Food Traceability Market Value Projected to Expand by 2029
The global food traceability market is anticipated to grow at a significant CAGR of 9.2% during the forecast period. Food traceability is the ability to track a given food or ingredient from its point of production through processing, manufacturing, and transportation to retail and sale to consumer. The increasing awareness for safety regarding food consumed is expected to drive the market growth. Food traceability is becoming a must-have in the industry to mitigate and manage risk around food safety. The enabling food traceability enables operational and supply chain efficiency, Engendering consumer trust through transparency, mitigating food fraud, and engendering consumer trust thorugh transperancy Is pushing end users to implement food traceability technology solutions in the market.
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The containment measures during the COVID-19 pandemic have drastically impacted the essential flow of food from farms and producers to consumers. Food traceability became even more important in times of COVID-19 pandemic. According to the FDA, the agency’s Era of Smarter Food Safety initiative builds on existing efforts to implement the Food Safety Modernization Act by incorporating new technologies to create “a more digital, traceable and safer system to help protect consumers from contaminated food. Moreover, Food safety concerns will be further heightened in the wake of the pandemic, leading to more regulatory pressure.
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· Market Coverage
· Market number available for – 2023-2029
· Base year- 2022
· Forecast period- 2023-2029
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global Food Traceability Market Report Segment
By Technology Type
- RFID
- Barcodes
- Infrared
- Biometrics
- GPS
By Software
- ERP
- LIMS
- Warehouse Software
- Friction Welding
- Others
By Application
- Meat and Livestock
- Fresh Produce Seeds
- Dairy Products
- Beverages Products
- Others
By End-Users
- Food Manufacturers
- Warehouse
- Food Retailers
- Others
Global Food Traceability Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global food traceability market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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