Global Food Traceability Market is Projected to Grow to $26.31 Billion in 2025
The rising increase in the number of food recalls worldwide has posed serious threats to public health as well as to the growing economy. The high number of cases related to foodborne illnesses leading to deaths raised a global concern regarding genetically modified foods, chemical residues, and other similar issues in foods, thus leaving a major impact on the food processing industry in various countries. Owing to this, there has been an increasing demand for food supply documentation and tracking equipment among the consumers for tracking the supply of food products at every stage of production, processing, and distribution of food items.
According to the analysts at BIS Research, the global food traceability market is projected to grow from a market size of $15.60 billion in 2019 to $26.31 billion in 2025 while registering a CAGR of 9.10% during the forecast period 2020–2025. Traceability is gaining widespread recognition in developing and under-developed countries, and therefore, tends to be global, dynamic, and complex in nature.
Related market research reports by BIS Research — Global Food Safety Testing Systems and Services Market.
Several factors, such as the rising concern towards food safety among consumers, increase in food product recalls and contamination cases, and initiatives by regulatory bodies to improve food safety across countries, favor the market growth of this emerging technology. However, the lack of basic infrastructure in developing countries, difficulty in data collection and accuracy of the information, and high-cost requirements for traceability systems pose a threat to the adoption of food traceability technology worldwide.
On the basis of application, the fresh produce segment dominates the global market for food traceability. This rising popularity of traceability systems for fresh produce on a global scale is driven by the increasing concerns of food safety and the rise in the number of food recalls of fresh produce. The fresh produce consists of freshly grown and harvested fruits and vegetables; and is generally sold among the greengrocers, farmers market, and fruit market. Based on region, the Asia-Pacific and Japan (APJ) region dominates the global food traceability market in 2019 and is anticipated to uphold its dominance throughout the forecast period.
The competitive landscape of the food traceability market consists of different strategies undertaken by major players across the industry to gain market presence. Among all the strategies adopted, partnerships, collaboration, and joint ventures have been the most prominent strategy adopted by the food traceability manufacturers. Some of the leading companies involved in the global food traceability market include Honeywell International Inc., C.H. Robinson Inc., IBM Corporation, Intertek Group, MASS Group, Zebra Technologies, HarvestMark, and FoodLogiQ, among others.
