Food Traceability Market worth $26.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 14, 2020 /PRNewswire/ -- According to the new market research report "Food Traceability Market (Technology & Software) by Technology Type (RFID, Barcodes, Infrared, Biometrics, GPS), Software Type (ERP, LIMS, Warehouse), Software End User, Technology Application and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Food Traceability Market size is estimated to be valued at USD 16.8 billion in 2020. It is projected to reach USD 26.1 billion by 2025, recording a CAGR of 9.1%, in terms of value. There is an increase in the demand of tracking the safety and concern about food and beverages, which is driving the market.
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The food manufacturing technology application segment is projected to witness significant growth during the forecast period.
Food traceability software not only proves to be beneficial for end-use consumers but also to all the stakeholders along the food supply chain right from the growers to the end product distributors. The most well-known collaboration project about traceability so far is between Walmart and IBM. A surge and shift in consumer demand from the foodservice channel to retail channels are driven by the increase in at-home usage due to COVID-19 sheltering-in-place precautions. These are estimated to result in some consumer-packaged goods manufacturers that are witnessing a corresponding increase in volume, revenue, and profits.
Browse in-depth TOC on "Food Traceability Market"
108 – Tables
54 – Figures
191 – Pages
Countries such as India and China are dominating the market in the region.
In India, the FSSAI operates to safeguard the quality of food consumed and exported across the world. It regulates, frames, and supervises the supply chain of food safety and quality testing. It manages the food laws and has simplified the process of food safety and quality testing so that these can be easily implemented. In India, food safety is a collective effort taken by expert bodies such as the MPEDA, Spices Board, Agricultural and Processed Food Products Export Development Authority (APEDA), and EIA.
Food safety assurance systems in China are still at an early stage of development, but significant steps have been taken to improve the safety and quality standards of food. Food safety regulations in China have continued to develop to control food contamination incidences and to improve food quality, safety, and hygiene practices adopted at the manufacturing and subsequent stages in the food supply chain. This is projected to have a positive impact on the growth of the food traceability market.
The increase in the developed economy and per capita income has enabled the consumers to invest in more health and health related services, in South American region. This is one of the major drivers for food traceability in the region. Apart from that, the millennial consumers are more health conscious and aware, this is also thriving the market in the region.
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Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such C.H. Robinson (US), Bio-Rad Laboratories, Inc. (US), OPTEL GROUP (Canada), OPTEL GROUP (Canada), Cognex (US), Honeywell International Inc. (US), SGS SA (Switzerland), Zebra Technologies (US), Bar Code Integrators (US), Carlisle (US), Merit-Trax (Canada), FoodLogiq (US), Safe Traces (US), Food Forensics (UK), Bext360 (US), rfxcel (US), Covectra (US), SMAG (France), SMAG (France), TE-Food (Germany), Mass Group (US), Source Trace (US), Trace One (US), Crest Solutions (Ireland), Traceall Global (UK), and VeeMee (Croatia).
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