Blockchain in Packaging Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Platform/Solution, Blockchain as a Service) By Blockchain Type (Public, Private, Hybrid) By Provider (Application & Solution, Infrastructure & Protocols, Middleware) By End User Industry (Food & Beverages, Industrial Packaging, Pharmaceuticals, Personal & Household Care Others) and Region  

Blockchain In Packaging Market size was valued at US$ 683.6 million in 2023 and is poised to grow at a CAGR of 8.1% from 2024 to 2030. Blockchain in Packaging allows paper and packaging companies to capture the end-to-end business process-without the need to login into individual systems. Furthermore, at a foundational level, a typical paper and packaging process includes the input, transformation, output cycle. Additionally, the key factors driving the market are enhancing transparency, combating counterfeiting, ensuring supply chain traceability, and improving recall management, technological advancement in the packaging materials in the retail, pharmaceuticals, and rising demand for the blockchain packaging in the healthcare system, which in turn is anticipated to drive the blockchain packaging in the forecast. Moreover, the rising demand for transparency in the retail supply chain, the fast, frictionless transactions, and the stipulation for improved customer service are driving the blockchain in retail market growth.

Furthermore, Blockchain technology authorizes retail trades to maintain transparent, secure record-keeping, track the attribution of goods, and make available a method to occupy in secure transactions. Besides, blockchain technology in the retail sector assists store digital records safely and audibly, allowing an innocuous, prompt, and cost-effective transfer of assets, sequentially, is anticipated to drive the blockchain in packaging in the forecast period. Moreover, the collaboration between the retail stores, pharmaceutical companies and the market players are anticipated to drive the blockchain in packaging in the future years. However, the challenges associated with the blockchain in packaging market are high cost associated with initial investment, security risks, scalability issues, regulatory uncertainty, infrastructure challenges, price volatility remains significant barriers that hampers the demand for the growth of the market in the forecast period. However, the key opportunities associated with the market are rising demand for the production authentication, quality assurance and compliance, inventory management, environmental impact tracking generates opportunities for the market over the forecast period.

Blockchain In Packaging Market Key Developments

• In Feb 2023, E-commerce massive Flipkart and block chain platform Polygon entered a tactical collaboration to set up a Blockchain-eCommerce Centre of Excellence (CoE). The CoE will work on research and development of Web3 and metaverse commerce usage cases in India to fast-track the adoption of Web3.