Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario:
The global food traceability market size reached USD 4.54 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Drivers:
Market revenue growth is expected to be driven by rising demand for food traceability systems to identify necessary documentation and tracking for each stage of food processing. Increase in demand for important tools in the agri-food sector represents a very useful tool for analyzing, monitoring and managing the flow of products. Food safety concerns have become critical in some countries, especially those with lack of standards, regulations, and stringent stipulations governing quality and safety of food and edible products in recent years. This has provided many food producers and operators, and even distributors, some extent of leniency in some countries with regard to following specific norms along the supply chain.
However, post the COVID-19 pandemic, a sizable number of consumers developed some level of fear related to what they eat and who has been in contact with what they consume. This has been playing a major role in a number of companies deploying additional safety measures in order to support brand value, increase consumer trust, and drive revenues. This in turn has been adding a significant boost to demand across certain supply chains that have deployed the right measures and have built trust and enabled better traceability of food products.
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Restraints:
Production and distribution of counterfeit products has become a major issue in the supply chain process of food traceability. Product falsification has raised issues which are affecting sales and profits of different food industries, and this along with need for high additional costs for adopting traceability solutions and systems are key factors restraining growth of the global food traceability market. Rapid shifts in consumer preferences and lack of technical systems are other factors expected to hamper growth of the global food traceability market to some extent.
Growth Projections:
The global food traceability market is expected to register a CAGR of 10.2% and revenue is expected to increase from USD 4.54 Billion in 2020 to USD 14.38 Billion in 2032. Global food traceability market growth is steady as a result of the food industry maintaining a solid framework for optimal inventory levels and seamless operations. The legislative framework and certification of standardization are key factors supporting growth of the global food traceability market.
COVID-19 Impact Analysis:
The COVID-19 pandemic had a significant impact on the food cold chain. Restrictions had a direct influence on the food supply chain, causing transport and seaport capacities to constrict, as well as an increase in freight shipping prices and also led to food supply shortage. Adoption of Electronic Data Exchange (EDI), Radio Frequency Identification (RFID), and blockchain has significantly impacted deployment of traceability systems as a result of the pandemic. Application of these solutions along the supply chain has had significantly positive impact on the performance of the food cold-chain and the trend is expected to continue going ahead.
Current Trends and Innovations:
Enhancement of quality control as well as food product monitoring in the cold chain with the help of Internet of Things (IoT) and analytical indicators that are being successfully deployed to ensure delivery of high-quality food products are key trends supporting revenue growth of the global food traceability market.
Geographical Outlook - Asia Pacific:
Asia Pacific food traceability market revenue growth is driven by rapid population increase, rising food demand, robust demand for high quality food products, rising focus on safety of food products among manufacturers and consumers, shift in consumption patterns, and rising preference for healthy foods.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 4.54 Billion |
| CAGR (2023–2032) | 10.2% |
| Revenue forecast to 2032 | USD 14.38 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Equipment, Technology, Software, Application, End-Use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Honeywell International Inc, Cognex Corporation, Keyence Corporation, Bext360 INC, Foodlogiq LLC, TraceOne Inc, Traceall Global Limited, Merit-Trex Technologies Inc, TE-Food Enterprise, Carlisle Incorporated. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global food traceability market is fairly fragmented, with a number of large and medium-sized market players accounting for majority revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective food traceability systems. Some major players operating in the food traceability market are:
- Honeywell International Inc.
- Cognex Corporation
- Keyence Corporation
- Bext360 Inc.
- Foodlogiq LLC
- Trace One Inc
- Traceall Global Limited
- Merit-Trex Technologies
- TE-Food Enterprise
- Carlisle Incorporated
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Strategic Development
In March 2021, Honeywell International Inc. signed an agreement to acquire a majority stake in Fiplex Communications INC, which is a Miami based company that develops in-building communication systems. The acquisition will expand the in-building connectivity and communication solutions that Honeywell provides to its consumers. Fiplex’s solutions will become a platform of innovation for Honeywell wireless technologies.
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Emergen Research has segmented the global food traceability on the basis of equipment, software, technology, application, end-use, and region:
- Equipment Outlook (Revenue, USD Billion; 2019–2032)
- Sensors
- Thermal Printers
- Tags & Labels
- PDA with GPS
- 2D & 1D Scanners
- Others
- Software Outlook (Revenue, USD Billion; 2019–2032)
- Warehouse Software
- Laboratory Information Management Software (LIMS)
- Enterprise Resource Planning (ERP)
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- GPS
- Infrared
- RFID/RTLS
- Barcode
- Biometrics
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Dairy
- Fisheries
- Beverages
- Fresh Produce & Seeds
- Meat & Livestock
- Others
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Food Retailers
- Defense
- Food Manufacturers
- Warehouse
- Government
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
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- U.S.
- Canada
- Mexico
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- Europe
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- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of APAC
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- Latin America
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- Brazil
- Rest of LATAM
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- Middle East & Africa
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- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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About Emergen Research
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