd (UK).
  • Earthport PLC (UK)
  • Bitfury Group ( The Netherlands)
  • Deloitte Inc. (UK)
  • Digital Asset Holdings (US)

Blockchain Supply Chain Industry Developments

  • Q2 2024: Maersk and IBM to Wind Down TradeLens Blockchain Platform Maersk and IBM announced the discontinuation of their blockchain-based supply chain platform, TradeLens, citing lack of global industry collaboration. The platform, launched in 2018, was one of the most prominent blockchain initiatives in global shipping.
  • Q2 2024: Walmart Expands Blockchain Traceability to Seafood Supply Chain Walmart announced the expansion of its blockchain-based food traceability system to include seafood products, aiming to enhance transparency and sustainability in its global supply chain.
  • Q1 2024: Nestlé Pilots Blockchain for Coffee Supply Chain Transparency Nestlé launched a pilot program using blockchain technology to trace coffee beans from farms in Brazil to European consumers, aiming to improve traceability and ethical sourcing.
  • Q2 2024: VeChain Partners with BMW to Launch Blockchain-Based Parts Tracking VeChain announced a partnership with BMW to implement a blockchain solution for tracking automotive parts throughout the supply chain, enhancing authenticity and reducing counterfeiting.
  • Q1 2024: FedEx Launches Blockchain Pilot for Cross-Border Logistics FedEx began piloting a blockchain-based platform to streamline documentation and improve transparency in cross-border shipments, targeting reduced paperwork and faster customs clearance.
  • Q2 2024: IBM and Carrefour Expand Blockchain Food Traceability Partnership IBM and Carrefour announced the expansion of their blockchain collaboration to cover additional product categories in Carrefour’s European supply chain, aiming to boost consumer trust and food safety.
  • Q1 2024: DHL Launches Blockchain-Enabled Cold Chain Tracking for Pharmaceuticals DHL introduced a blockchain-based solution for real-time monitoring of temperature-sensitive pharmaceutical shipments, improving compliance and reducing spoilage.
  • Q2 2024: Unilever Rolls Out Blockchain for Sustainable Palm Oil Sourcing Unilever deployed a blockchain platform to trace palm oil from plantations to end products, supporting its sustainability and anti-deforestation commitments.
  • Q1 2024: Oracle Launches Blockchain Platform for Supply Chain Finance Oracle announced the launch of a new blockchain-based platform designed to streamline supply chain finance processes, enabling faster and more secure transactions between suppliers and buyers.
  • Q2 2024: Provenance Raises $20 Million to Expand Blockchain Supply Chain Platform UK-based Provenance secured $20 million in Series B funding to scale its blockchain-powered supply chain transparency platform, focusing on food and consumer goods sectors.
  • Q1 2024: SAP Announces Blockchain Integration for Global Trade Services SAP unveiled new blockchain integration features for its Global Trade Services suite, aiming to automate compliance and documentation in international supply chains.
  • Q2 2024: Honeywell Expands Blockchain-Based Aerospace Parts Marketplace Honeywell announced the expansion of its blockchain-enabled marketplace for aerospace parts, allowing real-time authentication and tracking of components across the aviation supply chain.

Blockchain in Supply Chain Market Segmentation

Blockchain in Supply Chain Market By Application Outlook

  • Payment & Settlement
  • Counterfeit Detection

Blockchain in Supply Chain Market By Provider Outlook

  • Application & Solution Provider
  • Middleware Provider

Blockchain in Supply Chain Market By Vertical Outlook

  • Retail & Consumer Goods
  • Manufacturing

Blockchain in Supply Chain Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 1.0 Billion
Market Size 2024 USD 1.455 Billion
Market Size 2032 USD 20.5 Billion
Compound Annual Growth Rate (CAGR) 39.19% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2023
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, Provider, Vertical and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, Bitfury Group, Deloitte Inc, Digital Asset Holdings
Key Market Opportunities Growing need for supply chain automation and the elimination of middlemen
Key Market Dynamics Increased usage of blockchain in retail and supply chain management


Frequently Asked Questions (FAQ):

The Blockchain in Supply Chain Market size was valued at USD 1 Billion in 2023.

The market is projected to grow at a CAGR of 39.19% during the forecast period, 2024-2032.

North America had the largest share in the market

The key players in the market are IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc.

The counterfeit detection category dominated the market in 2023.

The application and solution providers had the largest share in the market.

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