The “Global Food Traceability Market” is likely to grow at a CAGR of 10.9% in the forecast period of 2021-26, says MarkNtel Advisors in their research report “Global Food Traceability Market Analysis, 2021.”
The most prominent factor driving the market in the forecast years is the massive food product recalls that propel the demand for food traceability solutions. According to a study by the Food Marketing Institute and the Grocery Manufacturers Association (GMA) in the US, food recalls cost companies an average of $10 million in direct cost alone.
Further, rising concerns regarding food safety have forced food industries to introduce hazard analysis in their supply chain, which has increased the demand for food traceability solutions, thereby accelerating the market growth across the globe.
Barcode Captured Significant Share of Global Food Traceability Market
Based on the Technology, the market segments into Barcodes, Radio Frequency Identification (RFID) devices, Warehouse Management Systems (WMS), Blockchain-Based Applications, Food-Sensing Technologies, Infrared, and Internet of Things (IoT). Among these segments, Barcode accounted for the largest share of the Global Food Traceability Market in the previous few years.
Barcodes were initially introduced to supermarkets in the early 1970s and are still the most popular technology for tracking & tracing in the food industry. The Universal Product Code (UPC) stickers on food product packaging read by scanners & machines provide information like product code, which helps verify the product at multiple stages across the supply chain. Hence, the use of Barcodes significantly contributes to the overall market growth.
Asia-Pacific to Witness Significant Growth Rate During the Forecast Period
Of all regions, Asia-Pacific is more likely to acquire a significant share of the Global Food Traceability Market during the forecast period, mainly due to the increased awareness regarding food safety in the region, which is surging the demand for food traceability products. Hence, it offers growth opportunities to the tracking technologies and food traceability companies for expansion in the region. Besides, the gradual shift in the consumers' consumption habits due to food safety concerns also increases the demand for food traceability solutions, thereby propelling the overall market growth, further reveals the research report, “Global Food Traceability Market Analysis, 2021.”
Key Market Competitors:
According to MarkNtel Advisors, the leading players in the Global Food Traceability Market include Honeywell, CH Robinson Inc, Intelex Technologies, SAP, Bio-Rad Laboratories, IBM, Intertek, Cognex, Harvest Mark, Bcfooderp, Merit Track, Food Decision Software, JustFoodERP, Optel.
Key Questions Answered in the Study