Food Traceability Market Size, Trends, and Forecast Report 2021-2028 | Focus on more transparency across the food supply chain
Some of the key factors driving market revenue growth are the increasing need to track food products in the supply chain and monitor the flow of materials, as well as the need to improve quality control.
According to the most recent Emergen Research analysis, the global food traceability market is expected to reach USD 4.54 billion in 2020, with a revenue CAGR of 10.2% during the forecast period. Increased deployment of traceability solutions to digitise, secure, and leverage valuable data, thereby enabling safe and sustainable transparency in the supply chain and for tracking and tracing product flow – from raw materials to consumers – are some of the major factors driving global food traceability market revenue growth, as are more innovative, interoperability, and efficiency.
Furthermore, the growing need to improve quality control systems and reduce risks are expected to drive market revenue growth in the near future. Quality control in food traceability systems allows for the evaluation of food quality at various stages of the supply chain, thereby improving customer experience and satisfaction.
Consumer demand for more transparency about food product aspects to be provided on product labels – from raw material origin to agricultural practises and ingredients used in food product production – is expected to drive market growth in the coming years. Raw material traceability solutions provide complete visibility, allowing consumers to learn about the producer’s socioeconomic profile, farming practises, and potential human and environmental impact, and deployment of these solutions is expected to continue to rise, boosting market growth.
However, complexities related to a lack of standardisation, as well as concerns about traceability along the supply chain design and optimization, are some key factors that are expected to stymie market growth over the forecast period. Food-related issues can be detected using supply chain traceability. The emphasis on traceability has recently shifted to other industries, which can be critical in terms of economics, operations, and risk management.
As a result, ensuring product close control through the adoption of comprehensive supply chain design and optimization is expected to impede the growth of the global food traceability market over the forecast period. Incorrect or inaccurate labelling, manufacturing flaws, and a failure to identify conditions that could endanger consumer safety can all lead to a loss of consumer trust in food traceability.
Some Report Highlights
During the forecast period, revenue in the RFID/RTLS segment is expected to grow at a significantly faster CAGR. RFID/RTLS plays an important role in tracking and tracing perishable food products and can determine whether products are being received or shipped through the gate based on the direction of tags.
Due to the need to identify spoiled or contaminated products before they reach end consumers, the dairy segment is expected to register a significantly robust revenue growth rate over the forecast period. Dairy products are highly susceptible to contamination and spoilage.
Some major companies in the global market report include Honeywell International Inc., Cognex Corporation, Keyence Corporation, Bext360 Inc., Foodlogiq LLC, TraceOne Inc., Traceall Global Limited, Merit-Trex Technologies Inc., TE-Food Enterprise, and Carlisle Incorporated.
Due to large end-use bases such as food manufacturers and food retailers, the market in North America is expected to account for a significantly robust revenue share over the forecast period, and this, along with stringent government regulations, are factors driving growth in the region’s food traceability market.
Honeywell International Inc. announced the acquisition of Sparta Systems for USD 1.3 billion in an all-cash transaction from New Mountain Capital in December 2020. Sparta Systems is a company that sells enterprise Quality Management Software (QMS). Sparta’s AI-enabled SaaS QMS offering will be combined with Honeywell Forge, an industry-leading enterprise performance solution, and Experion Process Knowledge System to significantly increase value for life sciences customers in the United States, Europe, and Asia.
Emergen Research has divided the global food traceability market into the following segments: equipment, software, technology, application, end-use, and region:
Equipment Outlook (Revenue, USD Billion; 2018–2028)
- Thermal Printers
- Tags & Labels
- PDA with GPS
- 2D & 1D Scanners
Software Outlook (Revenue, USD Billion; 2018–2028)
- Warehouse Software
- Laboratory Information Management Software (LIMS)
- Enterprise Resource Planning (ERP)
Technology Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Fresh Produce & Seeds
- Meat & Livestock
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Food Retailers
- Food Manufacturers
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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