Food Traceability Market Size Expected to Surge to 9.0% CGAR and Reach $35.48 Billion During 2022-2029: Polaris Market Research

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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., at a CAGR of 9.0% during the forecast period.

Food traceability has become an essential part across the food production supply chain. It helps to track the movement of your items intended for human consumption throughout the manufacturing process. Various food companies find food traceability systems as the best tool for tracking the flow of products and providing transparency and security to consumers who demand fresh and higher-quality food products.

From production to distribution, traceability enables the identification and validation of various stages of the food chain. The increasing customer concerns about meal safety is one of the major factors expected to fuel the market growth. The rising cases of foodborne diseases and food adulteration across the globe are also anticipated to drive the growth of the food traceability market over the forecast period. Growing emphasis on developing new technologies by key players to expand their application base and establish their presence in the global market is further boosting the market growth.

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Food Traceability Market: Growth Drivers

The growing initiatives by regulatory organizations to encourage safety across countries and the development of legislative frameworks are several key factors projected to accelerate the growth of the food traceability market during the foreseen period. A surge in the number of foodborne illnesses caused by pathogens and mycotoxins contaminating food fuels the market growth. The global food traceability market is also expected to generate significant growth in upcoming years owing to the rising applications in diverse sectors, such as logistics, packaging, storage, retail, and handling.

Moreover, the increase in the number of trace contamination and product recall are additional factors anticipated to fuel the growth of the global food traceability market over the forecast period. The availability of advanced technology-based solutions such as barcodes and RFID for tracking a product and its contents is another factor positively influencing the market growth. Also, growing technical improvements in traceability and rising support by the government for executing consumable traceability systems are expected to stimulate the development of the food traceability market during the forecast period.

Top Key Players:

  • 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

Food Traceability Market: Report Segmentation

Insight by Technology

Based on the technology segment, the radio frequency identification technology (RFID) segment is anticipated to account for the most significant revenue in the global market in 2021 and is projected to continue its dominance over the forecast period. The food traceability process is used to track consumable goods through RFID technology which enables tracking of the actual address of the meal. RFID can track real-time information by identifying and tracking tags attached to objects. The technology has the ability to track data and complex characteristics like temperature, air pressure, and moisture.

Geographic Overview: Food Traceability Market

On the basis of geography, North America accounted for the largest market share in 2021, owing to the growing need for food traceability in growing countries. Government regulatory bodies such as the United States Food and Drug Administration, Centers for Disease Control and Prevention (CDC), and USDA’s Food Safety and Inspection Service (FSIS) are continuously promoting food safety in the United States.

Moreover, Asia Pacific is anticipated to record a high CAGR in the global market in 2021 due to the rapid population growth coupled with increasing consumables demand and food safety among consumers. Also, the growing demand for biometrics, barcodes, and RFID technologies is further expected to fuel the growth of the food traceability market during the forecast period. In addition, the changing consumption habits of the population are propelling the demand for these traceability services.

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Recent Developments

  • In March 2021, Honeywell International Inc. agreed to acquire a controlling position in Fiplex Communications INC, a Miami-based firm that creates and supplies telecommunications equipment.
  • In September 2020, Celsee, Inc. (US), a company that provides instruments and consumables for the isolation, detection, and analysis of single cells, was acquired by Bio-Rad Laboratories.

The market is primarily segmented based on technology, software, application, and region.

Food Traceability Market: By Technology Outlook

  • Radio-frequency identification
  • Barcodes
  • Infrared
  • Biometrics
  • Global positioning system

Food Traceability Market: By Software Outlook

  • Enterprise Resource Planning (ERP)
  • Friction welding
  • Laboratory Information Management Software (LIMS)
  • Warehouse software
  • Others
  • Quality management software
  • Poultry farm software
  • Hybrid software

Food Traceability Market: By Application Outlook

  • Fresh food produce
  • Meat
  • Poultry & sea products
  • Dairy products
  • Beverage products
  • Others

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