Food Traceability Market - Forecast(2024 - 2030)

Food Traceability Market Size is forecast to reach $38365.3 Million by 2030, at a CAGR of 8.9% during forecast period 2024-2030. Food traceability comprise the ability to identify and validate various stages of food chain from production to distribution. It involves recognizing the origin of food and its destination, from where it will be distributed to end users. This system is essential for food investigations and is crucial in global food trade as multi ingredient food includes materials from variety of food chain and countries. 

 

Food traceability system maintains the record of the flow of products which are actually meant for human consumption throughout the production process. Since food production and the distribution is a complex process the companies consider food traceability system as the best tool to solve all the food-related challenges. Food traceability helps the companies to make fresh food products available to their consumers, thereby helping in reducing food-borne diseases. In many countries, such as the US and UK, consumers are ready to pay more for products having a food traceability and point-of-origin certificate. Technologies such as infrared, RFID, biometrics, barcode, NFC and sensors have made food traceability convenient for companies in the food industry.

 

As food production consists of various stages, including sourcing seeds & fertilizers, farming, harvesting, processing, storage, transportation and retail sales, there are risks associated in it such as contamination, making it imperative to have a food traceability system. The procedures involved during this process include identification, link, records of information, collection & storage of information and verification.

 

The various end users assessed includes Food manufacturers, Warehouse/Pack farms, Food retailers, Defense and security departments and other Government departments. Food traceability market in retailers are used to achieve internal and external traceability. Internal traceability allows the company to follow the product through the system after receiving the receipt from the supplier whereas the external traceability allows for the connection with immediate supply chain partner.

• Companies are investing in research and developing new hardware and software tracing technologies like GS1-128 barcode which as the capability to capture more traceable data such as batch number, lot number, sell by date, Use date. The Company have to make sure that all DCs in their supply chain are capturing and storing all the dynamic information carried in the bar code.
• Another prevailing trend in the food tracing industry would be digital supply chain in which technologies like predictive analytics, better visibility over the movement of goods and robotics help the warehouse and distribution centers to trace food efficiently.
• Warehouse managers have designed a warehouse management system with radio frequency guns restricting the person to pick a wrong product. In case the person picks up a wrong product, a specially designed gun gives a beep indicating wrong product is picked up.
• The transportation management system would be digitized which was handled manually initially. This is achieved by using the systems own parameters, standards, data points and expectations, the retailers can give its suppliers specific delivery time frames using cloud based interconnected solution. This will not only streamlined the scheduling process, but it will also give the tremendous amount of tracking information and data that we don’t have before.  

 

The companies referred in the market research report includes Honeywell International Inc, C.H. Robinson INC, Dupoint Nutrition & Health, Intermec Inc, Motorola solutions, Cognex Corporation, MASS Group, Bio-Rad Laboratories, IBM Corp, Zebra Technologies and more than 10 other companies.

 

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.

 

All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.

 

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
• Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
• Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
• Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes. 
• Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years. 
• Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.

Key Market Players:

The Top 5 companies in the Food Traceability Market are:

1. C.H. Robinson
2. Bio-rad
3. Honeywell International Inc.
4. Cognex
5. SGS SA