Food Cold Chain Track and Trace Technology Revenues Set to Exceed US$7 Billion Amid Growing Regulatory Scrutiny on Food Supply Chains
NEW YORK, April 9, 2024 /PRNewswire/ -- Investments in temperature and humidity monitoring solutions are set to surge in the global food industry due to increasing traceability reporting demands. The implementation of the Food Safety Modernization Act (FSMA) in the United States amplifies this trend, mandating enhanced reporting protocols for various food products and impacting the entire US food supply chain, including exporters. Global technology intelligence firm ABI Research projects that worldwide revenues from food cold chain track and trace operations will surpass US$7 billion by 2032, encompassing hardware sales and recurring SaaS subscriptions.
"For cold chain management to be effective, it must be enabled by technological solutions, which are critical for maintaining the quality and safety of food products. The need for real-time monitoring across the food supply chain has been exacerbated due to the regulatory compliance requirements in North America and Europe. This includes all stakeholders from farmers and first-line handlers to logistics providers, food manufacturers, and retailers," explains Adhish Luitel, Supply Chain Management & Logistics Senior Analyst at ABI Research.
Service providers that combine monitoring devices and sensors with software solutions are crucial for real-time temperature monitoring and insights during food product transport and transit. The growing trend of adopting such solutions among end users highlights the increasing role of real-time monitoring solutions in maintaining food quality and safety standards during transport in refrigerated trucks and containers. Some key vendors in this space include Samsara, Powerfleet, Motive, Orbcomm, and Sensitech.
"Beyond regulatory compliance, food waste mitigation is also a key enabler for cold chain monitoring growth in the food industry. Between 7% and 15% of all foods spoil during transport, especially imported produce. The recent rise in food imports into the United States and Canada from Mexico and Central America has further heightened the need for 'smart' containers equipped with real-time tracking solutions," concludes Luitel.
These findings are from ABI Research's Food Value Chain & Regulations in North America and Europe report. This report is part of the company's Supply Chain Management & Logistics research service, which includes research, data, and analyst insights.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
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For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
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SOURCE ABI Research
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