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The global food traceability market is expected to garner $22.27 billion by 2025, from $10.96 billion in 2017, registering a CAGR of 9.3% from 2018 to 2025.
PORTLAND, OREGON, UNITED STATES, February 28, 2023 /einpresswire.com / -- Supportive legislative frameworks, ability to trace contamination & assist product calls, and certifications & standardizations drive the growth in the global food traceability market. Asia-Pacific is estimated to register the largest growth rate with a CAGR of 14.9% from 2018 to 2025, owing to growth in application industries such as fresh produce & seeds, fisheries, and meat & livestock along with expansion of leading players in emerging economies.
Food traceability (tracking technologies) involves screening the movement of food & related products via their production, processing, and distribution. As food production consists of various stages, including sourcing seeds & fertilizers, farming, harvesting, processing, storage, transportation, and retail sales, there are risks associated, such as contamination, making it imperative to have a food traceability system. The procedures involved during this include identification, link, records of information, collection & storage of information, and verification. The primary purpose of food tracking is food safety and prevention from food-borne diseases, thus being directly related to the health of consumers. The global food traceability (tracking technologies) market is segmented based on equipment, technology, application, end user, and region.
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Leading market players analyzed in the research are C.H. Robinson Inc., Honeywell International Inc., Intermec Inc., DuPont Nutrition & Health, Cognex Corporation, Motorola solutions, Inc., Bio-Rad Laboratories, MASS Group, IBM Corp, and Zebra Technologies.
Growth Drivers and Industry Trends
Supportive legislative frameworks, ability to trace contamination & assist product calls, and certifications & standardizations drive the growth in the market. However, lack of strict laws in developing economies, privacy issues related to data sharing, and changing needs for different products restrain the market growth. On the other hand, growing demand for tracking technologies from developing countries create new pathways in the industry.
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Segmentation Analysis of the Industry
Based on equipment, the 2D & 1D scanners segment accounted for nearly one-third of the total market share in 2017 and is expected maintain its lead status by 2023. This is due to rise in demand for traceable solutions across various industries and mandatory usage of barcodes, QR codes, data-matrix codes, and dot codes for packaging in food & beverages, personal care, pharmaceutical, and other industries. However, the sensors segment is expected to register the largest growth rate with a CAGR of 10.9% during the forecast period, 2018–2025. This is due to its usage for tracking the details of the food conditions at different stages of the supply chain and reliability in difficult environmental conditions. The research also analyzes PDA with GPS, thermal printers, tags & labels, and others.
Asia-Pacific is estimated to register the largest growth rate with a CAGR of 14.9% from 2018 to 2025, owing to growth in application industries such as fresh produce & seeds, fisheries, and meat & livestock along with expansion of leading players in China, India, and other emerging economies.
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However, North America contributed to nearly two-fifths of the total share in 2017, and will maintain its dominant position during the forecast period. This is due to supportive government initiatives for exploring and evaluating the methods and technologies for fast and efficient tracking & tracing of foods.
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