Food Traceability Market by Technology Type (radio-frequency identification {RFID}, barcodes, infrared, biometrics, global positioning system), Application (meat & livestock, fresh produce & seeds, dairy, beverages, fisheries) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2018 to 2028

With a projected growth rate of 10.2%, the size of the global food traceability market was estimated to be USD 4.54 billion in 2020 and is projected to grow to USD 9.75 billion in 2028.

The need for food tracing to identify the source of origin and the movement across the food chain has escalated the market for Food traceability software and is expected to grow exponentially

Covid-19 Impact & Market Status

The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.

The growing need for digitization in the face of the pandemic, in order to comply with the government's social distancing technology legislation, is projected to drive demand for food traceability technology in the future years. The COVID-19 epidemic has wreaked havoc on people's health, financial situations, and social systems in a number of countries. With the use of a tag that identifies and tracks food goods using radio wave energy, radio frequency identification technology (RFID) is utilized to track real-time information. RFID technology is beneficial since it tracks data and complex characteristics like temperature, air pressure, and humidity.

Cloud-based operations to grow progressively in the forecast period

The market is divided into web-based and cloud-based segments based on the product type. For small food companies, web-cloud-based is sufficient, while cloud-based is recommended for large organizations. For example, if a firm has a variety of items, tags, and codes, it is recommended that the organization use a cloud-based application. Furthermore, the use of SaaS lowers the cost of hardware and software maintenance; as a result, cloud-based software is expected to develop rapidly over the projection period.

Due to the expanding population in the Asia Pacific region, web-based apps are likely to dominate the market, creating a lucrative potential for mid-size food firms. The web-based segment is expected to emerge lucratively in the projected timeline.

Small-to-Medium Enterprise (SMEs) is anticipated to grow their market share expeditiously in the forecast period

The food traceability software market is classified into SMEs and large organizations based on the applications. The growing population has created a lucrative opportunity for food companies to continually introduce new goods to the market. Furthermore, thanks to innovative marketing methods, SMEs are expanding their market share.

Due to massive data and inventory management, large firms are increasing their market share by developing warehouse facilities in various countries, which is driving up demand for cloud-based type software in the industry. Furthermore, in order to prevent tarnishing their brands and comply with all safety regulations, the behemoths are actively investing in technology and hardware. To summarise, the multinational food firm is likely to generate significant money.

APAC to Sweep the Largest Revenue Streams Followed by North America

The Asia Pacific (APAC) region is expected to be the fastest-growing market due to the high population density and purchasing power of the population. Consumers want to eat food that is safe and of excellent quality. The demand for food traceability services is increasing as people's consumption habits change as a result of a growing knowledge of healthy food and soft drink. Young people are increasingly demanding clean and safe food and beverages, which might propel the food traceability business in the region forward.

Because of the growing need for food traceability in nations like the United States and Canada, North America is expected to expand during the projection period. Food safety is promoted in the United States by regulatory authorities such as the U.S. Food and Drug Administration, the Centers for Disease Control and Prevention (CDC), and the USDA's Food Safety and Inspection Service (FSIS).     

Europe is also expected to see significant growth during the forecast period due to an increase in demand for food transparency. Consumers, businesses, and organizations in the European Union are progressively demanding more direct and open information on where and how food is processed, produced, packed, transported, and distributed.

Due to globalization, the need for providing fresh food goods to customers and lowering the risk of food borne disease while identifying the source of food and its final destination has led the market for food traceability forward

Food traceability is the ability to identify and validate various stages of the food supply chain from production to distribution. It involves identifying the source of food as well as its final destination, from whence it is intended to be dispersed to various end-users. Food traceability refers to the tracking and monitoring of food goods as they travel to their final destination, whether it's a customer or a store.

The technology employed in this procedure tracks the exact location of the food, preventing tainted or discarded food from being mixed in with edible food. Because multi-ingredient food contains elements from a range of food chains and countries, this method is necessary for food research and is crucial in the global food trade.

Food companies are putting a greater emphasis on overall management efficiency to cut costs, which is driving up demand for traceability software. Traceability software also aids in the prevention of product fraud and counterfeiting, allowing manufacturers to preserve market share.

Food traceability software is especially useful during product recalls, as the delivery of faulty items can have a significant negative impact on the brand's reputation and profitability. When a brand is tainted in the food sector, it takes a long time to re-enter the market. As a result, importers are reliant on the traceability systems of other countries until they reach the point of import.

Meat and cattle, fresh produce and seeds, dairy, drinks, fisheries, and others are the key uses of the food traceability market. PDAs with GPS, thermal printers, 2D & 1D scanners, tags & labels, sensors, and other items are among the various equipment used to support the food traceability system. The food traceability system keeps track of the flow of items intended for human consumption throughout the manufacturing process.

Food traceability systems are the finest instrument for solving all food-related difficulties because food production and distribution is a complex process. Food traceability enables businesses to provide fresh food goods to their customers, hence lowering the risk of food-borne illness.

Food production and distribution infrastructure are becoming largely interwined owing to globalization and resulting integration. A highly advanced traceability system is necessary to prevent food waste and maintain a proper value chain from production to consumption. Food Traceability aids in the management of supply chain risk.

Internal traceability and chain traceability are the two types of traceability systems. Internal traceability refers to data that is recorded within an organization or at a different geographic location. Data is recorded and transferred along a supply chain between intra and inter organizations, which is referred to as chain traceability. Traceability data can be static or dynamic, depending on the type of business.

Nations in the developing world as well as a few in the developed regions are incorporating technological innovations to improve food traceability. The regulatory framework and certification of standardization are important aspects of the global food traceability market's growth. Significant technical improvements in food traceability, as well as government support for the implementation of food traceability systems, are expected to provide a variety of new opportunities for the food traceability market during the forecast period. The food sector is maintaining a robust framework for ideal inventory levels and flawless operations, which is driving the global food traceability market growth.

Some of the key players in this market are Bio-Rad Laboratories, Inc., CH Robinson Worldwide Inc., Cognex Corporation, International Business Machines Corporation, Motorola Solutions Inc., FoodLogiQ, Verify Technologies, Fresh Surety, Verigo, Nima, SGS SA, Zebra Technologies Corporation, and MASS Group Inc. DEAR Systems, Honeywell International Inc., Qwerks, FoodLogiQ, FarmSoft, SoftTrace, Blue Link, Chetu, Wherefour, JustFood, CAI Software and ParityFactory.

The COVID-19 pandemic wreaked havoc on the market for Food Traceability Software, resulting in substantial wage cuts. The obstacles that designers faced were meeting company material and part requirements, attracting personnel from remote locations and transferring end-product to business areas. Due to strict lockout regulations, object replacements were permitted, thus influencing the establishment of workplaces in the period Market.

However, following the COVID-19 epidemic, a significant proportion of consumers developed some amount of apprehension about what they eat and who has come into touch with it. This has prompted a number of organizations to implement additional safety measures in order to boost brand value, build consumer trust, and generate revenue. This has resulted in increased  demand across certain supply chains that have implemented the appropriate steps, resulting in increased trust and improved food traceability.

Companies are investing in new hardware and software tracing solutions, such as the GS1-128 barcode, which can record additional traceable data such as batch number, lot number, sell-by date, and use date. The company must ensure that all D.C.s in its supply chain capture and store all of the dynamic data carried by bar codes.

The transportation management system, which was previously handled manually, would be digitized. This is accomplished by leveraging the system's own criteria, standards, data points, and expectations. Using a cloud-based networked solution, merchants can give their suppliers specified delivery time periods. This will not only simplify the scheduling process but will also provide us with a vast quantity of tracking information and data that we did not previously have.

Legislative frameworks, certifications, and standardizations are the major drivers of global food traceability market growth. This is due to the fact that governments in both developed and developing countries are being required to follow food safety laws and legislation, which supports market expansion even more.

Latest Innovation in the Global Food Traceability Market: A snapshot

• Rebellion Photonics, a Houston-based provider of creative, intelligent, and intuitive gas monitoring systems that improve safety, operational efficiency, and limit emissions, was acquired by Honeywell International Inc., a US-based multinational corporation, in December 2020.
• BioRad Laboratories, a technological product maker based in the United States, inked an agreement with Bruker (India) in June 2019 to provide food-borne pathogen detection and workflow solutions to the food safety industry.

Food Traceability Market Scope

Key Segments of the Global Deep Learning Market

• Market Application Overview, (USD Billion)
  • Meat & Livestock
  • Fresh Produce & Seeds
  • Dairy
  • Beverages
  • Fisheries
  • Others
• End-User Overview, (USD Billion)
  • Food Manufacturers
  • Warehouse/Pack Farms
  • Food Retailers
  • Defense & Security Departments
  • Other Government Departments
  • Others
•  Equipment Overview (USD Billion)
  • PDA with GPS
  • Thermal Printers
  • 2D & 1D Scanners
  • Tags & Labels
  • Sensors
  • Others
• Technology Overview (USD Billion)
  • RFID/RTLS
  • GPS
  • Barcode
  • Infrared
  • Biometrics
• Regional Overview, (USD Billion)

             North America

• U.S
• Canada

             Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa