Global Food Traceability Market Trends & Size to Register USD 35.48 Billion by 2029, at 9.0% CAGR: Polaris Market Research

NEW YORK, April 6, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Food Traceability Market Share, Size, Trends, Industry Analysis Report, By Technology (Radio-frequency Identification, Barcodes, Infrared, Biometrics, Global Positioning System); By Software; By Application; By Region; Segment Forecast, 2022 - 2029" in its research database.

According to recent research study published by Polaris Market Research, the global food traceability market size & trends is expected to register a CAGR of 9.0 percent and revenue is expected to increase from $18.15 billion in 2021 to $35.48 Billion by 2029.

A food traceability system is a tracking technology that helps to maintain the record of the flow of products from production to distribution. The companies consider a food traceability system the best tool to recognize the origin of food and its destination. They use this system to make fresh food products available to different end-users, which will ultimately help in reducing food-borne diseases. This food tracking system plays a key role in food investigations as well as in the global food trade as multi-ingredient food is made of materials that come from a variety of food chains & countries.

Meat & livestock, fresh produce & seeds, dairy, beverages, and fisheries are some of the main applications of the food traceability market. The growing development and utilization of advanced technology-based solutions such as infrared, RFID, biometrics, barcode, NFC, and sensors are boosting the food traceability market growth. The equipment that supports this system includes PDA with GPS, thermal printers, 2D & 1D scanners, tags & labels, sensors, and others. Consumers in the US and UK are ready to pay more for products with food traceability and point-of-origin certificate.

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Some of The Major Key Analysis Addressed In The Report:

• What will be the food traceability market size in near future with the top-most key vendors and regional analysis?
• Which are target audiences subjected to expanding high in the market?
• What are the new developing opportunities and challenges for business advancement?
• Who are the significant players confronting and developing in the food traceability market?
• Which are the leading countries in the food traceability market?
• What are market share estimates and forecasts for the food traceability market?
• What is the scenario of the market globally and in different regions?

Top Global Market Players:

• Bar Code Integrators
• Bext360
• Bio-Rad Laboratories
• C.H. Robinson
• Carlisle
• Cognex
• Covectra
• Crest Solutions
• Food Forensics
• FoodLogiq
• Honeywell International Inc.
• Merit-Trax
• OPTEL GROUP
• rfxcel
• Safe Traces
• SGS SA
• Source Trace
• TE-Food
• Trace One
• Traceall Global
• Zebra Technologies

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Food Traceability Market: Growth Drivers

Legislative framework and certifications & standardizations are driving the global food traceability market growth. This progress can be attributed to strict guidelines by regulatory bodies related to food safety in several developed and developing countries. Also, competitive edge & brand loyalty, tracing contamination & product recall, and flow of information upstream & downstream of the supply chain are other factors fueling the growth of the market. The growing worries associated with food safety among consumers are also positively favoring the market growth. In addition, the rise in food-borne diseases and food adulteration incidents leads to major health-related problems, which is expected to drive the demand for the food traceability market in the forecast period. Moreover, the rise in traces contamination and assists product recalls are additional factors anticipated to contribute to the growth of the food traceability market during the forecast period.

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Food Traceability Market: Scope & Report Dynamics

Food Traceability Market: Segmentation

• Insight by Technology

On the basis of the technology segment, the food traceability market is categorized into Radio-frequency identification, Barcodes, Infrared, Biometrics, and Global positioning system. Among these, the Radio frequency identification technology (RFID) segment is expected to account largest market revenue share in the global market in 2021 and is anticipated to continue its dominance during the foreseen period. Radio-frequency Identification technology (RFID) is a technology used to track real-time information through devices called tags, transponders that identify and track items using radiofrequency. It eliminates the need for user initiation and can simultaneously read and write hundreds of tags.

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Geographic Overview: Food Traceability Market

Based on geography, North America led the largest revenue share in 2021, owing to a significant need for traceability in growing countries. The growing fluctuations in regulation in the domestic market affect the food traceability market's current and future trends are covered in this portion. The country section also estimates major data pointers such as consumption volumes, production sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and downstream and upstream value chain analysis. Furthermore, Asia Pacific is anticipated to account for a high CAGR in the global market in 2021. The key factors contributing to this regional growth include growing population growth with surging consumables demand and rising concerns over food safety among consumers. The changing consumption habits of people due to increased awareness about healthy F&B is also boosting the demand for these traceability services.

Browse the Detail Report "Food Traceability Market Share, Size, Trends, Industry Analysis Report, By Technology (Radio-frequency Identification, Barcodes, Infrared, Biometrics, Global Positioning System); By Software; By Application; By Region; Segment Forecast, 2022 - 2029" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/food-traceability-market 

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Highlights of The Report:

• Comprehensive information on the product portfolios of the top players in the market.
• In-depth assessment of the market strategies, geographic and business segments of the leading players in the food traceability market
• Report analyzes the market for various segments across geographies
• It offers a forward-looking perspective on the developing elements that are driving or controlling the business area's development.
• The report helps stakeholders understand the pulse of the food traceability market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The market is primarily segmented based on technology, software, application, and region.

Food Traceability Market: By Technology Outlook

• Radio-frequency identification
• Barcodes
• Infrared
• Biometrics
• Global positioning system

Food Traceability Market: By Software Outlook

• Enterprise Resource Planning (ERP)
• Friction welding
• Laboratory Information Management Software (LIMS)
• Warehouse software
• Others
• Quality management software
• Poultry farm software
• Hybrid software

Food Traceability Market: By Application Outlook

• Fresh food produce
• Meat
• Poultry & sea products
• Dairy products
• Beverage products
• Others

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SOURCE Polaris Market Research