The smart food logistics market is expected to register a CAGR of 15% over the forecast period (2022 – 2031). Smart Food ecosystem is increasingly improving due to constituents in the value chain, integrating technologies such as Artificial Intelligence, Analytics, and Internet of Things (IoT) throughout.
– Further, connected logistics sees potential in the capability of blockchain. For instance, Hyperledger’s Sawtooth blockchain platform works along with the IoT to improve the seafood supply chain to provide shipping location, transport temperature, movement, humidity to name a few.
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Key Market Trends
Cold Chain Monitoring to Hold a Significant Share During the Forecast Period
– Cold Chain Monitoring is a critical function in order to deliver fresh, high-quality food and beverages to the end consumers.
– With perishables, the consequences extend beyond the bottom line. Approximately 30% of all perishable produce and products never made it from the farm to the market, according to a recently published IoT@Intel column.
– AI-powered predictive analytics can provide forecasting based on combinations of data that highlight an increased risk. According to Retail Week, approximately 20% of the Retailers in the UK are planning to incorporate AI for logistics.
– The need for cold chain monitoring is expected to witness a growth in the Asia-Pacific region.