Food Traceability Market Size To Be Worth USD 9.75 Billion in 2028 | Emergen Research

In today's interconnected global food supply chains, ensuring the safety, authenticity, and quality of food products is of paramount importance. With increasing concerns about foodborne illnesses, contamination, and fraud, the need for robust food traceability systems has become crucial. The food traceability market, encompassing various technologies and solutions, has emerged as a vital tool in safeguarding public health and enhancing consumer trust. This article provides an overview of the food traceability market, its drivers, restraints, growth factors, and includes statistics from government organizations.

The food traceability market is witnessing significant growth as stakeholders recognize its potential to address challenges related to food safety, supply chain efficiency, and sustainability. One of the key drivers behind this market expansion is the stringent regulatory environment. Government bodies across the globe are implementing stringent regulations to ensure food safety and traceability, thereby compelling food producers, manufacturers, and retailers to adopt traceability systems. For instance, the Food Safety Modernization Act (FSMA) in the United States mandates enhanced traceability measures to prevent and respond to foodborne illnesses. Similar regulations have been introduced in Europe, such as the European Union's General Food Law Regulation, which emphasizes traceability throughout the entire food production and distribution process.

The global 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, Focus on more transparency across the food supply chain, use of predictive analysis, and better visibility of goods

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Growing consumer demand for transparency and information about the origin and journey of their food. Increasingly health-conscious and environmentally aware, consumers are seeking reassurance regarding the safety, sustainability, and ethical aspects of the food they consume. Food traceability systems enable consumers to track the entire supply chain, from farm to fork, providing them with information on product origins, production methods, and certifications. This demand for transparency is pushing food businesses to adopt traceability technologies to build consumer trust, differentiate their products, and enhance brand reputation.

While the food traceability market offers numerous opportunities, it also faces certain restraints. One of the primary challenges is the complexity and fragmentation of global food supply chains. The food industry comprises diverse stakeholders, including farmers, processors, distributors, and retailers, often operating in different countries and regulatory frameworks. Integrating traceability systems across these complex networks can be challenging and costly. Moreover, smaller food producers and suppliers may lack the resources or technical expertise required to implement traceability solutions effectively. Thus, ensuring widespread adoption and seamless interoperability of traceability systems remains a significant hurdle.

Despite these challenges, several growth factors are propelling the food traceability market forward. Technological advancements, such as blockchain, Internet of Things (IoT), and cloud computing, are revolutionizing the traceability landscape. Blockchain technology, in particular, offers immutable and decentralized record-keeping capabilities, ensuring transparency and security in supply chain transactions. IoT devices, combined with sensors and data analytics, enable real-time monitoring of temperature, humidity, and other critical parameters, ensuring product integrity throughout the supply chain. Cloud-based traceability platforms facilitate seamless data sharing and collaboration among supply chain partners, enhancing efficiency and reducing operational costs.

Government organizations play a pivotal role in promoting food traceability and collecting statistics to assess its impact. For example, the United States Department of Agriculture (USDA) tracks recalls and outbreak investigations, providing valuable data on the prevalence of foodborne illnesses and the need for improved traceability measures. Similarly, the European Food Safety Authority (EFSA) conducts risk assessments and monitors food-related hazards, contributing to evidence-based policy-making and promoting traceability standards in Europe. These government organizations help shape the food traceability market by driving regulatory compliance and supporting research and development initiatives.

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Major Companies and Competitive Landscape:

These are just a few examples of the companies shaping the competitive landscape of the food traceability market. Other notable players include 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.. As the market continues to evolve, collaborations, partnerships, and mergers and acquisitions are expected to be key strategies for companies to strengthen their market position and offer comprehensive traceability solutions to meet the diverse needs of the food industry.

IBM Corporation: IBM is a global technology leader known for its advanced solutions in various domains. In the food traceability market, IBM's blockchain-based platform, IBM Food Trust, has gained significant traction. The platform enables end-to-end traceability by creating an immutable record of transactions and certifications throughout the supply chain. By leveraging smart contracts and data sharing capabilities, IBM Food Trust enhances transparency, improves food safety, and builds trust among consumers.

SAP SE: SAP is a leading provider of enterprise software solutions, and its presence extends to the food traceability market. SAP's solution, SAP Traceability, offers comprehensive traceability functionalities, including real-time monitoring, data analytics, and supply chain visibility. The solution enables seamless integration across different systems and stakeholders, facilitating efficient traceability and compliance with regulatory requirements.

Microsoft Corporation: Microsoft brings its expertise in cloud computing and data analytics to the food traceability market. With its Azure cloud platform, Microsoft offers scalable and secure solutions for traceability and supply chain management. The platform leverages advanced technologies like IoT, machine learning, and artificial intelligence to enable real-time tracking, quality control, and risk assessment.

Oracle Corporation: Oracle provides end-to-end traceability solutions through its Oracle Blockchain Platform and Oracle Supply Chain Management Cloud. These solutions offer secure, transparent, and decentralized traceability capabilities, ensuring data integrity and compliance. Oracle's blockchain-based platform enables stakeholders to track and verify product information, certifications, and transactions, enhancing supply chain visibility and trust.

FoodLogiQ: FoodLogiQ is a prominent player specializing in traceability and supply chain transparency solutions for the food industry. Its platform enables stakeholders to digitize and streamline their supply chain operations, enhancing visibility and traceability. FoodLogiQ offers features such as traceability documentation, recall management, and supplier management, empowering businesses to mitigate risks and comply with regulations effectively.

Intelex Technologies: Intelex Technologies focuses on providing traceability solutions that emphasize food safety and quality assurance. Its platform enables real-time monitoring, data analytics, and compliance management, ensuring complete traceability throughout the supply chain. Intelex Technologies helps companies streamline their operations, identify potential risks, and respond promptly to quality issues.

Honeywell International Inc.: Honeywell offers a range of traceability solutions for the food industry. Its technologies include barcode scanners, mobile computers, and software applications that enable accurate product identification and tracking. Honeywell's solutions enhance efficiency, reduce errors, and improve data accuracy in traceability processes.

Segmentation Insights for project portfolio management (PPM) Market Report:

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

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