Food Traceability Market worth USD 24 185r
Food Traceability Market worth USD 24,185.2 billion by 2027
The Market Statsville Group (MSG) publishes the new report on the "Food Traceability Market by Equipment (PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors, and Others), by Technology (RFID/RTLS, GPS, Barcode, Infrared, and Biometrics), by Application (Meat & Livestock, Fresh Produce & Seeds, Dairy, Beverages, Fisheries, and Others), by End-Users (Food Manufacturers, Warehouse, Food Retailers, Defense & Security Departments, Other Government Departments, and Others), by Region – Global Share and Forecast to 2027".
The global food traceability market size is registering a CAGR of 9.3% during the forecast period and is expected to grow from USD 14,185 million in 2020 to USD 24,185.2 million by 2027. A food traceability system generates a large amount of data that contains information relating to the source, storage, processing, and transportation. Due to the food market's globalization, there is a need for data standardization to provide end-to-end visibility throughout the supply chain. Some of the renowned international standards considered in food safety include CODEX (food), IOE (animal health), ISO (product quality and food safety), BRC Global Standard, Campden BRI, and more. Data standards are expected to provide an integrated method that will encourage food producers and sellers to adopt traceability and meet consumer demand regarding food safety. Thus, these factors act as major drivers for the global food traceability market.
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Global Food Traceability Market Segmentation
The food traceability market has been segmented into the equipment, technology, application, end-users, and region.
- By Equipment (PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors, and Others)
- By Technology (RFID/RTLS, GPS, Barcode, Infrared, and Biometrics)
- By Application (Meat & Livestock, Fresh Produce & Seeds, Dairy, Beverages, Fisheries, and Others)
- By End-Users (Food Manufacturers, Warehouse, Food Retailers, Defense & Security Departments, Other Government Departments, and Others)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
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Barcode, by technology, is estimated to hold the largest market share during the forecast period
The global food traceability market is segregated into RFID/RTLS, GPS, barcode, infrared, and biometrics-based on the method. The barcode segment generated the highest revenue of 80.1% of the global food traceability market in 2020. Food traceability is connected to the tracking and monitoring food products being in transit to reach their potential retailer or customer. The technology used in this process traces the exact location, therefore preventing mixing contaminated or discarded food with consumable food. Some technologies exist in the market with varying applications, which focus on enabling quick and effective corrective actions if something goes out of control and thereby helps isolate the contaminated food from reaching the customers.
Barcodes are the linear or geometric symbols used on tags & labels to detect product information. It is the most widely used technology in food traceability due to its cost-effectiveness. This technology makes use of a GTIN (Global Trade Item Number) to achieve traceability. A GTIN includes a GS1 (a neutral, not-for-profit, international organization that develops and maintains demand and supply chain) company prefix and a unique item reference number compatible with universal product human-readable codes or bar codes. Technology-based scanners are outdated and have been changed by scanners with multi-dimensional readability. Various mobile software developing companies have developed software that communicates with the scanner from smartphones, which reduces the cost of excess machinery.
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North America accounts for the largest market share in the food traceability market 2020
By regions, the global food traceability market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the largest market share of 39.0% in the global food traceability market. The major end-users of the North American food traceability market are food manufacturers and food retailers. Equipment primarily used in the market includes thermal printers, two-dimensional & 1D scanners, and tags & labels. Currently, the barcode is the key technology employed by food traceability-associated manufacturers and is expected to maintain its dominance during the forecast period. According to the Centers for Disease Control and Prevention, it is estimated that about 48 million people get ill, 128,000 are hospitalized, and 3,000 die each year due to foodborne diseases. Thus, FDA is taking essential regulatory steps such as Food Safety Modernization Act (FSMA) to resolve these issues. This involves FAD working with the U.S. Department of Agriculture (USDA) and state agencies to establish pilot projects in coordination with the food industry to explore and evaluate methods and technologies for rapid and effective tracking & tracing of foods. The countries considered under this region include the U.S., Canada, and Mexico.
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Major global food traceability market players are Cognex Corporation, Bio-Rad Laboratories, Inc., CH Robinson Worldwide Inc., Honeywell International Inc., Motorola Solutions, Inc., SGS SA, MASS Group Inc., International Business Machines Corporation, Zebra Technologies Corporation, and E. I. Du Pont de Nemours and Company (DuPont).
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