Food Traceability Market to Reach $9.75 Billion By 2030: Emergen Research -

(Newswire.net — September 24, 2022) —

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.

Market Size and Analysis

Throughout the manufacturing process, the food traceability system monitors the flow of products intended for human consumption. Companies see food traceability systems as the best tool for addressing all food-related challenges because food production and distribution is a complex process. Food traceability allows businesses to provide fresh food products to their customers, lowering the risk of food-borne illness.

During the forecast period, Asia Pacific is expected to be the fastest-growing market.

Because of the region’s high population and purchasing power, consumers are looking for high-quality, safe food to consume. The shift in population consumption habits caused by increased awareness of healthy food and beverages is also increasing demand for food traceability services. The millennial population is increasing the demand for clean and safe food and beverages, which is driving the food traceability market once again.

Continuous consumer demand for more transparency related to food product aspects to be provided on product labels – from origin of raw materials to agricultural practices and ingredients used in the production of food products – is expected to support market growth going ahead. Raw material traceability solutions, like the Inecta ERP software, provide complete visibility, thereby enabling consumers to know producer details with socio-economic profile information, farming practices, and potential human and environmental impact, and deployment of these solutions is expected to continue to incline and in turn, boost, market growth.

However, complexities related to lack of standardization and concerns regarding traceability along the supply chain design and optimization are some key factors expected to hamper market growth to some extent over the forecast period. Supply chain traceability is a tool for detecting food-related issues. Focus on traceability has recently shifted to other industries, which can be critical from economical, operational, and risk management standpoints. Thus, ensuring the maintenance of close control of products through the adoption of comprehensive supply chain design and optimization are expected to hamper growth of the global food traceability market over the forecast period. Incorrect or inaccurate labelling, faults during production, and lack of identification of conditions that can pose risks to the safety of consumers can lead to loss of consumer trust in food traceability.

Some of the Report’s Key Findings

RFID/RTLS segment revenue is expected to expand at a significantly rapid CAGR during the forecast period. RFID/RTLS plays a significant role in tracking and tracing perishable food products and can identify the direction of tags as to whether products are being received or shipped through the gate.

Dairy segment is expected to register a significantly robust revenue growth rate over the forecast period due to need to identify spoiled or contaminated products before these can reach end consumers as dairy products are highly susceptible to contamination and spoilage.

The market in North America is expected to account for a considerably robust revenue share over the forecast period due to large end-use bases such as food manufacturers and food retailers, and this coupled with stringent regulations implemented by the government are factors driving growth of the food traceability market in the region.

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.

In December 2020, Honeywell International Inc. announced acquisition of Sparta Systems for USD 1.3 Billion in an all-cash transaction from New Mountain Capital. Sparta Systems is a provider of enterprise Quality Management Software (QMS). Sparta’s AI-enabled Software as a Service (SaaS) QMS offering will combine with Honeywell Forge, which is an industry-leading enterprise performance solution, and Experion Process Knowledge System to significantly enhance value for life sciences customers in the U.S., Europe, and Asia.

Emergen Research has divided the global food traceability market into equipment, software, technology, application, end-use, and region segments.

Equipment Outlook (Revenue, USD Billion; 2018–2028)