Food traceability involves the ability to track food in the supply chain stage and provide information about product quality. According to Inkwood Research, the global food traceability market is anticipated to flourish with a CAGR of 6.19% from 2019 to 2027. The market is expected to generate a revenue of $18561.91 million by 2027. The rising necessity to detect food contamination and assist the minimization of food recalls is one of the primary factors driving the growth of food traceability market on a global scale.
The food traceability market is classified into several segments, namely end-users, equipment, application, and technology. The food traceability systems have wide applications in various types of foods such as fisheries, fresh produce & seeds, dairy, beverages, meat & livestock, and others. Applications in fisheries are expected to showcase a significant growth owing to the changing guidelines in several countries that make traceability of fisheries and seafood mandatory. Further, the globalization of the fish industry upsurge the demand for traceability, thereby boosting the food traceability market growth.
Geographically, the global food traceability market is divided into regions such as Europe, North America, Asia Pacific, along with the Rest of the World region, which includes other countries. The North America region is expected to dominate the food traceability market owing to the presence of end-users like food manufacturers and food retailers in the region. The region being technologically advanced, implements food traceability on a large scale, thereby elevating the market growth.
The prominent players in the food traceability market are Infor, Cognex Corporation, Motorola Solutions Inc., C.H. Robinson Worldwide Inc., Honeywell International Inc., Mass Group Inc., Zebra Technologies Corporation, Bio-Rad Laboratories Inc., Merit-Trax Technologies Inc., Picarro Inc., Thermo Fisher Scientific, SGS SA, International Business Machines Corporation, Carlisle Technology Inc, and E. I. du Pont de Nemours and Company.