Global Food Traceability Market Research Report: Forecast (2021-2026)
Food Traceability refers to the ability to track the movement of food products and their ingredients throughout its supply chain, including production, processing & distribution both backward and forward. It involves linking and documenting these stages of the supply chain. Hence, it enables the implementation of corrective actions immediately and effectively when something goes wrong.
The Global Food Traceability Market is forecast to grow at around 10.9% CAGR during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The market growth primarily attributes to the rising awareness and concerns regarding food safety among consumers. Additionally, increasing incidences of food adulteration & food-borne diseases leading to serious health-related issues shall further spur the market growth.
The research report “Global Food Traceability Market Analysis, 2021” further cites that rising initiatives by regulatory bodies to enhance food safety are also expected to augment the overall market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: Saudi Arabia, South Africa, Israel|
|Key Companies Profiled||Honeywell, CH Robinson Inc, Intelex Technologies, SAP, Bio Rad Laboratories, IBM, Intertek, Cognex, Harvest Mark, Bcfooderp, Merit Track, Food Decision Software, JustFoodERP, Optel, Others|
|Unit Denominations||USD Million/Billion|
COVID-19 Outbreak Positively Impacted Global Food Traceability Market
The sudden outbreak of the COVID-19 pandemic has positively impacted the growth of the Global Food Traceability Market. It is due to rising consumer concerns regarding the significance of safe and healthy eating habits. Additionally, the imposition of lockdown that resulted in the shutdown of restaurants and movement restrictions surged the demand for packed items, thereby accelerating the growth of the Food Traceability Market across the globe. Moreover, the fast pace recovery of developing economies and the emergence of effective crisis-management strategies will also support the growth of the Global Food Traceability Market in the coming future.
Food Manufacturers Dominated the Global Food Traceability Market with Largest Share
Based on the End-User, the market bifurcates into Food Manufacturers, Warehouse/Pack Farms, Food Retailers, and Government Departments. Of these four, Food Manufacturers acquired the largest share of the Global Food Traceability Market in the previous years.
Digitization initiatives by food manufacturers fuel the adoption of food traceability solutions. Most food manufacturers create & strengthen trust with their customers by enhancing the quality of their products. Food traceability provides food manufacturing companies with insights and information they need to obey to meet the requirements set by institutions like the United States Food and Drug Administration and other food safety authorities during the manufacturing process. Hence, these aspects contribute to the overall market growth, cites MarkNtel Advisors in their research report, “Global Food Traceability Market Analysis, 2021.”
Meat, Seafood, and Poultry Captured the Significant Share of Global Food Traceability Market
Amongst all applications of Food Traceability, Meat, Seafood, and Poultry generated the highest revenue in the Global Market in the past few years. Other applications of the market include Vegetables & Fruits, Dairy Products, and Beverages.
The segment growth owes to the burgeoning consumption of meat, seafood, and poultry products across the globe. Besides, a high risk of diseases associated with the consumption of red meats also drives the demand for food traceability solutions for the segment. Further, according to the United Nations Food and Agriculture Organization, the global meat consumption per capita is likely to increase 0.3% p.a. to 35.4 kg in retail weight equivalent by 2030. Hence, the need to maintain the quality standards for increasing consumer satisfaction shall augment the growth of the Global Food Traceability Market in the coming years.
North America Attained the Largest Market Share
Geographically, North America has dominated the Food Traceability Market in the previous few years, mainly due to the rising awareness regarding healthy eating habits and increasing food safety concerns across the region. Additionally, increased production & consumption of packaged food in North America further propel the demand for adopting food traceability solutions to ensure safety during every food production stage. Further, burgeoning incidences of food-borne diseases in the region is another crucial factor that fueled the Global Food Traceability Market Growth.
Burgeoning Food Adulteration & Food Borne Diseases to Boost the Market Growth
Food adulteration has become a regular process in the production process of any food product. Food contamination with pathogens and mycotoxins generally causes food-borne illnesses. According to the Centers for Disease Control and Prevention (CDC), food diseases may cause an estimated 325,000 serious ailments resulting in hospitalizations, 76 million cases of gastrointestinal illnesses, and 5,000 deaths each year.
Packaged food service has gained immense popularity over the last few years, leading to a surge in several people handling the food supply chain. Hence, the probability of transmission of food-borne infections from handlers to consumers increases, which, in turn, shall fuel the demand for food traceability practices in the years to come.
Privacy and Security Issues in Data Sharing to Hamper the Market Growth
Traceability involves tracing & tracking food products throughout the supply chain using advanced technology, such as barcodes and RFID. Food traceability also includes data capture, recording, & storage. It increases concerns regarding the privacy & security of data stored on the RFID tag by unauthorized access. Hence, the privacy issues regarding data sharing might hinder the growth of the Global Food Traceability Market.
According to MarkNtel Advisors, the leading industry players in the Global Food Traceability market are Honeywell, CH Robinson Inc, Intelex Technologies, SAP, Bio-Rad Laboratories, IBM, Intertek, Cognex, Harvest Mark, Bcfooderp, Merit Track, Food Decision Software, JustFoodERP, Optel, and Others.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Food Traceability Market is forecast to grow at a CAGR of 10.9% during 2021-26.
A. Honeywell, CH Robinson Inc, Intelex Technologies, SAP, Bio-Rad Laboratories, IBM, Intertek, Cognex, Harvest Mark, Bcfooderp, Merit Track, Food Decision Software, JustFoodERP, Optel, and Others are a few of the leading players in the Global Food Traceability Market.
A. The Food manufacturer segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Food Traceability Market.
A. The rising concerns toward food safety among consumers, increasing contamination cases & food product recalls, and initiatives by regulatory bodies to improve food safety across different nations are the prime factors fueling the market growth.
A. The outbreak of the COVID-19 pandemic has positively affected the Global Food Traceability Market owing to the rising awareness and concern regarding food safety.