(Food-Beverage-News.Com, July 08, 2021 ) The food traceability market size is estimated to be valued at USD 16.8 billion in 2020 and projected to reach USD 26.1 billion by 2025, recording a CAGR of 9.1%. The growing demand for safe to consume products among the consumers is expected to drive the market. The Asia pacific segment is poised to dominate the market due to its high population demanding safe and secure food, it is projected to be the fastest-growing as well, owing to the larger demand of safety concern due to recent COVID outbreak in China.
The food manufacturing technology application segment is projected to witness significant growth during the forecast period.
Food traceability software not only proves to be beneficial for end-use consumers but also to all the stakeholders along the food supply chain right from the growers to the end product distributors. The most well-known collaboration project about traceability so far is between Walmart and IBM. A surge and shift in consumer demand from the foodservice channel to retail channels are driven by the increase in at-home usage due to COVID-19 sheltering-in-place precautions. These are estimated to result in some consumer packaged goods manufacturers that are witnessing a corresponding increase in volume, revenue, and profits.
Countries such as India and China are dominating the market in the region.
In India, the FSSAI operates to safeguard the quality of food consumed and exported across the world. It regulates, frames, and supervises the supply chain of food safety and quality testing. It manages the food laws and has simplified the process of food safety and quality testing so that these can be easily implemented. In India, food safety is a collective effort taken by expert bodies such as the MPEDA, Spices Board, Agricultural and Processed Food Products Export Development Authority (APEDA), and EIA.
Food safety assurance systems in China are still at an early stage of development, but significant steps have been taken to improve the safety and quality standards of food. Food safety regulations in China have continued to develop to control food contamination incidences and to improve food quality, safety, and hygiene practices adopted at the manufacturing and subsequent stages in the food supply chain. This is projected to have a positive impact on the growth of the food traceability market.
The increase in the developed economy and per capita income has enabled the consumers to invest in more health and health related services, in South American region. This is one of the major drivers for food traceability in the region. Apart from that, the millennial consumers are more health conscious and aware, this is also thriving the market in the region.
Leading companies are C.H. Robinson (US), Bio-Rad Laboratories, Inc. (US), OPTEL GROUP (Canada), OPTEL GROUP (Canada), Cognex (US), Honeywell International Inc. (US), SGS SA (Switzerland), Zebra Technologies (US), Bar Code Integrators (US), Carlisle (US), Merit-Trax (Canada), FoodLogiq (US), Safe Traces (US), Food Forensics (UK), Bext360 (US), rfxcel (US), Covectra (US), SMAG (France), SMAG (France), TE-Food (Germany), Mass Group (US), Source Trace (US), Trace One (US), Crest Solutions (Ireland), Traceall Global (UK), and VeeMee (Croatia).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441
