IMARC Group’s latest report, titled “Food Traceability Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global food traceability market size reached US$ 18.3 Billion in 2022. Food traceability refers to the ability to track the movement of a food product and its ingredients through all stages in the supply chain, both backward and forward. It generally involves documenting and linking the manufacturing, processing, and distribution of numerous food products and ingredients. It relies on various technologies, including radio-frequency identification (RFID), barcode, biometrics, infrared, and global positioning system (GPS). It assists in identifying the origin and destination of food at any specific stage of the food chain, from production to distribution. It also aids governing authorities in tracing products during the outbreak of foodborne illnesses to locate problematic items quickly where contamination may have occurred. Since it helps ensure the quality of raw materials, provides transparency, lowers food testing expenses, and allows certification of products, food traceability is gaining immense traction among food manufacturers and consumers across the globe.
Global Food Traceability Market Trends:
The rising concerns regarding food safety among consumers and regulators represent the primary factor driving the market growth. This can be attributed to the increasing prevalence of foodborne diseases and the surging number of deaths due to food contamination. Moreover, the implementation of stringent government regulations to ensure food safety is encouraging the adoption of food traceability systems as they enable faster tracing and removal of the affected product from the marketplace to prevent the spread of foodborne illnesses. Besides this, it facilitates the rapid recall of products and the determination and settlement of liabilities. Additionally, there has been a rise in the use of food traceability systems as a part of an overall cost-effective quality management system that also aids in reducing the impact of safety hazards. In line with this, the growing need for transparent information about the entire food chain, supported by modern tracking and tracing methods, has augmented product demand. Furthermore, the increasing utilization of advanced blockchain technologies in food traceability to improve the ability to validate and authenticate food origin and enhance brand credibility has catalyzed market growth. Other factors, including the advent of innovative food traceability technologies, rising incidences of food adulteration, expanding global supply chain, elevating sales of ready-to-eat (RTE) foods, and growing consumer health consciousness, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 31.7 Billion by 2028, expanding at a CAGR of 9.2% during 2023-2028.
- Based on technology, the market has been classified into RFID/RTLS, global positioning system (GPS), barcode, infrared, and biometrics.
- On the basis of the equipment, the market has been segmented into PDA with GPS, thermal printers, 2D and 1D scanners, tags and labels, sensors, and others.
- The market has been divided based on the application into meat and livestock, fresh produce and seeds, dairy products, beverage products, fisheries, and others.
- Based on the end user, the market has been categorized into food manufacturers, warehouse/pack farms, food retailers, government departments, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Bar Code Integrators Inc., C.H. Robinson Worldwide Inc., Carlisle Technology, Cognex Corporation, FoodLogiQ, Honeywell International Inc., Impinj Inc., International Business Machines Corporation, MASS Group, OPTEL Group, SGS S.A., and Zebra Technologies Corporation.
|Base Year of the Analysis
||Technology, Equipment, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Bar Code Integrators Inc., C.H. Robinson Worldwide Inc., Carlisle Technology, Cognex Corporation, FoodLogiQ, Honeywell International Inc., Impinj Inc., International Business Machines Corporation, MASS Group, OPTEL Group, SGS S.A. and Zebra Technologies Corporation.
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