Newark, May 07, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15.7 billion in 2023 Food Traceability market will reach USD 35.8 billion by 2033. The market for food traceability has grown significantly in recent years due to technological developments, regulatory regulations, and growing consumer desire for transparency. The capacity to follow the flow and changes of food products from production and processing to distribution and consumption is known as food traceability. The process entails gathering, documenting, and organizing information regarding the source, route, and manipulation of food items in order to guarantee their safety, excellence, and adherence to legal requirements.
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Key Insight of the Food Traceability Market
Asia Pacific is anticipated to expand at the fastest CAGR of 11.4% over the projection period.
Asia Pacific is expected to grow at the fastest CAGR of 11.4% over the forecast period. Governments in the Asia-Pacific area are putting stronger laws and guidelines pertaining to food safety, traceability, and labeling into effect. As an illustration, nations like Australia, China, Japan, South Korea, and South Korea have put in place extensive legal frameworks mandating traceability procedures all the way up the food supply chain. Food producers, processors, and distributors are investing more in traceability technologies and solutions as a result of compliance with these rules.
In the Food Traceability market, the RFID segment is anticipated to expand at the highest CAGR of 10.1% over the projection period.
The RFID segment is anticipated to expand at the highest CAGR of 10.1% over the projection period. RFID tags are capable of storing a lot of data, such as batch numbers, product characteristics, expiration dates, and origin information. Compared to more conventional techniques like barcoding, this enables more thorough and precise tracking of food goods along the supply chain. Moreover, RFID devices allow for automated data collection without requiring line-of-sight scanning, which boosts productivity and lowers the possibility of human error.
In the Food Traceability market, the Enterprise resource planning (ERP) segment is anticipated to expand at the highest CAGR of 10.3% over the projection period.
The Enterprise resource planning (ERP) segment is anticipated to expand at the highest CAGR of 10.3% over the projection period. Food goods can be moved and transformed across the supply chain with end-to-end visibility thanks to the traceability features that Enterprise resource planning (ERP) systems can integrate. Traceability of products from farm to fork is made possible by ERP systems, which integrate traceability data with key business operations including batch monitoring, lot management, and quality control. This helps stakeholders ensure regulatory compliance and addresses concerns about food safety.
In the Food Traceability market, the processed food products segment is anticipated to expand at the highest CAGR of 10.5% over the projection period.
The processed food products segment is anticipated to expand at the highest CAGR of 10.5% over the projection period. Manufacturers of processed foods rely on a wide variety of raw materials and ingredients that come from various vendors and geographical areas. Manufacturers may make sure products fulfill safety and quality standards by using traceability systems to track the ingredients' origin, quality, and compliance status. Traceability reduces the possibility of adulteration, contamination, or fraudulent activities by confirming the integrity and authenticity of substances.
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Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 8.6% |
| 2033 Value Projection | USD 15.7 Billion |
| Market Size in 2023 | USD 35.8 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Technology, Software, End User, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Market Growth Drivers | The growing consciousness among customers about food safety, authenticity, and quality has fueled the need for traceability solutions. |
Market Dynamics
Driver
Food traceability has undergone a radical transformation thanks to technological advancements like blockchain, RFID (Radio Frequency Identification), IoT (Internet of Things), and cloud computing. These technological advancements provide increased transparency, real-time monitoring, and data accuracy, which boost the effectiveness and efficiency of traceability systems. Furthermore, traceability systems optimize the supply chain in addition to improving food safety and quality. These systems give stakeholders comprehensive insights into the movement of commodities, allowing them to spot inefficiencies, cut waste, and boost overall operational effectiveness.
Opportunity
Utilizing traceability as a tool can help increase customer trust and engagement. Giving customers access to comprehensive details regarding the provenance, manufacturing processes, and sustainability standards of food items can help set brands apart and promote brand loyalty. Businesses can take advantage of this potential by funding marketing campaigns and consumer-facing traceability solutions. Additionally, the growing globalization of food supply chains offers chances for companies that offer traceability solutions to enter new markets. The need for standardized traceability systems and interoperable solutions that can ease cross-border trade and compliance with international rules is increasing as legal requirements for traceability become more common globally.
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Some of the major players operating in the Food Traceability market are:
• Merit-Trax
• FoodLogiQ
• Safe Traces
• Food Forensics
• Bext360
• rfxcel
• Covectra
• Bar Code Integrators
• C.H. Robinson
• Cognex
• Honeywell International Inc
• SGS SA
• Zebra Technologies
• Carlisle
Key Segments cover in the market:
By Technology
• Radio Frequency Identification
• Barcodes
• Infrared
• Biometrics
• Global Positioning Systems
• Others
By Software
• Enterprise Resources Planning (ERP)
• Friction Welding
• Laboratory Information Systems
• Warehouse Software
• Supply Chain Management (SCM)
• Others
By End User
• Fruits & Vegetables
• Fruit Pulp & Concentrates
• Dairy Products
• Fish, Meat, and Seafood
• Processed Food
• Bakery & Confectionary
• Others
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