Global animal transportation market gets a boost from blockchain technology
Between 2018 and 2022 the global animal transportation market is to grow at a Compound Annual Growth Rate (CAGR) of 3% as the blockchain technology is becoming more important in this sector.
"Blockchain technology is a digital platform that offers distributed transaction ledger, which helps various stakeholders in maintaining identical copies on multiple computer-controlled systems. This helps in developing a cost-efficient and effective supply chain. Various LSPs are implementing blockchain technology in their supply chain to improve efficiency and data security in the supply chain. Use of blockchain in animal transportation will help to streamline operations, reduce costs and expedite the sharing of information. Such developments will lead to the growth of the market during the forecast period", shows a market analysis recently released by Technavio.
Meat consumption, for example, has increased by 21% in the last decade and markets such as China, Argentina, Brazil, Mexico, Russia, the USA, and Japan are maintaining this trend.
"Vendors in the market need to ensure safety and hygiene during animal transportation. This mandates the need to ensure sufficient space, ventilation, and food during transit to ensure the transportation of healthy livestock", said a senior analyst at Technavio.
In 2017, the livestock segment dominated the market with more than 46% share of the market. The Americas dominated the market with over 43% share of the market, followed by the EMEA and APAC in 2017. The market share of APAC is expected to witness the maximum growth over the forecast period while the other two leading regions will witness a small decline in their market shares, according to Technavio's researchers.
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