Press release
Food Traceability Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Carrefour Group, International Business Machines Corp., Oracle Systems Corporation, Honeywell International Inc.,
Food Traceability Market Size
The Business Research Company offers in-depth market insights through Food Traceability Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The food traceability market size has grown rapidly in recent years. It will grow from $21.08 billion in 2023 to $23.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to consumer demand for transparency, globalization of food supply, foodborne illness outbreaks, IOT and sensors.
The food traceability market size is expected to see rapid growth in the next few years. It will grow to $34.95 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to blockchain adoption, global traceability platforms, circular economy integration, consumer engagement. Major trends in the forecast period include real-time traceability, artificial intelligence (AI) and machine learning (ML), advancements in technology.
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Market Segmentation:
The main types of food traceability technologies are radio-frequency identification, barcodes, infrared, biometrics and global positioning system technologies. Radio-frequency identification refers to a type of wireless communication that uses electrostatic or electromagnetic coupling in the radio frequency region of the electromagnetic spectrum to specifically identify a thing, an animal, or a human and RFID technology enhances food traceability by employing distinct tags to accurately track products, enabling real-time monitoring and efficient recall procedures. The various food traceability software products are enterprise resource planning (ERP), friction welding, laboratory information management software (LIMS), warehouse software and others, are used in applications such as fresh food produce, meat, poultry and seafood products, dairy products, beverage products and others.
Major Driver - Rising Foodborne Illnesses And Adulteration Concerns Fuel Growth In The Food Traceability Market
The growing cases of foodborne diseases and food adulteration are expected to propel the growth of the food traceability market going forward. Foodborne illnesses and adulteration refer to infections caused by contaminated food, often due to harmful pathogens. In contrast, food adulteration involves adding inferior or toxic substances to deceive consumers, compromise quality and safety and pose health risks. Norovirus and typhoid are a few examples of foodborne diseases. Consumers are seeking safer and more genuine products and they depend on food traceability to find the sources of contamination, assure correct handling and increase supply chain transparency. For instance, in January 2023, according to the Philippines Department of Health, a Philippine-based government department responsible for public health, 15,092 typhoid fever cases were reported in 2022, a 162% increase compared to 5,758 in 2021. Therefore, the growing cases of foodborne diseases and food adulteration will drive the food traceability market.
Competitive Landscape:
Major players in the food traceability market are Carrefour Group, International Business Machines Corp., Oracle Systems Corporation, Honeywell International Inc., C.H. Robinson Worldwide Inc., Motorola Solutions Inc., Avery Dennison Corporation, SGS SA, Carlisle Companies Inc., Zebra Technologies Corp., Bio-Rad Laboratories Inc., Cognex Corporation, ANTARES VISION S.p.A., The Riverside Co. (FoodLogiQ), OPTEL GROUP, SMAG, iTradeNetwork Inc., Rfxcel Corporation, TrusTrace (Swin Technologies AB), SourceTrace Systems India Pvt Ltd., Merit-Trax Technologies Inc., Bext360 Holdings Inc., Mass Group Inc., Traceall Global Ltd., Bar Code Integrators Inc., Covectra Inc., TE-FOOD International GmbH, Damselfly Solutions Inc., HeavyConnect, Minespider AG.
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Top Trend - Adopting Blockchain Technologies To Gain A Competitive Edge
Major companies operating in the food traceability market are adopting blockchain technologies to address several challenges and gain a competitive edge in the market. Blockchain technologies are extensively used in food traceability to enhance transparency and safety in the food supply chain. For instance, in May 2023, OVO Farm Pvt. Ltd., an India-based producer of eggs and egg products, launched unique blockchain technology that enables traceability of their eggs at every level of the supply chain, from the farm to the final consumer. OVO Farm, through its main brand Kenko, provides high-quality, fresh and hygienic eggs, the authenticity of which can be verified by scanning the QR code included on each product. Through this blockchain technology, it makes sure the appropriate products reach the clients and guarantees quality.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Food Traceability Market Characteristics
3. Food Traceability Market Trends And Strategies
4. Food Traceability Market - Macro Economic Scenario
5. Food Traceability Market Size And Growth
…..
27. Food Traceability Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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