[225+ Pages Research Report] According to Facts and Factors market research report, the Global Food Traceability Market size & share revenue is expected to grow from USD 14,314.95 Million in 2020 to reach USD 24,406.80 Million by 2026, at 9.3% annual CAGR growth during forecast period of 2019-2027. The top market companies profiles included in report with their sales, revenues and strategies are C.H. Robinson, Bio-Rad Laboratories Inc, OPTEL GROUP, Cognex, Honeywell International Inc., SGS SA, Zebra Technologies, Bar Code Integrators and others.
New York, NY, July 29, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Food Traceability (Tracking Technologies) Market by Equipment (PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors), Technology (RFID/RTLS, GPS, Barcode, Infrared, and Biometrics), End-User (Food Manufacturers, Warehouse/Pack Farms, Food Retailers, Defense & Security Departments, Other Government Departments, and Others) and Application (Meat & Livestock, Fresh Produce & Seeds, Dairy, Beverages, Fisheries, and Others): Global & Regional Opportunity Analysis and Industry Forecasts, 2021 - 2026”.
“According to the recent research report, the demand of global Food Traceability Market size & share expected to reach to USD 24,406.80 Million by 2026 from USD 14,314.95 Million in 2020, at a compound annual growth rate (CAGR) of 9.3% during the forecast period 2021 to 2026”
Global Food Traceability Market: Overview
When food and food ingredients are contaminated, food traceability is a technique that may be used to determine the origin and source of the items. It enables food makers to document and track a product's progress through the many phases and operations of the food production process. Processing, handling, and distribution of food products are all part of the manufacturing process. A traceability system uses data and operations to keep track of critical and desirable information about a product as it moves through the manufacturing process. Tracking and tracing are two independent components of food traceability. Throughout the entire food chain, tracing creates records of the history of food products. Food tracking refers to the ability to determine a product's final destination by following its path from the point of manufacture to the point of sale.
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Industry Major Market Players
Bio-Rad Laboratories Inc
Honeywell International Inc.
Bar Code Integrators
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Key questions answered in this report:
What is the projected market size & growth rate of the Food Traceability Market?
What are the key driving factors for the growth of the Food Traceability Market?
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Food traceability (tracking technology) entails monitoring the movement of food and associated goods throughout their manufacturing, processing, and distribution processes. Because food production involves several steps, including seed and fertilizer procurement, farming, harvesting, processing, storage, shipping, and retail sales, there are dangers involved, such as contamination, necessitating the use of a food traceability system. Identification, linking, information records, data gathering and storage, and verification are some of the procedures involved. Food tracking's main goal is to ensure food safety and avoid food-borne illnesses, therefore it's directly linked to consumer health.
One of the important factors expected to drive the global food traceability market in the next years is the advent of innovative food traceability technologies. To extend their application base and build their presence in the worldwide market, the market's major players are focusing on creating new technologies. Furthermore, rising consumer awareness of food safety is propelling the global food traceability market forward.
Some of the driving reasons for the food traceability market are rising customer concern about food safety and an increase in food adulteration incidences. However, the expensive costs of food traceability equipment, as well as the privacy concerns, are limiting the market's expansion. The food traceability business is seeing new prospects as growing economies like Brazil, India, and China continue to develop.
In the pharmaceutical, personal care, food, beverage, and other industries, the usage of barcodes, dot codes, and QR codes is required on packaging. This has resulted in a rise in demand for such as barcode scanners, traceable solutions in a variety of businesses that show information in an electronic-readable manner. To read the data on barcodes, data-matrix codes, QR codes, and dot codes and extract information about the object, 2D and 1D scanners are necessary.
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Due to its cost-effectiveness, barcodes are the most extensively utilized technology in the food traceability business. To achieve traceability, this technique employs a Global Trade Item Number (GTIN). A GTIN is made up of a firm prefix from GS1 (a non-profit worldwide organization that develops and maintains demand and supply chain standards) and a unique item reference number that can be read by universal product bar codes or human-readable codes. Scanners based on technology are obsolete, and multi-dimensional readability scanners have taken their place. Various mobile software development companies have created software that allows cellphones to interface with scanners, lowering the cost of superfluous hardware. DNA barcoding is being used as an effective method for determining the biological status of organisms, detecting food contamination, and detecting changes to protect the consumer's health.
Global Food Traceability Market: Growth Factors
The technologically sophisticated countries, such as the United States, Japan, the United Kingdom, and others, are majorly driving the food traceability technology industry. End-users from developing countries are adopting the technology as a result of increased awareness. Furthermore, organizations now maintain a solid business framework for optimal inventory levels and seamless operations, increasing demand for food traceability technologies around the world.
The primary factors for the global food traceability market growth are the legislative framework and certifications and standardizations. This is owing to various governments in developed and developing countries being forced to obey food safety regulations and legislation, which further supports market expansion. Competitive advantage and brand loyalty, tracing contamination and product recall, and information flow upstream and downstream of the supply chain are all aspects that drive the market.
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Asia-Pacific is projected to Dominate Global Food Traceability Market Growth
Because of the quick shift in the population's consumption habits as a result of increased awareness about healthy food and beverages, Asia-Pacific is predicted to grow at a substantial rate from 2021 to 2028. Due to early implementation by business experts and government regulations promoting food traceability in these nations, the food traceability market is well established in developed countries such as the United States, the United Kingdom, Japan, Australia, and others. Food can now be obtained from anywhere in the world, posing a significant traceability difficulty. Due to increased awareness and knowledge among the general population, as well as improvements in people's lifestyles, emerging nations such as India, China, Korea, and others are in the process of adopting strict traceability systems, resulting in the rapid growth of the food traceability market in Asia-Pacific.
Browse the full report “Food Traceability (Tracking Technologies) Market by Equipment (PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors), Technology (RFID/RTLS, GPS, Barcode, Infrared, and Biometrics), End-User (Food Manufacturers, Warehouse/Pack Farms, Food Retailers, Defense & Security Departments, Other Government Departments, and Others) and Application (Meat & Livestock, Fresh Produce & Seeds, Dairy, Beverages, Fisheries, and Others): Global & Regional Opportunity Analysis and Industry Forecasts, 2021 - 2026” at https://www.fnfresearch.com/food-traceability-market
The global food traceability market is segmented as follows:
PDA with GPS
2D & 1D Scanners
Tags & Labels
Meat & Livestock
Fresh Produce & Seeds
By End User:
Defense & Security Departments
Key Highlights of this Report:
Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
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