The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Food Traceability Global Market Report 2023, the food traceability market is expected to show significant growth in the forecast period.

The food traceability market has witnessed a substantial surge in recent years, with a trajectory set for further acceleration. From $21.08 billion in 2023, the market is projected to reach $23.3 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.5%. Looking ahead, the growth story continues, with an anticipated market size of $34.95 billion by 2028, driven by a CAGR of 10.7%. This growth is underpinned by various factors such as consumer demand for transparency, globalization of the food supply chain, foodborne illness outbreaks, and the integration of Internet of Things (IOT) and sensors.

Addressing the Roots: Foodborne Illnesses and Adulteration Concerns

Rising Cases Propel Market Growth
The increasing instances of foodborne diseases and food adulteration are pivotal in propelling the food traceability market forward. Foodborne illnesses, often caused by harmful pathogens, and adulteration, involving the addition of inferior substances, pose serious health risks to consumers. As seen in the Philippines, where typhoid fever cases rose by 162% from 2021 to 2022, consumers are seeking safer products. The ability to trace the source of contamination and ensure proper handling through food traceability enhances supply chain transparency, addressing consumer concerns.

Market Dynamics and Key Players

Industry Giants at the Helm
Major players shaping the food traceability market landscape include Carrefour Group, IBM, Oracle, Honeywell, and C.H. Robinson Worldwide. These industry giants contribute significantly to the market’s growth and innovation, playing vital roles across various sectors, including technology, logistics, and healthcare.

Blockchain Adoption: Gaining a Competitive Edge
Blockchain technologies have become instrumental in addressing challenges within the food traceability market. Leading companies are adopting blockchain to enhance transparency and safety in the food supply chain. OVO Farm in India, for example, employs unique blockchain technology to trace eggs from farm to consumer. This technology, exemplified through a QR code on each product, verifies authenticity, ensuring quality and customer trust.

Circular Business Models: A Strategic Move
In a bid to advance circular business models and optimize resources, TOMRA Systems ASA invested $10.39 million in Kezzler AS, a technology company specializing in traceability solutions. Recognizing traceability and transparency as critical components, TOMRA’s strategic investment aligns with the industry’s evolving landscape and emphasizes the importance of circularity.

View More On The Food Traceability Market Report 2023 – https://www.thebusinessresearchcompany.com/report/food-traceability-global-market-report

Market Segmentation for a Holistic View
To gain a comprehensive understanding of the food traceability market, it is imperative to explore its segmentation:

1. By Technology:
   • Radio-Frequency Identification
   • Barcodes
   • Infrared
   • Biometrics
   • Global Positioning System
2. By Software:
   • Enterprise Resource Planning (ERP)
   • Friction Welding
   • Laboratory Information Management Software (LIMS)
   • Warehouse Software
   • Other Types
3. By Application:
   • Fresh Food Produce
   • Meat, Poultry, and Seafood Products
   • Dairy Products
   • Beverage Products
   • Other Applications

Regional Dynamics
In 2023, North America emerged as the largest region in the food traceability market. Looking forward, Asia-Pacific is expected to spearhead growth, emerging as the fastest-growing region in the forecast period.

The Future: Trends and Technologies

Real-Time Traceability and Beyond
As the food traceability market evolves, real-time traceability takes center stage. This trend, coupled with the integration of artificial intelligence (AI) and machine learning (ML), showcases the industry’s commitment to staying at the forefront of technological advancements.

Embracing Advanced Technologies
Advancements in technology, including blockchain adoption, global traceability platforms, and circular economy integration, underscore the industry’s forward-looking approach. These technologies not only address current challenges but also lay the foundation for a resilient and efficient future.

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The Food Traceability Global Market Report 2023  provides an in-depth analysis on the food traceability market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the food traceability market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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