Food Traceability Market Outlook 2024-2033: Trends and Projections
Food Traceability Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Food Traceability Market Analysis 2024: Size Forecast and Growth Prospects
Food Traceability Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Food Traceability Market Overview 2024: Size, Growth Rate, and Segments
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The food traceability global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Traceability Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food traceability market size has grown rapidly in recent years. It will grow from $21.08 billion in 2023 to $23.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to consumer demand for transparency, globalization of food supply, foodborne illness outbreaks, IOT and sensors.
The food traceability market size is expected to see rapid growth in the next few years. It will grow to $34.95 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to blockchain adoption, global traceability platforms, circular economy integration, consumer engagement. Major trends in the forecast period include real-time traceability, artificial intelligence (AI) and machine learning (ML), advancements in technology.
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Scope Of Food Traceability Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Traceability Market Overview
Market Drivers –
The growing cases of foodborne diseases and food adulteration are expected to propel the growth of the food traceability market going forward. Foodborne illnesses and adulteration refer to infections caused by contaminated food, often due to harmful pathogens. In contrast, food adulteration involves adding inferior or toxic substances to deceive consumers, compromise quality and safety and pose health risks. Norovirus and typhoid are a few examples of foodborne diseases. Consumers are seeking safer and more genuine products and they depend on food traceability to find the sources of contamination, assure correct handling and increase supply chain transparency. For instance, in January 2023, according to the Philippines Department of Health, a Philippine-based government department responsible for public health, 15,092 typhoid fever cases were reported in 2022, a 162% increase compared to 5,758 in 2021. Therefore, the growing cases of foodborne diseases and food adulteration will drive the food traceability market.
Market Trends –
Major companies operating in the food traceability market are adopting blockchain technologies to address several challenges and gain a competitive edge in the market. Blockchain technologies are extensively used in food traceability to enhance transparency and safety in the food supply chain. For instance, in May 2023, OVO Farm Pvt. Ltd., an India-based producer of eggs and egg products, launched unique blockchain technology that enables traceability of their eggs at every level of the supply chain, from the farm to the final consumer. OVO Farm, through its main brand Kenko, provides high-quality, fresh and hygienic eggs, the authenticity of which can be verified by scanning the QR code included on each product. Through this blockchain technology, it makes sure the appropriate products reach the clients and guarantees quality.
The food traceability market covered in this report is segmented –
1) By Technology: Radio-Frequency Identification; Barcodes; Infrared; Biometrics; Global Positioning System
2) By Software: Enterprise Resource Planning (ERP); Friction Welding; Laboratory Information Management Software (LIMS); Warehouse Software; Other Types
3) By Application: Fresh Food Produce; Meat, Poultry And Seafood Products; Dairy Products; Beverage Products; Other Applications
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Regional Insights –
North America was the largest region in the food traceability market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in food traceability market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the food traceability market are Carrefour Group, International Business Machines Corp., Oracle Systems Corporation, Honeywell International Inc., C.H. Robinson Worldwide Inc., Motorola Solutions Inc., Avery Dennison Corporation, SGS SA, Carlisle Companies Inc., Zebra Technologies Corp., Bio-Rad Laboratories Inc., Cognex Corporation, ANTARES VISION S.p.A., The Riverside Co. (FoodLogiQ), OPTEL GROUP, SMAG, iTradeNetwork Inc., Rfxcel Corporation, TrusTrace (Swin Technologies AB), SourceTrace Systems India Pvt Ltd., Merit-Trax Technologies Inc., Bext360 Holdings Inc., Mass Group Inc., Traceall Global Ltd., Bar Code Integrators Inc., Covectra Inc., TE-FOOD International GmbH, Damselfly Solutions Inc., HeavyConnect, Minespider AG.
Table of Contents
1. Executive Summary
2. Food Traceability Market Report Structure
3. Food Traceability Market Trends And Strategies
4. Food Traceability Market – Macro Economic Scenario
5. Food Traceability Market Size And Growth
…..
27. Food Traceability Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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