The increasing food safety issues are expected to drive the global food traceability market at a CAGR of 10%, during the forecast period.
According to a new report published by UnivDatos Markets Insights, the Food Traceability Market is expected to grow at a CAGR of around 10% from 2022-2028. The analysis has been segmented into Technology type (Radio-Frequency Identification, Barcodes, Infrared, Biometrics, and Global Positioning System); Software (Enterprise Resource Planning, Friction Welding, Laboratory Information Management Software, Warehouse Software, and Others); Application (Fresh Food Produce, Meat, Poultry & Seafood Products, Dairy Products, Beverage Products, and Others); Region/Country.
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The food traceability market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the food traceability market. The food traceability market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the food traceability market at the global and regional levels.
Market Overview
Food traceability is the ability to follow the movement of a food product and its ingredients through all steps in the supply chain, both backward and forward. The rising demand for safe consumables along with the higher complexity of the supply chain of the food industry is attributed to the market growth of the food traceability market. Furthermore, the increasing incidences of food adulteration coupled with the increasing number of food-borne diseases are the main factors for the market growth of the food traceability market.
The increasing food safety issues are expected to drive the global food traceability market at a CAGR of 10%, during the forecast period. The increasing number of foodborne diseases along with the rising incidences of food adulteration is among the important reasons catalyzing the market growth of food traceability.
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COVID-19 Impact
COVID-19 has a staggering effect and has a negative impact on the global economy due to imposed lockdowns and government restrictions. The market for food traceable is also affected by the COVID-19 pandemic because of the strict restrictions on the industry, the small-scale industry faced monetary losses and the negative impact of the pandemic on the supply chain is the important reason for the hampered growth of the food traceability market.
The global food traceability market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the technology type, the market has been categorized into radio-frequency identification, barcodes, infrared, biometrics, and global positioning system. Among them, the barcode segment is expected to have significant growth in the market. The bar codes are easy to use and do not require any training to use them. Furthermore, a large information can be stored inside the bar code and helpful in the easy management of the food product.
· Based on the software, the market has been categorized into enterprise resource planning, friction welding, laboratory information management software, warehouse software, and others. Among them, the enterprise resource planning (ERP) segment is expected to have higher during the forecast period. An ERP allows food traceability and food tracking. It allows the user to track the manufacturing, provides information about the cost as well as helps organizations to analyze the cost of the product, and aids in managing manufacturing processes.
· Based on the application, the market has been categorized into fresh food produce, meat, poultry & seafood products, dairy products, beverage products, and others. Among them, the fresh food produce category is expected to witness significant growth in the market during the forecast period. This is mainly due to the rising adoption of a healthy lifestyle increased demand for fresh fruits and vegetables. Furthermore, the increasing consumer focus on ethically produced goods is also another reason affecting the market growth of the segment.
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Food Traceability Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific is expected to experience the fastest growth in food traceability market due to the rising awareness about the importance of food quality among the population. Furthermore, the presence of a large population in the region supplemented by the increasing number of the food & beverage industry in the region are the important factors affecting the market size of the food traceability market in the region.
The major players targeting the market include
· Honeywell International Inc
· C.H. Robinson Inc
· DuPont Nutrition and Biosciences
· Bio-Rad Laboratories
· IdentiGEN
· IBM Corporation
· Intertek Group
· Cognex Corporation
· MASS Group
· Zebra Technologies.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Food Traceability market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the food traceability market?
• Which factors are influencing the food traceability market over the forecast period?
• What are the global challenges, threats, and risks in the food traceability market?
• Which factors are propelling and restraining the food traceability market?
• What are the demanding global regions of the food traceability market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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