Food Traceability Market is on an Upward Growth Curve

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Food Traceability Market- by Product (RFID, Barcodes, Infrared, Biometrics, and other Products), Applications (Dairy Products, Meat, Poultry, and Seafood, Beverages, Fresh Produce, and others (grains, seeds, nuts)), End-Users (Food Manufacturers, Food Retailers, Government Department Meat, Poultry, and Seafood, Warehouses, and others (Defence and Security Departments, Farmers, Non-Profit Organizations, and Cooperative Organization)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the global Food Traceability Market Size is valued at 20.04 Billion in 2023 and is predicted to reach 45.29 Billion by the year 2031 at a 11.1 % CAGR during the forecast period for 2024-2031.

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In the food industry, traceability refers to the capability to identify and verify various stages of the food supply chain, from production to distribution. This process involves tracking the origin of food products and their final destinations across different end users. Given that multi-ingredient food items often contain components sourced from multiple supply chains and countries, traceability plays a crucial role in global food trade. A food traceability system systematically monitors the movement of food products intended for human consumption throughout the production cycle. Due to the complexity of food manufacturing and distribution, businesses regard traceability systems as a highly effective solution for addressing food safety concerns. Implementing such systems allows companies to ensure the delivery of fresh food products, thereby minimizing the risk of foodborne illnesses.

Customer concerns about the safety of their meals are one of the main drivers anticipated to fuel industry expansion. During the projection period, food-borne illnesses and instances of adulteration are also anticipated to fuel demand for this traceability business, leading to significant health-related challenges. The growth of the food traceability market is anticipated to be driven by the rise in regulatory organizations' activities to improve safety across nations and the expansion of the legislative framework. Over the course of the projection period, it is also anticipated that a rising number of product recalls and contamination traces would fuel the growth of the food traceability market. It is anticipated that considerable technical advancements in traceability and backing from the government for the implementation of consumable traceability systems would open up a wide range of new opportunities for this business. The global food traceability market's main growth factors are the legal framework, certifications, and standardizations. This is because governments in both developed and developing nations are required to abide by rules and standards pertaining to food safety, which also fosters market expansion.

The Asia Pacific is anticipated to be the major contributor to the Food Traceability market over the forecast years. Customers are seeking out high-quality, safe food to eat because of the region's huge population and purchasing power. The population's changing eating habits as a result of growing awareness of nutritious foods and beverages is also driving up demand for food traceability services. In addition, the North America Food Traceability market is expected to grow significantly during the forecast period. Government mandates for the analysis and purification of food industry components have increased the demand for food traceability systems in the region, which has in turn, fueled the growth and traction of the region's food traceability market.

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Major market players operating in the Food Traceability market include
Honeywell International Inc, C.H. Robinson Inc, DuPont Nutrition and Biosciences, Intertek Group, Cognex Corporation, Bio-Rad Laboratories, IdentiGEN, IBM Corporation, MASS Group, Zebra Technologies, SGS SA, HarvestMark, Merit-Trax Technologies, Infor, Optel Group, Thermo Fisher Scientific, FoodLogiQ, and Other Prominent Players

Recent collaborations and agreements in the market:
• In February 2021, the platform operations of Fusionware were acquired by AgTech.io, LLC, a company owned and run by C9 Capital, LLC. Fusionware is the system that ties everything together to provide consumers and growers in their nation with thorough traceability.
• In December 2020, US company Honeywell bought Rebellion Photonics (US). In the oil and gas, petrochemical, and power industries, Rebellion Photonics offers cutting-edge, intelligent, visual gas monitoring solutions that maximize safety, operational performance, emissions reduction, and compliance.
• In September 2020, Bio-Rad Laboratories purchased Celsee, Inc. (US), a provider of equipment and supplies for the isolation, detection, and analysis of single cells. The Genesis System allows researchers to acquire cell-based data as well as isolate, examine, and analyze cellular behaviour.

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Market Segments
Global Food Traceability Market, by Product, 2022-2030 (Value US$ Mn)
• RFID
• Barcodes
• Infrared
• Biometrics
• Other Products
Global Food Traceability Market, by Application, 2022-2030 (Value US$ Mn)
• Dairy Products
• Meat, Poultry, and Seafood
• Beverages
• Fresh Produce
• Others (grains, seeds, nuts
Global Food Traceability Market, by End-Users, 2022-2030 (Value US$ Mn)
• Food Manufacturers
• Food Retailers
• Government Department
• Warehouses
• Others (Defence and Security Departments, Farmers, Non-Profit
• Organizations, and Cooperative Organization)
Global Food Traceability Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Food Traceability Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Food Traceability Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Food Traceability Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Food Traceability Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Food Traceability Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Food Traceability market
 To receive an industry overview and future trends of the Food Traceability market
 To analyze the Food Traceability market drivers and challenges
 To get information on the Food Traceability market value (US$Mn) forecast to 2031
 Significant investments, mergers & acquisitions in the Food Traceability market industry

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