The global food traceability market size was worth around USD 20.94 billion in 2023 and is predicted to grow to around USD 44.50 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.86% between 2024 and 2032.
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Market for Food Traceability: Overview
Food traceability is the capacity to follow food products across several phases of manufacturing, processing, and distribution. To guarantee food safety and quality standards are kept, this system logs and recognises every stage in the supply chain. Food traceability systems can offer thorough information on the origin, handling, and travel of food items from farm to table by using technologies including barcoding, RFID tagging, blockchain, and advanced data analytics. Good traceability enables fast identification and resolution of food safety concerns, recalls, and contamination events, therefore preserving consumer health and confidence in the food supply.
From suppliers of raw materials to final users, traceability technology let products be tracked all along the supply chain. Food traceability tracks food products during transportation so that they may safely reach their intended use or retailer. Food traceability technologies track the exact product to stop consumable food from being exchanged with contaminated or disposed of food. Food traceability is accomplished with numerous methods with different purposes. These technologies concentrate in offering fast, accurate, and effective solutions to stop contaminated food products from getting to consumers.
Along with the effects on demand over the projection period, the study covers the drivers and limitations of the food traceability industry. The paper also looks at worldwide possibilities presented in the food traceability business.
Market for Food Traceability: Development Prospectives
Growing health consciousness among the global population is driving major growth in the global food traceability market as issues related to food safety become more of importance. Changing lifestyles and increasing per capita income among individuals nowadays help to inspire population health consciousness. Furthermore driving this industry is global rising food recalls. High demand and supply define the food traceability industry today and drive fierce rivalry and different competitive difficulties in the sector.
Better quality standards, technological breakthroughs, product diversity, and market participant product differentiation resulting from this fierce market competitiveness have come of course Companies are greatly funding R&D to create more advanced technologies. These elements help to explain this worldwide market. High prices of food traceability technology, however, might limit the growth of this sector over the next years.
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The Global Food Traceability Market is segmented based on product, application and region
Global Food Traceability Market: Product Segment Analysis
● RFID
● GPS
● Barcodes
● Infrared
● Biometric
Global Food Traceability Market: Application Segment Analysis
● Fresh Food
● Meat and Poultry
● Beverages
● Spices and Condiments
● Seafood
● Others
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The Global Food Traceability market profiles key players such as:
● Honeywell International
● C.H. Robinson Worldwide
● Bio-Rad Laboratories
● DuPont
● Cognex Corporation
● SGS
● A2B Tracking Solutions
● Picarro
● Motorola Solutions
● Merit-Trax Technologies
Market for Food Traceability: Regional Analysis
The regional segmentation covers historical and projected demand for North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
Thanks to strict rules on food safety and continuous advancements in food traceability technologies, North America has a large market position in the global food traceability market. Rising worries about food safety among the regional population mean Europe is projected to show modest progress in the global food traceability industry in the future. For all kind of food products, feed and food traceability have become required in Europe from 2002. Furthermore among the main initiatives in Europe meant to enhance traceability techniques is FoodTrace. This will propel future expansion of the food traceability business in the area.
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