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Food Traceability Market by Technology (Barcode, Infrared, GPS, RFID, Biometrics), Software Type (ERP, Laboratory Information Systems, Friction Welding), and Application (Meat, Poultry and Seafood; Fresh Food, Dairy, Beverages) - Global Forecast to 2031
Report ID: MRICT - 1041071 Pages: 190 Jan-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe Food Traceability Market is projected to reach $40.05 billion by 2031, at a CAGR of 9.3% during the forecast period 2024–2031. The growth of this market is driven by the rising prevalence of foodborne diseases and food adulteration incidents worldwide, technological advancements and increasing digitization in the food industry, stringent food safety & traceability regulations and standards established by government bodies and international organizations, and increasing product recalls due to food contamination. However, the lack of infrastructure for supporting food traceability in emerging countries and various data privacy issues related to food traceability restrain the growth of this market. Moreover, the rise in food transparency is expected to generate significant growth opportunities for the stakeholders in the food traceability market. However, the lack of standardization and harmonization in food traceability systems is a major challenge impacting market growth.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the food traceability market are Bio-Rad Laboratories, Inc. (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), Cognex Corporation (U.S.), Damselfly Solutions Inc. (U.S.), Food Forensics Limited (U.K.), FoodLogiQ, LLC (U.S.), Honeywell International Inc. (U.S.), MASS Group, Inc. (U.S.), Merit-Trax Technologies (Canada), OPTEL GROUP (Canada), SGS SA (Switzerland), VISIOTT Technologie GmbH (Germany), and Zebra Technologies Corporation (U.S.).
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The rising prevalence of foodborne diseases and food adulteration incidents are major public health risks. Foodborne diseases are usually infectious and are caused by microorganisms and pathogens that enter the body through contaminated food. Consuming safe foods is one of the main factors to be considered for a healthy life. According to the World Health Organization (WHO), in 2023, one in ten people suffered from foodborne diseases globally due to the consumption of contaminated food products. Also, in 2023, 40% of children under the age of five years suffered from foodborne diseases globally. Additionally, over 200 diseases are caused by the consumption of foods contaminated with bacteria, viruses, parasites, and chemical substances such as heavy metals.
The rising prevalence of foodborne diseases has highlighted the need for comprehensive and effective food traceability systems that can track the origin and journey of food products from farm to fork. According to the World Bank’s 2019 report—The Economic Burden of Foodborne Diseases, the total productivity loss due to foodborne diseases in low- and middle-income countries was approximately $95.2 billion, and the annual cost of treating foodborne illnesses was $15 billion. Food safety is a shared responsibility involving the whole supply chain, from producers to consumers. Most foodborne diseases are preventable with proper food handling and education at all levels. Hence, food safety has become a major concern, driving the demand for food traceability systems.
Furthermore, increasing food trade and globalization are expected to boost the demand for food traceability systems that help identify the origin, location, and ownership of food products as they move through the supply chain. These systems allow for the tracking and tracing of contaminated foods. They help prevent food safety incidents, improve the efficiency of food recalls, and increase consumer confidence. Food traceability systems can also provide valuable data to food companies and regulators, allowing them to improve food safety standards and prevent future incidents.
Therefore, growth in the global food supply chain and the increasing demand for safe and high-quality food products are expected to drive the growth of the food traceability market.
Based on technology, the food traceability market is segmented into barcode, infrared, Global Positioning System (GPS), Radio-Frequency Identification (RFID), biometrics, and other technologies. In 2024, the barcode segment is expected to account for the largest share of the food traceability market. The segment’s large market share is mainly attributed to the easy and cost-effective implementation of barcode solutions compared to other traceability technologies, the high accuracy and speed of barcode technology in tracking food products, and the high accessibility of barcode technology for a wide range of businesses including retail and manufacturing.
However, the Radio-Frequency Identification (RFID) segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the real-time data tracking (including temperature and location data) capabilities and the comprehensive view of the supply chain offered by RFID technology, which can help improve food safety and quality.
Based on software, the food traceability market is segmented into Enterprise Resource Planning (ERP), warehouse software, laboratory information systems, friction welding, and other software types. In 2024, the Enterprise Resource Planning (ERP) segment is expected to account for the largest share of the food traceability market. The segment’s large share is attributed to the higher adoption of ERP software due to the real-time data and analytics offered, which can help food companies make better business decisions. ERP software provides end-to-end integration across various business functions, including sourcing modules, inventory management, product development & production planning, quality control, compliance, and distribution. These features enable food companies to better manage supply chains, improve customer service, and ensure compliance.
Based on application, the food traceability market is segmented into fresh food produce, meat, poultry, & seafood products, dairy products, beverages, and other applications. In 2024, the fresh food produce segment is expected to account for the largest share of the food traceability market. The segment’s large share is mainly attributed to the wide use of food traceability systems in the fresh food produce category due to the perishable nature of products and consumers’ increasing preference for fresh produce due to population growth and rising awareness regarding the negative impacts of meat consumption.
Based on geography, the food traceability market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the food traceability market. The large share of this regional market is mainly attributed to increasing food safety concerns, strict government regulations for food safety, increasing digitization and technological advancements in the food industry, and the well-established food industry in the region. Furthermore, the rise in food transparency and consumers’ increasing preference for healthy foods are expected to support the growth of this regional market.
However, Asia-Pacific is projected to record the highest CAGR during the forecast period due to the high population growth and rising prevalence of foodborne diseases in the region, stringent food safety & traceability regulations, rapid urbanization, changing consumer preferences, and the region’s growing importance in the global food supply chain. The increasing demand for sustainable food and beverage products is also expected to boost the adoption of food traceability systems and solutions in this region.
Particulars |
Details |
Number of Pages |
~190 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR |
9.3% |
Estimated Market Size |
$40.05 Billion by 2031 |
Segments Covered |
By Technology
By Software Type
By Application
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa |
Key Companies |
Bio-Rad Laboratories, Inc. (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), Cognex Corporation (U.S.), Damselfly Solutions Inc. (U.S.), Food Forensics Limited (U.K.), FoodLogiQ, LLC (U.S.), Honeywell International Inc. (U.S.), MASS Group, Inc. (U.S.), Merit-Trax Technologies (Canada), OPTEL GROUP (Canada), SGS SA (Switzerland), VISIOTT Technologie GmbH (Germany), and Zebra Technologies Corporation (U.S.) |
Food traceability refers to the tracing and tracking of food products throughout the supply chain, from raw material sourcing to end consumers. Food traceability solutions track information on the sources of ingredients, processing and packaging facilities, transportation and distribution networks, retailers, and consumers who purchase the products. Food traceability systems aim to improve food safety, ensure product quality, and increase transparency in the food supply chain. They help build consumers’ trust in the food products they purchase and increase accountability and responsibility among food industry stakeholders.
This report provides market sizes & forecasts based on technology, software type, application, and geography.
The Food Traceability Market is projected to reach $40.05 billion by 2031, at a CAGR of 9.3% during the forecast period 2024–2031.
Based on technology, the Radio-Frequency Identification (RFID) segment is projected to record the highest growth rate during the forecast period 2024–2031.
o Rising prevalence of foodborne diseases and food adulteration incidents worldwide
o Technological advances and increasing digitization in the food industry
o Stringent food safety & traceability regulations and standards established by government bodies and international organizations
o Increasing product recalls due to food contamination
o Lack of infrastructure to support food traceability in emerging countries
o Data privacy issues related to food traceability
The key players operating in the food traceability market are Bio-Rad Laboratories, Inc. (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), Cognex Corporation (U.S.), Damselfly Solutions Inc. (U.S.), Food Forensics Limited (U.K.), FoodLogiQ, LLC (U.S.), Honeywell International Inc. (U.S.), MASS Group, Inc. (U.S.), Merit-Trax Technologies (Canada), OPTEL GROUP (Canada), SGS SA (Switzerland), VISIOTT Technologie GmbH (Germany), and Zebra Technologies Corporation (U.S.).
Asia-Pacific is projected to record the highest CAGR during the forecast period due to the high population growth and rising prevalence of foodborne diseases in the region, stringent food safety & traceability regulations, rapid urbanization, changing consumer preferences, and the region’s increasing importance in the global food supply chain. The increasing demand for sustainable food and beverage products is also expected to boost the demand for food traceability solutions in the region.
Published Date: Jan-2024
Published Date: Jun-2024
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