The Food Traceability Market to Be Worth $40.05 Billion by 2031 by Meticulous Research®

According to a new market research report titled 'Food Traceability Market by Technology (Barcode, Infrared, GPS, RFID, Biometrics), Software Type (ERP, Laboratory Information Systems, Friction Welding), and Application (Meat, Poultry, and Seafood; Fresh Food, Dairy, Beverages) - Forecast to 2031' by Meticulous Research®, the food traceability market is projected to reach $40.05 billion by 2031, at a CAGR of 9.3% from 2024 to 2031.

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Food traceability is the process of tracking and documenting the movement of food products from raw material sourcing to end consumers. Food traceability solutions track information on the sources of ingredients, processing and packaging facilities, transportation and distribution networks, retailers, and consumers who purchase the products. Food traceability solutions provide a complete and accurate record of the movement of food products, allowing for the identification of sources of foodborne illnesses, the recall of contaminated products, and the prevention of future outbreaks. Food traceability systems aim to improve food safety, ensure product quality, and increase transparency in the food supply chain. They also help build consumers' trust in the food products they purchase and increase accountability and responsibility among food industry stakeholders.

The growth of the food traceability market is driven by the rising prevalence of foodborne diseases and food adulteration incidents worldwide, technological advancements and increasing digitization in the food industry, strict food safety regulations and standards established by government bodies and international organizations, and increasing product recalls due to food contamination. However, the lack of proper infrastructure to support food traceability in emerging countries and various data privacy issues related to food traceability restrain the growth of this market. Moreover, the rise in food transparency is expected to generate significant growth opportunities for the stakeholders operating in the food traceability market. However, the lack of standardization and harmonization in food traceability systems is a major challenge for market growth.

Key Players:
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 study presents historical market data (2022 and 2023), estimated current data (2024), and forecasts for 2031 by 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.

Key Findings in the Food Traceability Market Study:
Among all the technology segments covered in this report, the barcode 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 the high accuracy of barcode solutions in tracking food products, the cost-effectiveness and ease of implementing barcode technology compared to other traceability technologies, the technology's ability to quickly scan products, and its high accessibility for a wide range of stakeholders in the food & beverage industry supply chain including retail and manufacturing companies.
Among all the software types studied in this report, 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, helping 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 enhances supply chain management, customer service, and compliance. These factors are expected to support the growth of this segment.

Among all the applications studied in this report, 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 negative health impacts of meat consumption, consumers' increasing preference for fresh produce, and the wide use of food traceability solutions in the fresh produce segment of the food industry due to the perishable nature of products.

Geographically, Asia-Pacific is projected to record the highest CAGR during the forecast period due to the high population growth and rising prevalence of foodborne diseases in the region, stringent food safety & traceability regulations, rapid urbanization, 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.

To gain more insights into the market with a detailed table of content and figures, click here: @ https://www.meticulousresearch.com/product/food-traceability-market-5754

Scope of the Report:
Food Traceability Market Assessment-by Technology
• Barcode
• Radio-Frequency Identification (RFID)
• Global Positioning System (GPS)
• Biometrics
• Infrared
• Other Technologies

Food Traceability Market Assessment-by Software Type
• Enterprise Resource Planning (ERP)
• Warehouse Software
• Laboratory Information Systems
• Friction Welding
• Other Software Types

Food Traceability Market Assessment-by Application
• Fresh Food Produce
• Meat, Poultry, and Seafood Products
• Dairy Products
• Beverages
• Other Applications

Food Traceability Market Assessment-by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa

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This release was published on openPR.