DUBLIN--(BUSINESS WIRE)--Feb 23, 2021--

The "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" report has been added to ResearchAndMarkets.com's offering.

The global food traceability size is estimated to be valued at USD 16.8 billion in 2020 and projected to reach USD 26.1 billion by 2025, recording a CAGR 9.1%. Factors such as the growing concern of clean and safe food and healthy consumption is going to drive the market for food traceability.

By software end user, food manufacturing is projected to dominate the market during the forecast period.

With the outbreak of a pandemic, the manufacturing sector is increasingly investing in digitization initiatives, which are projected to drive the adoption of food traceability solutions in the market. Compliance and quality are considered to be the foundations that all the major food & beverage manufacturers rely on to create and strengthen trust with their distribution networks and customers. Track and traceability provide food & beverage manufacturing companies with the data, insights, and information they need to comply with the requirements set by institutions such as USD FDA, EU Commission, and local food safety authorities during the manufacturing process.

By application, fresh food produce is projected to dominate the market during the forecast period.

The increase in consumer demand for accurate and complete information related to the food product, which is more prone to spoilage and contamination, is projected to drive the growth of the market for food traceability in fresh food produce. Consumers are concerned about food safety due to the increase in foodborne disease and illness in the North American region.

The Asia Pacific region is projected to dominate the market during the forecast period.

Owing to the large production of various of food products are on of the reasons for the dominating market in Asia Pacific. Also, Presence of large number of local players and high preference of consumers for the safe food is driving the market. Higher production capabilities, availability of technology, and government initiatives, are some of the major reasons for the presence of food traceability operations in Asia Pacific region.

The food traceability market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, and RoW (South America,Africa, and the Middle East).

Market Dynamics

Drivers

  • Increase in Foodborne Diseases, and Food Adulteration Incidents Cause Serious Health-Related Issues
  • Increase in Food Adulteration Incidents
  • Rise in Global Healthcare Expenditure for Foodborne Diseases to Drive the Market Growth
  • Increase in Concerns Pertaining to Food Safety Among Consumers
  • Initiatives by Regulatory Bodies to Improve Food Safety Across Countries
  • Traces Contamination and Assists Product Recalls
  • Legislative Framework

Restraints

  • Privacy Issues in Data Sharing
  • Lack of Basic Supporting Infrastructure in Developing Countries

Opportunities

  • Government Contribution to Offer Opportunities for the Adoption of Food Traceability Systems
  • Technological Advancements in Food Traceability
  • Globalization of Food Trade Results in Increased Complexities in the Supply Chain
  • Increased Dependency of Importers on Food Traceability Systems
  • Growing Border Rejection Cases in Europe
  • Emerging Countries to Offer High-Growth Opportunities

Challenges

  • Additional Cost Requirements for Traceability Systems
  • Lack of Standardization and Harmonization Related to Food Traceability Systems
  • Difficulty in Data Collection and Accuracy of Information

Companies Mentioned

  • Abaco S.P.A.
  • Agrometrics Inc.
  • Bar Code Integrators, Inc.
  • Bext360
  • Bio-Rad Laboratories, Inc.
  • C.H. Robinson
  • Carlisle Companies Incorporated
  • Cognex
  • Covectra, Inc.
  • Food Forensics
  • Foodlogiq
  • Honeywell International Inc
  • Mass Group
  • Merit-Trax Technologies
  • Optel Group
  • Rfxcel Traceability System.
  • SGS Sa
  • Safetraces
  • Smag
  • TE-Food
  • Zebra Technologies Corporation

For more information about this report visit https://www.researchandmarkets.com/r/iojux8

View source version on businesswire.com:https://www.businesswire.com/news/home/20210223005502/en/

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 02/23/2021 04:31 AM/DISC: 02/23/2021 04:31 AM

http://www.businesswire.com/news/home/20210223005502/en

Copyright Business Wire 2021.

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