Rising need to track food products in the supply chain and monitor the flow of materials and need to increase quality control are some key factors driving market revenue growth
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.
The study finds that how on certain account threats and challenges can act as a roadblock for the business. A thorough evaluation of the Food Traceability market in the light of macro-environment such as social, political, economical as well as technological environment add granularity to the overall research. In addition, the study produces real-time data on vital aspects including sales, profits, gross margin and growth prospects to show how going forward the business will witness a substantial upswing.
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Competitive Landscape
Inventive Product Launch Declaration by Crucial Players to Spur Market Growth
The report offers a complete analysis of the global Food Traceability market with details about each market player including company profile, financial standing, global position, revenue contribution, production and manufacturing capacity, business expansion plans, and new product launches. Key players are strategizing various plans such as M&A acquisition, partnerships, joint ventures, license agreement and collaborations.
Based on the competitive landscape, the market report analyzes the key companies operating in the industry:
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.
The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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.
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)
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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
Key point summary of the report:
- The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
- It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
- The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
- It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
- The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
- The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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