The global food traceability market size is likely to attain over USD 27.4 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 8.6% during the forecast years 2021-2028. Food traceability comprises the ability to identify and validate various stages of the food chain from production to distribution. It involves recognizing the origin of food and its destination from where it is expected to be distributed to different end users. This system is essential for food investigations and is crucial in global food trade as multi-ingredient food includes materials from variety of food chain & countries. This makes importers dependent upon traceability systems of other countries up to the point of import.
The present and future food traceability market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the food traceability market opportunities during the forecast years. Factors such as the increasing awareness about health and increase in the number of people handling food and various other changes such as new methods of producing and distributing food, which has led to a potential increase in the possibility of transmission of foodborne infections from handlers to consumers are the key factors driving the market growth for food traceability .
Also, legislative framework and certifications & standardizations is another factor driving market growth. However, privacy issues in data sharing is the factor hampering the market growth. Furthermore, government contribution to offer opportunities for the adoption of food traceability systems is likely to provide lucrative development opportunities for the food traceability market in the forthcoming years.
The report also emphasizes several distinctiveness of the global food traceability industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the food traceability industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The food traceability market has tough competition among the new emerging and pre-established market vendors. Besides, the food traceability industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Application, the market is segmented into Meat & Livestock, Fresh Produce & Seeds, Dairy, Beverages, Fisheries, and Others. The Fisheries segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the same segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. It is due to the mandate for all the companies operating in the seafood and fisheries market to follow traceability.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the food traceability market in this region is mostly ascribed to high population in the region and the high purchasing capacity, consumers are looking for high quality of safe food to consume. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing millennial population for clean and safe food & beverages across the region.
The major players of the global food traceability market are C.H. Robinson, Bio-Rad Laboratories, Inc., OPTEL GROUP, Cognex, Honeywell International Inc., SGS SA, Zebra Technologies, Bar Code Integrators, Carlisle, Merit-Trax, FoodLogiq, Safe Traces, Food Forensics, Bext360, rfxcel, Covectra, SMAG, TE-Food, Mass Group, Source Trace, Trace One, and Crest Solutions. Moreover, the additional prospective market players in the food traceability market are Traceall Global and VeeMee. Renowned companies are offering new and modern food traceability services. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Food Traceability Market
Equipment Overview, 2019-2028 (USD Million)
- PDA with GPS
- Thermal Printers
- 2D & 1D Scanners
- Tags & Labels
Technology Overview, 2019-2028 (USD Million)
Application Overview, 2019-2028 (USD Million)
- Meat & Livestock
- Fresh Produce & Seeds
End User Overview, 2019-2028 (USD Million)
- Food Manufacturers
- Warehouse/Pack Farms
- Food Retailers
- Defense & Security Departments
- Other Government Departments
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America