The food traceability market size is estimated to be valued at USD 16.8 billion in 2020 and is projected to reach USD 26.1 billion by 2025, recording a CAGR of 9.1%. The growing demand for safe to consume products among the consumers is expected to drive the market. The Asia Pacific segment is poised to dominate the market due to its high population demanding safe and secure food, it is projected to be the fastest-growing as well, owing to the larger demand of safety concerns due to the recent COVID outbreak in China.
Opportunities: Government contribution to offer opportunities for the adoption of food traceability systems
Stringent regulations set by the government in developed regions, such as Europe, are projected to further highlight the importance of food safety across all stages of the supply chain. For instance, EFSA (European Food Safety Agency) is raising the awareness of food safety in Europe, and amendments are made in the General Food Law Regulation to improve risk assessment across the food supply chains. This will present opportunities for the adoption of traceability systems to assess and mitigate risks associated with food contamination.
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According to the food safety director of the WHO, in the Eastern Europe and Central Asian regions, where food is dealt with by more than five ministries, a good level of communication should exist between the parties to ensure the safety of food from production to inspect food products. These trends would contribute to the growing demand for food traceability technologies and software to trace food product contamination.
Regulatory bodies, such as CDC, US FDA & USDA’s FSIS are closely collaborating at the federal level to promote food safety in the US. These bodies are enhancing capacities and improving surveillance and investigation of foodborne infections through PulseNet, the Integrated Food Safety Centers of Excellence, and other programs. This would present opportunities for technological developments in the food traceability market as they are effective in detecting the source of contamination, thereby identifying the source of foodborne infections.
Asia Pacific is projected to account for the fastest-growing market during the forecast period
Due to the high population in the region and the high purchasing capacity, consumers are looking for high-quality of safe food to consume. The shift in the consumption habits of the population due to an increase in awareness regarding healthy food and beverages is also increasing the demand for food traceability services. The millennial population is increasing the demand for clean and safe food & beverages, which is again a driving factor for the food traceability market.
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Key Market Players:
C.H. Robinson (US) ,Bio-Rad Laboratories, Inc (US), OPTEL GROUP (Canada), Cognex (US) , Honeywell International Inc. (US), SGS SA (Switzerland), Zebra Technologies (US), Bar Code Integrators (US), Carlisle (US), Merit-Trax (Canada), FoodLogiq (US), Safe Traces (US), Food Forensics (UK), Bext360 (US), rfxcel (US), Covectra (US), SMAG (France), TE-Food (Germany), Mass Group (US), Source Trace (US), Trace One (US), Crest Solutions (Ireland), Traceall Global (UK), and VeeMee (Croatia).
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