Food Traceability (Tracking Technologies) Market Is Booming Worldwide Business Forecast 2025

Food Traceability Market is expected to garner $22.27 billion by 2025, from $10.96 billion in 2017, registering a CAGR of 9.3% from 2018 to 2025. The report provides an extensive analysis of key segments, market size & forecasts, top winning strategies, key market players, and competitive landscape.

Supportive legislative frameworks, ability to trace contamination & assist product calls, and certifications & standardizations drive the growth in the market. However, lack of strict laws in developing economies, privacy issues related to data sharing, and changing needs for different products restrain the market growth. On the other hand, growing demand for tracking technologies from developing countries create new pathways in the industry.

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Based on equipment, the 2D & 1D scanners segment accounted for nearly one-third of the total market share in 2017 and is expected maintain its lead status by 2023. This is due to rise in demand for traceable solutions across various industries and mandatory usage of barcodes, QR codes, data-matrix codes, and dot codes for packaging in food & beverages, personal care, pharmaceutical, and other industries. However, the sensors segment is expected to register the largest growth rate with a CAGR of 10.9% during the forecast period, 2018-2025. This is due to its usage for tracking the details of the food conditions at different stages of the supply chain and reliability in difficult environmental conditions. The research also analyzes PDA with GPS, thermal printers, tags & labels, and others.

Asia-Pacific is estimated to register the largest growth rate with a CAGR of 14.9% from 2018 to 2025, owing to growth in application industries such as fresh produce & seeds, fisheries, and meat & livestock along with expansion of leading players in China, India, and other emerging economies. However, North America contributed to nearly two-fifths of the total share in 2017, and will maintain its dominant position during the forecast period. This is due to supportive government initiatives for exploring and evaluating the methods and technologies for fast and efficient tracking & tracing of foods.

Industry Key Players

Leading market players analyzed in the research are C.H. Robinson Inc., Honeywell International Inc., Intermec Inc., DuPont Nutrition & Health, Cognex Corporation, Motorola solutions, Inc., Bio-Rad Laboratories, MASS Group, IBM Corp, and Zebra Technologies.

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Key findings of the Food Traceability (Tracking Technologies) Market:

o Based on equipment, the sensors segment is expected to grow at a CAGR of 10.9% in terms of value in the food traceability market during the forecast period.
o North America is expected to dominate the food traceability market, registering a significant CAGR of 5.9% in terms of value.
o Asia-Pacific food traceability market is projected to show exponential growth throughout the forecast years, growing at a CAGR 14.9%, in terms of value.
o Based on technology, the barcode segment is anticipated to dominate the food traceability market, registering a CAGR of 7.5%.
o Based on end user, the food retailers segment accounted for more than one-third share of the food traceability market in 2017.

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