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Food Traceability Market to be Worth $40.05 Billion by 2031
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According to this latest publication from Meticulous Research®, the food traceability market is projected to reach $40.05 billion by 2031, at a CAGR of 9.3% during the forecast period 2024-2031. The growth of this market is being propelled by factors such as the rising prevalence of foodborne diseases and food adulteration incidents worldwide, technological advancements and increasing digitization in the food industry, stringent food safety & traceability regulations and standards established by government bodies and international organizations, and increasing product recalls due to food contamination. However, the lack of infrastructure to support food traceability in emerging countries and various data privacy issues related to food traceability are restraining the growth of this market. Moreover, the rise in food transparency is expected to generate significant growth opportunities for the stakeholders in this market. However, the lack of standardization and harmonization in food traceability systems is a major challenge impacting market growth.
Key Players
Some of the key players operating in the food traceability market are Bio-Rad Laboratories, Inc. (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), Cognex Corporation (U.S.), Damselfly Solutions Inc. (U.S.), Food Forensics Limited (U.K.), FoodLogiQ, LLC (U.S.), Honeywell International Inc. (U.S.), MASS Group, Inc. (U.S.), Merit-Trax Technologies (Canada), OPTEL GROUP (Canada), SGS SA (Switzerland), VISIOTT Technologie GmbH (Germany), and Zebra Technologies Corporation (U.S.).
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The food traceability market is segmented based on technology (barcode, infrared, Global Positioning System [GPS], Radio-Frequency Identification [RFID], biometrics, and other technologies), software type (Enterprise Resource Planning [ERP], warehouse software, laboratory information systems, friction welding, and other software types), application (fresh food produce; meat, poultry, and seafood products; dairy products, beverages, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on technology, the Radio-Frequency Identification (RFID) segment is projected to register the highest CAGR during the forecast period. The segment's high growth is driven by the benefits of RFID technology, such as providing real-time data tracking capabilities (including temperature and location data) and a comprehensive view of the entire supply chain, which can help improve food safety and quality.
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Based on software type, the Enterprise Resource Planning (ERP) segment is expected to account for the largest share of the food traceability market in 2024. ERP systems provide real-time data and analytics, which can help food companies make better business decisions. ERP software offers end-to-end integration across various business functions, including sourcing modules, inventory management, product development & production planning, quality control, compliance, and distribution. ERP software improves supply chain management, customer service, and compliance. These factors contribute to the segment's large share.
Based on application, the fresh food produce segment is expected to account for the largest share of the food traceability market in 2024. The segment's large share is mainly attributed to population growth, rising awareness regarding the ill effects of meat consumption, consumers' increasing preference for fresh produce, and the wide use of food traceability systems in the fresh produce segment due to the perishable nature of products. Thus, the perishable nature of fresh food products and increasing consumer demand for fresh produce are driving the adoption of food traceability solutions, boosting the growth of this segment.
Based on geography, the food traceability market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to record the highest CAGR during the forecast period due to high population growth and the rising prevalence of foodborne diseases in the region, rapid urbanization, stringent food safety & traceability regulations, changing consumer preferences, and the region's increasing importance in the global food supply chain. The increasing demand for sustainable food and beverage products is also expected to boost the adoption of food traceability systems and solutions in this region.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa
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