Blockchain for Supply Chain Traceability Market Size

Blockchain for Supply Chain Traceability Market size is estimated at USD 3 billion in 2024 and is expected to exceed USD 80.7 billion by the end of 2037, expanding at over 31.5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of blockchain for supply chain traceability is evaluated at USD 3.9 billion. Based on the rising demand for transparency, security, and efficiency in supply chain management, the blockchain for supply chain traceability market is booming. The decentralized, immutable ledger provided by blockchain technology enables the stakeholders to trace the complete lifecycle of products from raw materials to end consumers.

This tends to reassure promises of quality, authenticity, and compliance with regulations, made by most industries including food & beverages, pharmaceuticals, and automotive. Ethical sourcing and sustainable products also play a key role in fueling the growth of this industry. Companies use blockchain for verification of material sources and ensure ethical standards are met at all levels of supply chain transactions. For instance, in October 2020, it was stated that Walmart was using IBM blockchain technology to trace food products. This resulted in a reduction of the time taken to trace the whereabouts of the contamination origin, to enhance food safety and quality.

As per the WHO's August 2024 estimates, the global blockchain for supply chain traceability market for counterfeit medications is believed to be close to USD 83 million, making drugs fatal, for which many companies prefer blockchain for tracing. For instance, in February 2023, DHL and Accenture together used the blockchain-based serialization prototype, in 6 geographies. This was aimed at tracking the supply chain of drugs passing between parties, to enhance credibility and capability to trace the transactions within the industry.