food traceability market size reached USD 4.54 Billion in 2020 and is expected to register a revenue CAGR of 10.2%, during the forecast period, according to latest analysis by Emergen Research. Some of the major factors driving global food traceability market revenue growth include increasing deployment of traceability solutions to digitize, secure, and leverage valuable data, thereby enabling safe and sustainable transparency in the supply chain and for tracking and tracing products flow – from raw materials to consumers – and more innovative, interoperability, and efficiency. In addition, rising need to increase quality control systems and reduce risks are other factors expected to continue to boost revenue growth of the market in the near future. Quality control in food traceability systems can enable evaluation of food quality along supply chain stages and aids in enhancing customer experience and satisfaction.
Continuous consumer demand for more transparency related to food product aspects to be provided on product labels – from origin of raw materials to agricultural practices and ingredients used in the production of food products – is expected to support market growth going ahead. Raw material traceability solutions provide complete visibility, thereby enabling consumers to know producer details with socio-economic profile information, farming practices, and potential human and environmental impact, and deployment of these solutions is expected to continue to incline and in turn, boost , market growth.
It sheds light on the major companies that contribute significantly to the global sector. The report studies the presence of these companies in major geographical regions and their individual placement in the worldwide business. It helps in projecting the growth of Food Traceability through the years and in predicting its expansion in the forecasted time span. The increase in the demand for the product is boosting the overall production to ensure a smooth functioning demand-supply chain.
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The research segments the market based on product type, applications and end-use. It profiles the key players of the business and their individual contribution to the global economy. The report focuses on significant investments, business ventures, mergers, acquisitions, collaborations along with the technological developments in the field. It also evaluates the upcoming and niche areas in the business. The researcher aims to offer expert insights related to the industry and the new opportunities available in the market.
Key Highlights From the Report
- RFID/RTLS segment revenue is expected to expand at a significantly rapid CAGR during the forecast period. RFID/RTLS plays a significant role in tracking and tracing perishable food products and can identify the direction of tags as to whether products are being received or shipped through the gate.
- Dairy segment is expected to register a significantly robust revenue growth rate over the forecast period due to need to identify spoiled or contaminated products before these can reach end consumers as dairy products are highly susceptible to contamination and spoilage.
- The market in North America is expected to account for a considerably robust revenue share over the forecast period due to large end-use bases such as food manufacturers and food retailers, and this coupled with stringent regulations implemented by the government are factors driving growth of the food traceability market in the region.
The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others. The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry.
Leading Players Profiled in the Report:
Honeywell International Inc., Cognex Corporation, Keyence Corporation, Bext360 Inc., Foodlogiq LLC, TraceOne Inc., Traceall Global Limited, Merit-Trex Technologies Inc., TE-Food Enterprise, and Carlisle Incorporated.
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The report analyzes the market based on different categories such as product types, end-user applications, and leading geographical regions. It offers key insights into the factors that are expected to influence the growth of the segments and sub-segments.
Emergen Research has segmented the global food traceability segments on the basis of equipment, software, technology, application, end-use, and region:
- Equipment Outlook (Revenue, USD Billion; 2018–2028)
- Sensors
- Thermal Printers
- Tags & Labels
- PDA with GPS
- 2D & 1D Scanners
- Others
- Software Outlook (Revenue, USD Billion; 2018–2028)
- Warehouse Software
- Laboratory Information Management Software (LIMS)
- Enterprise Resource Planning (ERP)
- Others
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- GPS
- Infrared
- RFID/RTLS
- Barcode
- Biometrics
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Dairy
- Fisheries
- Beverages
- Fresh Produce & Seeds
- Meat & Livestock
- Others
- End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Food Retailers
- Defense
- Food Manufacturers
- Warehouse
- Government
The study aims to provide a forecast of the growth of the Food Traceability market by examining the market size, share, demand, trends, and gross revenue of the industry. Further, it provides a competitive analysis and SWOT analysis. The report segments the industry based on product type, application and end-use. It highlights the emerging trends as well as the novel technology that are visible in the market. The research offers a clear look at the trends observed in the market, the contributing factors, major stakeholders, key companies and prime areas that exhibit a potential for growth.
Detailed Regional Analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Objectives of the Report:
- Study of the global Food Traceability market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
- Industrial structure analysis of the Food Traceability market by identification of various sub-segments
- Extensive analysis of key market players along with their SWOT analysis
- Competitive landscape benchmarking
- Analysis of Food Traceability market based on growth trends, futuristic outlook, and contribution to the total growth of the market
- Analysis of drivers, constraints, opportunities, challenges, and risks in the global Food Traceability market
- Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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