Food Traceability Market Size, Trends, Share Analysis By 2024-2033

The Business Research Company recently released a comprehensive report on the Global Food Traceability Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The food traceability market size has grown rapidly in recent years. It will grow from $21.08 billion in 2023 to $23.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to consumer demand for transparency, globalization of food supply, foodborne illness outbreaks, IOT and sensors.

The food traceability market size is expected to see rapid growth in the next few years. It will grow to $34.95 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to blockchain adoption, global traceability platforms, circular economy integration, consumer engagement. Major trends in the forecast period include real-time traceability, artificial intelligence (AI) and machine learning (ML), advancements in technology.

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Market Drivers and Trends:

The growing cases of foodborne diseases and food adulteration are expected to propel the growth of the food traceability market going forward. Foodborne illnesses and adulteration refer to infections caused by contaminated food, often due to harmful pathogens. In contrast, food adulteration involves adding inferior or toxic substances to deceive consumers, compromise quality and safety and pose health risks. Norovirus and typhoid are a few examples of foodborne diseases. Consumers are seeking safer and more genuine products and they depend on food traceability to find the sources of contamination, assure correct handling and increase supply chain transparency. For instance, in January 2023, according to the Philippines Department of Health, a Philippine-based government department responsible for public health, 15,092 typhoid fever cases were reported in 2022, a 162% increase compared to 5,758 in 2021. Therefore, the growing cases of foodborne diseases and food adulteration will drive the food traceability market.

Major companies operating in the food traceability market are adopting blockchain technologies to address several challenges and gain a competitive edge in the market. Blockchain technologies are extensively used in food traceability to enhance transparency and safety in the food supply chain. For instance, in May 2023, OVO Farm Pvt. Ltd., an India-based producer of eggs and egg products, launched unique blockchain technology that enables traceability of their eggs at every level of the supply chain, from the farm to the final consumer. OVO Farm, through its main brand Kenko, provides high-quality, fresh and hygienic eggs, the authenticity of which can be verified by scanning the QR code included on each product. Through this blockchain technology, it makes sure the appropriate products reach the clients and guarantees quality.

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Major Key Players of the Market:

Major players in the food traceability market are Carrefour Group, International Business Machines Corp., Oracle Systems Corporation, Honeywell International Inc., C.H. Robinson Worldwide Inc., Motorola Solutions Inc., Avery Dennison Corporation, SGS SA, Carlisle Companies Inc., Zebra Technologies Corp., Bio-Rad Laboratories Inc., Cognex Corporation, ANTARES VISION S.p.A., The Riverside Co. (FoodLogiQ), OPTEL GROUP, SMAG, iTradeNetwork Inc., Rfxcel Corporation, TrusTrace (Swin Technologies AB), SourceTrace Systems India Pvt Ltd., Merit-Trax Technologies Inc., Bext360 Holdings Inc., Mass Group Inc., Traceall Global Ltd., Bar Code Integrators Inc., Covectra Inc., TE-FOOD International GmbH, Damselfly Solutions Inc., HeavyConnect, Minespider AG.

Food Traceability Market 2024 Key Insights:

• The food traceability is expected to grow to $34.95 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Rising Foodborne Illnesses And Adulteration Concerns Fuel Growth In The Food Traceability Market
• Adopting Blockchain Technologies To Gain A Competitive Edge
• North America was the largest region in the food traceability market in 2023

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