Press release
Food Traceability & Blockchain Solutions Market to Reach US$97.17 Billion by 2032, Driven by FSMA 204 Compliance and Rapid Blockchain Adoption
Food Traceability & Blockchain Solutions Market
United States: Recent Industry Developments
✅ In September 2023 (ongoing impact into 2025), iFoodDS and IBM launched iFoodDS Trace Exchange integrated with IBM Food Trust, a tech-enabled traceability solution to help organizations comply with the FDA's FSMA 204 Food Traceability Rule, combining scalable traceability software, data capture, and interoperable supply chain intelligence for faster contamination response.
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Japan: Recent Industry Developments
Japan-focused developments in 2024-2025; however, the Asia-Pacific region, including Japan, sees growing adoption of blockchain and IoT for food safety amid export demands and regulatory alignment.
Asia-Pacific: Recent Industry Developments
✅ In December 2024, Mahaseel Technologies partnered with the Egyptian Food Bank to launch a blockchain-powered digital traceability system, assigning unique QR codes to each food item for transparency, quality control, and efficiency.
✅ In July 2025, Domino India partnered with BlockSynergy Technology's Jumbo Blockchain to launch TagITX, a "Made-in-India" blockchain traceability solution printing tamper-evident QR codes for real-time verification across food & beverages and other sectors.
Mergers & Acquisitions
recent M&A detailed; market growth driven by strategic partnerships, technology integrations, and collaborations among providers.
Technological Partnerships
✅ In December 2024, Mahaseel Technologies partnered with the Egyptian Food Bank for blockchain-powered traceability (as above).
✅ In September 2023, iFoodDS and IBM launched iFoodDS Trace Exchange integrated with IBM Food Trust (as above).
✅ In September 2023, IFT's Global Food Traceability Center launched the Traceability Driver, an open-source tool for standardizing and sharing traceability data across the value chain, beta-tested by Koltiva.
New Product/Service Launch
✅ In November 2024, Intertek launched HoneyTrace, a blockchain-based traceability platform to combat honey fraud, tracking batches from hive to jar for authenticity and EU compliance.
✅ In July 2025, Domino India and BlockSynergy launched TagITX blockchain traceability solution (as above).
✅ Emphasis on platforms integrating IoT, QR/RFID, and blockchain for end-to-end visibility.
Technological Advancements in the Market
✅ 2025 trends: Integration of IoT sensors, cloud platforms, real-time data capture, QR codes, RFID, and blockchain for tamper-proof tracking; advancements in scalable software for data recording/analysis; open-source tools for interoperability and EPCIS standards; AI-powered enhancements for fraud detection and compliance.
Funding Raised by Companies
✅ In 2024, Verofax raised US$3 million in bridge funding led by Plug & Play Tech Centre, Navig8 Group, and King Abdullah University for Science and Technology to support blockchain, AR, and AI projects in the Middle East and EU.
Market Dynamics & Key Insights
✅ Drivers: Rising consumer demand for transparency and ethical sourcing; stricter food-safety regulations (e.g., FSMA 204); need to prevent recall losses and contamination (unsafe food sickens 600 million annually per FAO); integration of IoT/cloud for scalability; sustainability commitments.
✅ Key focus: Software dominates (42.34% share in 2024) for real-time data handling; hardware grows with IoT/RFID demand. North America leads due to regulations and tech infrastructure; Asia-Pacific fastest-growing with digitalization and export needs.
✅ Restraints: Implementation challenges in fragmented supply chains (not explicitly detailed but implied).
✅ North America dominates; Asia-Pacific fastest-growing.
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Segmentation
☛ By Component
Software dominates with 42.34% revenue share in 2024 (real-time recording/storage/analysis via IoT/QR/RFID integration); Hardware (significant share, driven by sensors, RFID tags, barcode scanners, GPS for monitoring); Services.
☛ By Technology
Radio Frequency Identification, Barcodes, Infrared, Biometrics, Global Positioning Systems, Others.
☛ By Deployment Mode
Cloud-based, On-premise, Hybrid.
☛ By Application
Meat & Livestock, Seafood, Fruits & Vegetables, Dairy, Others.
☛ By End-User
Retailers & Supermarkets, Distributors, Farmers & Primary Producers, Others.
Regional Analysis
» North America leads the global food traceability and blockchain solutions market with the largest revenue share of 38.45% in 2024; driven by strong regulations (e.g., FSMA), high consumer demand for safety/transparency, advanced IoT/cloud/blockchain infrastructure, and foodborne illness statistics in the U.S.
» Asia-Pacific exhibits the fastest growth, supported by rapid digitalization, rising food safety needs, export compliance, counterfeit prevention (e.g., in India), and government reforms in China/India.
» Europe shows strong demand fueled by regulations, sustainability focus, and adoption in key countries.
» The Middle East and Africa, along with South America, hold emerging potential with increasing traceability initiatives.
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✅ Export vs. Domestic Consumption Analysis
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