Food Traceability Market Narrowing Cost Differential and Improvement in Efficiency Presents Opportunities 2022-2030
The report “Food Traceability Market Share, Size, Trends, Industry Analysis Report, By Technology (Radio-frequency Identification, Barcodes, Infrared, Biometrics, Global Positioning System); By Software; By Application; By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth. The government legislation, certification, and legal standards are the major drivers of global food traceability industry growth. This is due to the fact that governments in both developed and developing countries are being required to follow meal safety laws and legislation, which supports market expansion even more.
According to the research report published by Polaris Market Research, The global food traceability market size is expected to reach USD 35.48 billion by 2029 according to a new study by Polaris Market Research.
Furthermore, commercial consumable services have grown considerably in popularity over the previous three decades, necessitating a great deal of meal handling. This has resulted in a rise in the number of individuals handling consumables and other developments such as new approaches of creating and delivering meals, which has raised the risk of disease associated with such eatables transfer from handlers to consumers, boosting the need for traceability systems.
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Additionally, in the forecast period, significant technical improvements in traceability and government support for implementing consumable traceability systems are expected to provide a variety of new possibilities for this traceability industry. Advanced technology-based solutions such as barcodes and RFID are available for tracking a product and its contents. The technology provides data collection, storage, and exchange of traceability attributes on inputs, freshness, pathogen infestation tracking, and environmental variable assessment, in addition to product traceability.
Top Market Players
- Bar Code Integrators
- Bio-Rad Laboratories
- H. Robinson
- Crest Solutions
- Food Forensics
- Honeywell International Inc.
- OPTEL GROUP
- Safe Traces
- SGS SA
- Source Trace
- Trace One
- Traceall Global
- Zebra Technologies
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The market has witnessed major players’ initiatives such as partnerships, product launches, mergers and acquisitions, geographical expansion, and the rising trend of automation and intelligence decisions. For instance, In March 2021, Honeywell International Inc. has agreed to buy a controlling position in Fiplex Communications INC, a Miami-based firm that creates in-building communication systems. Due to the acquisition, Honeywell’s in-building connection and communication solutions will expand. Honeywell wireless technologies will use Fiplex’s products as a foundation for innovation.
Polaris Market Research has segmented the food traceability market report based on technology, software, application, and region:
Food Traceability, Technology Outlook (Revenue – USD Billion, 2017 – 2029)
- Radio-frequency identification
- Global positioning system
Food Traceability, Software Outlook (Revenue – USD Billion, 2017 – 2029)
- Enterprise Resource Planning (ERP)
- Friction welding
- Laboratory Information Management Software (LIMS)
- Warehouse software
- Quality management software
- Poultry farm software
- Hybrid software
Food Traceability, Application Outlook (Revenue – USD Billion, 2017 – 2029)
- Fresh food produce
- Poultry & sea products
- Dairy products
- Beverage products
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