Blockchain for Sustainable Supply Chains Market Size, Share, Competitive Landscape and Trend Analysis Report, by Industry Vertical, by Enterprise Size : Global Opportunity Analysis and Industry Forecast, 2024-2033

Industry Trends: 

• According to 2023 Digital Trends in Supply Chain Survey of PWC, most executives agreed or strongly agreed that their supply chain strategy and operations are important to executing their company’s environmental, social and governance (ESG) strategy (86%) . Most also said their digital investments in ESG have benefited their supply chains as well (79%) . But many have yet to develop key digital capabilities. 

• According to an article published in Financial Express on March 2024 by Prof. A Seetharaman, blockchain technology helps in addressing the issues of the supply chain ecosystem by bringing all stakeholders such as raw material suppliers, manufacturers, distributors, wholesalers, retailers, and end-users/consumers onto the same platform. Usage of smart contract features of Blockchain platform coupled with IoT & AI in logistics and supply chain area enables predictive maintenance resulting in better logistics solutions. 

Key market dynamics 

The rapidly evolving market for Blockchain for Sustainable Supply Chains is shaped by several key drivers, constraints, and opportunities. Primarily, the emphasis on enhancing consumer experiences drives the adoption of blockchain solutions. Businesses recognize the importance of personalized, seamless, and engaging digital interactions to attract and retain customers in competitive markets. In addition, digital transformation across industries propels the adoption of blockchain, aiming to boost productivity, foster collaboration, and optimize digital strategies effectively. Technological advancements, particularly in artificial intelligence and data analytics, drive innovation in blockchain for sustainable supply chains. These innovations empower organizations to enhance digital experiences and gain deeper insights into consumer behavior, further fueling market growth. However, integration complexities pose significant challenges for businesses deploying blockchain solutions. The intricacies of integrating blockchain with existing systems and processes can hinder seamless implementation. Moreover, security concerns related to data privacy and regulatory compliance require robust security measures to protect sensitive information. Despite these challenges, promising opportunities abound. Providers capitalize on the growing demand for personalized digital experiences by offering tailored solutions that meet specific customer needs and preferences. Furthermore, the expansion of digital technology in emerging markets presents new opportunities for market penetration and growth. Organizations that effectively leverage these drivers, address constraints, and seize opportunities can navigate the blockchain for sustainable supply chain market successfully, driving growth and achieving business success. Furthermore, the blockchain for sustainable supply chain market holds promise despite these challenges. Providers can leverage the growing demand for personalized digital experiences by offering customizable solutions tailored to individual customer needs. In addition, the expansion of digital technology in developing nations presents new opportunities for market penetration and growth. As businesses across these regions embrace digital transformation, the demand for enhanced digital experience solutions is set to rise, fostering innovation and expanding market reach. By effectively navigating these dynamics—leveraging drivers, addressing constraints, and seizing opportunities—organizations can capitalize on the transformative potential of blockchain for sustainable supply chains to drive growth and achieve sustainable success in the global marketplace. 

Parent Market Overview 

The Blockchain for Sustainable Supply Chain market operates within the broader context of supply chain management and sustainability initiatives. It encompasses technologies and solutions aimed at enhancing transparency, traceability, and ethical practices across global supply chains. Businesses adopt blockchain to securely record and validate transactions, ensuring authenticity and compliance with environmental and social standards throughout the supply chain journey. Within this market, Blockchain for Sustainable Supply Chain solutions integrate blockchain technology with supply chain management practices to improve efficiency, reduce costs, and mitigate risks associated with traditional supply chain processes. These solutions enable real-time tracking of products, verification of origin and quality, and compliance with regulatory requirements. By leveraging blockchain's decentralized ledger, businesses can enhance trust among stakeholders, streamline operations, and foster sustainable business practices. 

The Blockchain for Sustainable Supply Chain market addresses growing concerns about ethical sourcing, environmental impact, and regulatory compliance. It supports industries in meeting consumer demands for transparency and sustainability, driving adoption across various sectors including retail, manufacturing, and agriculture. As businesses prioritize sustainable practices and regulatory adherence, the demand for blockchain solutions continues to grow, fueling innovation and transformation within global supply chains. Key drivers include increasing regulatory pressures, consumer awareness of sustainability issues, and advancements in blockchain technology. However, challenges such as integration complexities and data security concerns remain significant considerations for businesses deploying blockchain solutions. Despite these challenges, the market offers promising opportunities for providers to deliver tailored solutions that meet evolving industry needs and drive sustainable growth. As organizations navigate the complexities of modern supply chains, Blockchain for Sustainable Supply Chain solutions emerge as essential tools for enhancing operational transparency, ensuring ethical practices, and maintaining competitive advantage in a global marketplace increasingly focused on sustainability and responsible business practices. 

Market Segmentation 

The blockchain for sustainable supply chain market is segmented into enterprise size,  industry vertical and region. Depending on eterprise size, the market is bifurcated into large enterprise and SMEs. Depending on industry vertical, the market is segregated into retail, manufacturing, food and beverages, healthcare, oil and gas and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Regional/Country Market Outlook 

North America stands at the forefront of the Blockchain for Sustainable Supply Chains market, propelled by its advanced digital infrastructure and widespread adoption of blockchain technologies across various sectors. In the U.S., industry leaders in retail, manufacturing, and agriculture are increasingly leveraging blockchain to enhance supply chain transparency, ensure ethical sourcing practices, and comply with stringent regulatory standards. This adoption is driven by the region's robust technological ecosystem and a strong emphasis on sustainability initiatives. Canada similarly embraces blockchain solutions within its supply chains, with businesses focusing on traceability, efficiency improvements, and sustainable practices. Supported by government initiatives promoting innovation and environmental stewardship, Canadian industries, particularly in natural resources and logistics, integrate blockchain to bolster their supply chain operations and meet evolving consumer demands for transparency and accountability. Key drivers in North America include regulatory frameworks advocating for sustainability, consumer preferences for ethically sourced products, and ongoing technological advancements in blockchain. These factors underscore a growing commitment among businesses to adopt blockchain solutions that enhance operational efficiency and build consumer trust through transparent supply chain practices. 

Innovations in blockchain technology, coupled with increasing industry collaborations and regulatory support, are expected to drive further adoption and expansion across the region. As businesses strive to meet sustainability goals and regulatory requirements, blockchain solutions will play a pivotal role in shaping the future of transparent and efficient supply chain management in North America. In addition, the North America area has a large and diversified market with unrealized potential, which attracts vendors seeking to grow their regional presence and meet the changing demands of local companies. 

• In March 2022, Unilever, a consumer products giant, implemented GreenToken by SAP, a startup that provides blockchain-based technology. GreenToken is a blockchain-based supply chain traceability and chain-of-custody application that allows companies to record and track facts about the raw materials they use in products. This can include information like where raw materials originate, specific production attributes and certifications. GreenToken, which companies access through a SaaS interface dashboard, provides the ability for producers to create a digital token of physical goods that can include multiple attributes, such as the original plantation and any certifications. 

• In November 2023, Agribusiness giant Bunge teamed up with one of the world’s largest producers of animal feed to develop a blockchain technology for ensuring soy and other products are deforestation-free. The memorandum of understanding with BKP is meant to “transform traceability data from the field to final customers.” The agreement also involves the possibility of future collaboration on other services, including further integration with a focus on real-time data transfer and measuring the carbon footprint of traded volumes. 

Competitive Landscape 

The major players operating in the blockchain for sustainable supply chain market include IBM, Microsoft, SAP, Oracle, Accenture, and Dell Technologies. Other players in blockchain for sustainable supply chain market include Walmart, Carrefour, Intel, and VeChain. 

Recent Key Strategies and Developments 

In February 2019, Accenture introduced a circular supply chain capability that leverages digital identity, payments and blockchain to directly reward sustainable practices of small-scale growers and suppliers. To build upon this capability, Accenture is working with Mastercard, Amazon Web Services, Everledger and Mercy Corps to explore solutions that empower consumers, enable transparency and promote financial inclusion for small-scale producers. The circular supply chain capability is intended to meet this need by combining blockchain, digital identity and payments technologies to allow customers to identify individual producers who use sustainable methods and financially reward them with a “tip” made by direct payment. In addition to empowering customers and connecting them with small-scale producers, the capability is designed to enable producers, manufacturers and retailers to better manage their inventory and reduce waste; creates better transparency across the supply chain; ensures the authenticity of produce; and provides producers with more-equitable compensation for their produce by enabling consumers to reward them directly. 

Key Sources Referred 

1. Supply Chain Management Review 

2. Blockchain News 

3. U.S. Food and Drug Administration (FDA)  

4. European Commission 

5. Council of Supply Chain Management Professionals (CSCMP)  

6. Blockchain Expo 

Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the segments, current trends, estimations, and dynamics of the blockchain for sustainable supply chain market analysis from 2023 to 2033 to identify the prevailing blockchain for sustainable supply chain market opportunities. 

• Market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the Blockchain for sustainable supply chain market segmentation assists to determine the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global blockchain for sustainable supply chain market statistics. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the regional and global blockchain analysis for sustainable supply chain market trends, key players, market segments, application areas, and market growth strategies.