Food Traceability Market Size, Share and Forecast 2023-2028

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Food Traceability Market Size, Share and Forecast 2023-2028

the global food traceability market size reached US$ 18.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.2% during 2023-2028.

Food Traceability Market Trends 2023:

IMARC Group’s latest research report, titled “Food Traceability Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the traceability in food industry. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global food traceability market size reached US$ 18.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.2% during 2023-2028.

Food Traceability Means:

Food traceability refers to the procedure for tracking and tracing the movement of food products and ingredients through all stages of the supply chain, from production to consumption. It is characterized by the efficient identification of raw material sources, recording of production methods, tracing of product movements, monitoring food safety and quality, and enabling fast recalls in case of any food safety incident. Food traceability also helps ensure compliance with regulatory requirements and industry standards as well as facilitates market access by adhering to import and export guidelines. As a result, it offers improved risk management and crisis response, thereby reducing the adverse effects of food safety incidents on public health and business operations.

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Competitive Landscape with Key Players:

Bar Code Integrators Inc
C.H. Robinson Worldwide Inc
Carlisle Technology
Cognex Corporation
FoodLogiQ
Honeywell International Inc
Impinj Inc
International Business Machines Corporation
MASS Group
OPTEL Group
SGS S.A
Zebra Technologies Corporation

Food Traceability Market Future Demand, Food Safety and Advanced Technology:

The global market is primarily driven by the escalating demand for food safety and quality among the masses. This can be attributed to the growing consumer awareness and demand for transparency and the source of ingredients and product certifications. In line with this, the introduction of stringent regulations and standards by the government bodies of several countries to ensure food quality compliance is providing an impetus to the market. Moreover, the rapid utilization of food traceability to enhance operational efficiency, recall management and supply chain optimization is also acting as a significant growth-inducing factor.

Furthermore, the incorporation of advanced technologies, such as Internet of Things (IoT), big data analytics, and blockchain to develop more accurate, efficient, and cost-effective food traceability solutions is propelling the market. Some of the other factors contributing to the market include rapid urbanization, the emerging trend of organic and clean label food products, inflating disposable income levels and extensive research and development (R&D) activities.

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Key Market Segmentation:

Breakup by Technology: