2024-2033 Global Food Traceability Market Outlook: Projected Size and Growth Rate
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What is the Expected Growth Rate of the Food Traceability Market from 2024 to 2033?
The food traceability market size will increase from $21.08 billion in 2023 to $23.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth is driven by consumer demand for transparency, globalization of the food supply, foodborne illness outbreaks, and the use of IoT and sensors.
The food traceability market is expected to grow to $34.95 billion by 2028, with a CAGR of 10.7%. Growth drivers include blockchain adoption, global traceability platforms, consumer engagement, and circular economy integration. Trends include real-time traceability, AI/ML applications, and technological advancements.
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Growing foodborne diseases and food adulteration are expected to drive the food traceability market. Food traceability is increasingly essential to ensure safety and transparency amid rising contamination cases. The Philippines Department of Health reported a 162% increase in typhoid fever cases, with 15,092 incidents in 2022. Thus, the rise in foodborne diseases and adulteration is fueling the food traceability market.
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
Companies in the food traceability market are incorporating blockchain technology to tackle challenges and improve their market competitiveness. Blockchain is widely used in food traceability to boost transparency and safety throughout the food supply chain. For example, in May 2023, OVO Farm Pvt. Ltd., an India-based egg producer, implemented blockchain technology to trace their eggs at every stage of the supply chain, from the farm to the consumer. This innovation allows consumers to verify the authenticity of eggs via a QR code, ensuring that the products are fresh, hygienic, and meet quality standards.
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The Food Traceability Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the food traceability market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Food Traceability Market Include
1. Food Traceability Market Executive Summary
2. Food Traceability Market Segments
3. Food Traceability Market Size And Template Market Growth Rate
4. Key Food Traceability Market Trends
5. Major Food Traceability Market Drivers
……
25. Key Mergers And Acquisitions In The Food Traceability Market
26. Top Food Traceability Companies
27. Food Traceability Market Opportunities And Strategies
28. Food Traceability Market, Conclusions And Recommendations
29. Appendix
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