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The research company Technavio sees the transport of refrigerated goods by land to grow at a compound annual rate of 7% from 2018 to 2022.
To help in this growth is the increase in blockchain worldwide, which, according to the company, will promote transparency and reduce the likelihood of corruption or alteration of data.
In its press release, Technavio said: "Technology is reaching growth in developed countries, but blockchain technology is still being introduced in developing regions such as APAC and the Middle East."
Countries like China and Japan, he added, have begun to use technology for the pharmaceutical industry, information technology and transportation, among other industries.
A senior analyst at the company said that the use of blockchain will allow transport and logistics companies to better monitor storage temperature data "at every point in the product supply chain". Technavio noted that a key factor for refrigerated land transport was the consumption of fresh meat, which amounted to 320 million tonnes worldwide in 2017, and is expected to grow by 1.25% -1.5% per year .
"The increase in consumption of fresh meat could increase the market opportunities of global refrigerated road transport service providers," the company said.
In 2017, refrigerated trailers accounted for almost 52% of the refrigerated road transport market and is expected to continue to maintain its share in the coming years.
Among the regions, Asia-Pacific held 40% of the market share and will continue to dominate until 2022.
A separate report, also published by Technavio, provides blockchain that extends its influence to the market for refrigerated maritime transport, which is designed to grow at a compound annual rate of 4% from 2018-2022.
By 2025, according to the research company, 9% of the world's gross domestic product will be insured via blockchain, and maritime transport in particular stands will benefit due to "substantial documentation including rental contracts, bills of lading, letters of credit , sales contracts, port documents, and others that go through a long chain of parties "that require transparency that the blockchain provides.
In 2017, food and drink constituted the highest market share among products transported by sea in refrigerated containers, at 40%. The Americas have the largest market share among the regions, at 40%.
