Food Traceability Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2346 | Last Updated On: Oct 25 2022 | Available Formats

> Global Food Traceability Market Expected to reach at a high CAGR of 9.5% by 2029: DataM Intelligence

Global Food Traceability Market is segmented By Technology (RFID, Barcode, Infrared Technology, Biometric, Near Field Communication (NFC), Others), By Equipment (Sensors, Tags & Labels, Thermal Printers, Scanners), By Application (Meat and Poultry, Sea Food, Dairy Products, Beverages, Others), By End User (Food Manufacturers, Food Retailers, Warehouse, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

The Global "Food Traceability Market" is expected to grow at a high CAGR of 9.5% during the forecasting period (2022-2029).

Food Traceability Market insights

Metrics

Details

Market CAGR

9.5%

Segments Covered

By Technology, By Equipment, By Application, By End User  and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Tracking materials is an integral part of any manufacturing industry signifies the contents, origin, and nature of the product. Usually, the industries combine plain text as a product/lot code for this purpose. However, the technological advancements and the need for effective tracking solutions that enable fast and accurate results led to the integration of 2-D traceability technology. Food Traceability is defined as the ability to track any food product through its value chain, including production, processing, storage and transportation, and final distribution. Effective traceability helps food manufacturers in ensuring product safety and efficient recalls.

Market Dynamics:

The growing need for quick identification of potentially faulty food products to ensure the supply of the right quality product to the consumers motivates food manufacturers to integrate traceability solutions—the use of an effective traceability solution al improves process control and aids in brand protection of the company. Moreover, several food safety associations,s including the  FDA, USDA Food Safety and Inspection Service, and European Food Safety Authority, have commissioned regulations for integrating traceability solutions in food supply chains. This is motivating the growth of the global food traceability market. 

Besides the end value chain, the rising focus towards sustainable procurement and end products' safety increased the need for tracking the source of food inputs. In the food and beverage industry's current state, traceability solutions are extended to raw materials, ingredients, additives, and packaging solutions.

Market Segmentation:

Food traceability is performed through various technologies such as RFID, barcode, NFC, and infrared modules. RFID evolved as the most lucrative segment of the global food traceability market owing to its potential benefits over all other counterparts. It can track complex parameters, including humidity and temperature of the food product, making it suitable both in warehousing and retail chains. Moreover, it offers high throughput in reading tags and does not require any effort of line-of-sight contact.

The North American region is leading the global food traceability market due to its wide utilization in the United States by geography. The U.S. is considered the leader of the overall food and beverage industry, with a market size of $1.8 trillion. Stringent food safety regulations and consumer concerns resulted in the adoption of food traceability by food manufacturers.

The global food traceability market is consolidated, with very few companies holding a significant share globally. Cognex Corporation, Honeywell International Inc, Motorola Solutions, Inc., and Zebra Technologies Corporation are some marketer's lead players. These companies offer high reliable scanners, labels, and also effective platforms for the food industry. Most of these companies are finding growth opportunities in Asia and the Middle East owing to the growing food retail industry in these regions.

Why Purchase the Report?

  • Understand the current market scenario and viability of food traceability over the forecast period.
  • Visualize the composition of the global food traceability market in terms of equipment, technology, application, and end-user to identify major players, growth potential, and market strategies
  • Identify the key regulations prevailing in the market and understand their impact on the forecast period.
  • Understand the key business factors such as market competition, product pricing, new product developments, and patent filings about the market

What we offer?

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Excel data sheet with valuable data points of the global food traceability market – regional and country-level segmentation
  • Product mapping in excel for the key products of all major market players
  • Market share analysis covering business revenues ($) and revenue share (%) of key market players

Target Audience:

  • Food & Beverage Manufacturers
  • Food Retail Chains
  • Food Storage and Warehousing Companies
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals

Frequently Asked Questions

What is the Projected CAGR value of the Food Traceability Market?

Food Traceability Market is expected to grow at a CAGR of 9.5% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls theFood Traceability Market during 2022-2029.

Which is the fastest growing region in the Food Traceability Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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