Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Food Traceability Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global food traceability market has reached a significant size of US$ 18.3 Billion in 2022 and is poised for substantial growth in the coming years. By 2028, the market is expected to reach US$ 31.7 Billion, exhibiting a robust compound annual growth rate (CAGR) of 9.2% during the period from 2023 to 2028.
Food traceability is a vital process that involves tracking the movement of food products and their ingredients throughout the entire supply chain, both forward and backward. This entails documenting and linking the production, processing, and distribution of various food items and ingredients. Food traceability plays a crucial role in swiftly identifying the source of foodborne illnesses during outbreaks, enabling rapid removal of contaminated products from the market and reducing incidents of foodborne diseases.
Food Traceability Market Trends:
The global food traceability market is witnessing significant growth due to the expanding global supply chain and increasing concerns over food safety among consumers and regulators. With a rising number of deaths attributed to food contamination, food traceability has become a critical factor in ensuring food safety.
It is an integral part of cost-effective quality management systems that continuously minimize the impact of safety hazards, facilitate product recalls, and aid in determining and settling liabilities. Additionally, food traceability helps build trust and transparency in food processing operations, responding to the growing demand for transparent information throughout the food chain, supported by modern tracking and tracing technologies.
The adoption of blockchain technology in food traceability is on the rise, enhancing the ability to validate and authenticate food origins, thereby improving brand credibility. Blockchain solutions also help prevent fraud, improve outbreak response capabilities, reduce food testing costs, and enhance profit margins. These factors are expected to drive the food traceability market in the coming years.
Key Market Segmentation:
The market report provides insights into various market segments:
Breakup by Technology:
- RFID/RTLS
- Global Positioning System (GPS)
- Barcode
- Infrared
- Biometrics
Breakup by Equipment:
- PDA with GPS
- Thermal Printers
- 2D and 1D Scanners
- Tags and Labels
- Sensors
- Others
Breakup by Application:
- Meat and Livestock
- Fresh Produce and Seeds
- Dairy Products
- Beverage Products
- Fisheries
- Others
Breakup by End User:
- Food Manufacturers
- Warehouse/Pack Farms
- Food Retailers
- Government Departments
- Others
Breakup by Region:
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape:
The report features an analysis of the competitive landscape, including profiles of key market players such as 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.
Key Questions Answered in This Report:
- How has the global food traceability market performed to date, and what are the growth prospects?
- What is the impact of COVID-19 on the global food traceability market?
- What are the key regional markets?
- What is the breakdown of the market by technology?
- What is the breakdown of the market by equipment?
- What is the breakdown of the market by application?
- What is the breakdown of the market by end user?
- What are the various stages in the industry's value chain?
- What are the key driving factors and challenges in the market?
- What is the structure of the global food traceability market, and who are the key players?
- What is the degree of competition in the market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $18.3 Billion |
| Forecasted Market Value (USD) by 2028 | $31.7 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/19q7ua
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