Food Traceability Market at a CAGR of 9.1%, by Technology, Software, End-User, Applications, Geography and Key Players C.H. Robinson, Bio-Rad Laboratories Inc, OPTEL group

Delvens published an exclusive report, titled, "Food Traceability Market at a CAGR of 9.1%, by Technology, Software, End-User, Applications, Geography and Key Players C.H. Robinson, Bio-Rad Laboratories Inc, OPTEL group". Food Traceability Market, By Technology (Radio-Frequency Identification, Barcodes, Infrared, Biometrics, Global Positioning System), Software (Enterprise Resource Planning (ERP), Friction Welding, Laboratory Information Management Software (LIMS), Warehouse Software and Other Software Types), End-User (Food Manufacturing, Warehouse & Transport, Retailing, Government Departments and Other End-Users), Applications (Fresh Food Produce, Meat, Poultry & Seafood Products, Dairy Products, Beverage Products, other applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

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Key players in the global Food Traceability Market are C.H. Robinson, Bio-Rad Laboratories Inc, OPTEL group, Cognex, Honeywell International Inc., SGS SA, Zebra Technologies, Bar Code Integrators, Carlisle, Merit-Trax, Safe Traces, Food Forensics, Bext360, rfxcel, Covectra, and VeeMee among others.

Honeywell (US) acquires Rebellion Photonics (US), a Houston-based provider of gas monitoring solutions for the oil and gas, petrochemical, and power industries, that improve safety, performance, emissions, and compliance.

Bio-Rad Laboratories acquired Celsee, Inc. (US) in September 2020. Celsee, Inc. provides instruments and consumables that enable scientists to isolate, detect, and analyze single cells, and interpret cellular behavior, as well as collect cell-based data using the Genesis System.

Cognex (US) acquired SUALAB (Korea) in October 2019 to bolster its leadership in deep learning-based machine vision. This move was aimed at enhancing the company's deep learning capabilities and speeding up its ability to automate challenging visual inspection tasks across industrial markets.

Market Status and Growth

The food traceability market size is estimated to be valued at USD 21.8 billion in 2023 and projected to reach USD 40.2 billion in 2030, at a CAGR of 9.1%.

The system for tracing food monitors the movement of goods destined for human consumption throughout the production procedure. Due to the intricacy of food production and distribution, businesses perceive food traceability systems as the most effective approach to resolving any food-related difficulties. The ability to trace food allows enterprises to supply their consumers with fresh food items, which decreases the occurrence of foodborne illnesses. Foodborne illnesses are caused by pathogens and mycotoxins in food, such as Salmonella and Listeria, that put food safety and quality at risk.

The digital supply chain is becoming increasingly popular in the food tracing sector. This involves implementing technologies like predictive analytics, robotics, and improved visibility over the movement of goods, to assist warehouses and distribution centers in efficiently tracing food. Warehouse managers have also developed a warehouse management system that utilizes radio frequency guns to prevent the selection of incorrect products.

Food traceability technology involves the capability to identify and verify the different stages of the food supply chain, ranging from production to distribution. This includes tracing the origin and destination of food as it moves toward various end-users. Such a system is essential for investigating food-related issues and is especially important in the global food trade, where multi-ingredient food products contain materials sourced from different countries and supply chains. As a result, importers rely on the traceability systems of other countries until the point of importation. Meat and livestock, fresh produce and seeds, dairy, beverages, fisheries, and other industries all benefit from food traceability. The various tools used to support this system include PDA with GPS, thermal printers, 1D and 2D scanners, tags and labels, and sensors. The food traceability market's equipment segment encompasses the devices and equipment used by the food supply chain to track the details of products throughout their lifecycle. These equipment types use various technologies to generate precise information required in the food traceability market. The equipment analyzed in this comprises personal digital assistants (PDAs) with GPS, thermal printers, two-dimensional (2D) and one-dimensional scanners, tags and labels, sensors, and other similar devices.

Food traceability refers to the comprehensive tracking and monitoring of food products throughout the entire supply chain, from production to consumption. This process involves utilizing technology to trace the exact location of food items, preventing any contaminated or discarded products from being mixed with consumable food. The food traceability market offers various technologies with different applications, all of which aim to enable quick and effective corrective actions in case something goes wrong. By doing so, contaminated food is isolated, ensuring it does not reach the end consumer. This level of traceability is essential in today's global food industry, as it ensures that all food products are of high quality and safe for human consumption.

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Geographies

The global food traceability market is evaluated across North America, Europe, Asia-Pacific, and LAMEA, and the degree of adoption of food traceability systems varies by region. While North America and Europe have higher adoption rates, emerging economies have a lower level of implementation. However, consumers in these developing countries have a heightened concern for food safety, which has led to an increased demand for food traceability systems in these areas. This has resulted in significant opportunities for growth and expansion for food traceability companies operating in developing countries.

Conclusion

The food traceability market categorizes its application segment based on the type of food it is used for, as each type of food requires specific characteristics to be considered when tracking and monitoring it. The sub-segments of the global food traceability market based on application are meat & livestock, fresh produce & seeds, dairy, beverages, fisheries, and others.

The fisheries segment is expected to see the highest growth rate in the global food traceability market during the forecast period. This is because recent guidelines by the European Union, Japan, and the U.S. have made traceability mandatory for all companies operating in the seafood and fisheries market, making it imperative for companies in this segment to use traceability solutions to ensure the safety and quality of their products. With the increasing demand for seafood and the need for safer and more sustainable fisheries practices, the adoption of food traceability solutions in the fisheries segment is poised for significant growth.

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