Food Traceability Market Share Predicted Rise in CAGR of 9.0% to Double-Digit by 2029
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.
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. Any manufacturer’s principal purpose is to avoid contamination and supply safe, high-quality products to consumers, reducing recall costs. One out of every six people each year in the U.S. becomes ill due to tainted meals, as per the Centers for Disease Control and Prevention.
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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.
Based on the software, the warehouse software traceability segment accounted for the leading share in the market in 2021. Due to its capacity to handle every function that permits the most cost-effective flow of goods and materials, the warehouse software traceability segment is predicted to dominate in terms of money share size during the projection period, owing to rising utilization in a wide range of applications.
Inventory packing, selecting, receiving, and the trail of completed meals are all managed with this software. The usage of warehouse software is predicted to rise due to the effective processing of meals and its supply chain system employing these traceability solutions.
Market players such as OPTEL GROUP, Bext360, Bio-Rad Laboratories, C.H. Robinson, Carlisle, Cognex, Bar Code Integrators, Crest Solutions, Zebra Technologies, FoodLogiq, Honeywell International Inc., Merit-Trax, rfxcel, Safe Traces, SGS SA, Source Trace, TE-Food, Trace One, Traceall Global, Food Forensics, Covectra, and are some key players operating in the global market.
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In July 2021, Cognex Corporation unveiled a high-speed mirror for large-area scanning with a single barcode reader that may give unmatched single-camera coverage in a small hardware package, boosting large-field support view applications with a single device. Thus, the initiatives by the major players, such as launches of barcodes for various applications, are driving the market growth during the forecast period.
Polaris Market Research has segmented the food traceability market report based on technology, software, and application.
Food Traceability, Technology Outlook (Revenue – USD Billion, 2017 – 2029)
- Radio-frequency identification
- Barcodes
- Infrared
- Biometrics
- 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
- Others
- Quality management software
- Poultry farm software
- Hybrid software
Food Traceability, Application Outlook (Revenue – USD Billion, 2017 – 2029)
- Fresh food produce
- Meat
- Poultry & sea products
- Dairy products
- Beverage products
- Others
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