Food Traceability Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Technology Type (Radio-Frequency Identification, Barcodes, Infrared, Biometrics, and Global Positioning System); Software (Fresh Food Produce, Meat, Poultry & Seafood Products, Dairy Products, Beverage Products, and Others);Application (Fresh Food Produce, Meat, Poultry & Seafood Products, Dairy Products, Beverage Products, and Others); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global food traceability market is expected to grow at a significant rate of around 10% during the forecast period 2022-2028. Food traceability refers to the systems that trace the flow of food through the food supply chain, including through production, processing, and distribution, and make it possible to locate a product at any stage of the food supply chain. The rapidly rising number of food industries along with the higher number of foodborne diseases are the important factors contributing to the market growth of food traceable. For instance, as per the WHO, an estimated 600 million – almost 1 in 10 people in the world – fall ill after eating contaminated food and 420 000 die every year, resulting in the loss of 33 million healthy life years. Furthermore, the increasing usage of GM crops and the chemicals in the farmlands to grow food is also responsible for the growth of the market.
Honeywell International Inc, C.H. Robinson Inc, DuPont Nutrition and Biosciences, Bio-Rad Laboratories, IdentiGEN, IBM Corporation, Intertek Group, Cognex Corporation, MASS Group, and Zebra Technologies are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology type, barcode category to witness higher CAGR during the forecast period”
Based on the technology type, the market has been categorized into radio-frequency identification, barcodes, infrared, biometrics, and global positioning system. Among these, the barcode segment has a significant share in the food traceability market. The barcodes permit faster and more accurate transfer and recording of information benefiting the track of work in process or the movement of assets more quickly and precisely. Furthermore, it also helps the food manufacturing plants in product management and its quality checks. Thus, increasing the market size of the segment in the food traceability market.
Amongst software, the enterprise resource planning segment to hold a significant share in the market in 2020”
Based on the software, the market has been categorized into enterprise resource planning, friction welding, laboratory information management software, warehouse software, and others. Among them, the enterprise resource planning (ERP) segment is expected to have higher during the forecast period. An ERP allows food traceability and food tracking. It allows the user to track the manufacturing, provides information about the cost as well as helps organizations to analyze the cost of the product, and aids in managing manufacturing processes.
“Amongst application, the fresh food produce segment to hold a significant share in the market in 2020”
Based on the application, the market has been categorized into fresh food produce, meat, poultry & seafood products, dairy products, beverage products, and others. Among these, fresh food products have a considerable share in the food traceability market. The rising demand for food containing higher nutritional value and the increasing shift towards Ayurveda & healthy lifestyle are the important factors for the market growth of the segment.
“Asia Pacific to hold a significant share in the market”
For a better understanding of the market adoption of the food traceability center industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, Asia Pacific is expected to witness the fastest growth in the global food traceability market. The rising purchasing power and increasing population density in the region are among the important factors responsible for the growth of the food industry in the region. Furthermore, the rising awareness of the consumption of healthy food in the population is also an important factor in the regional growth of the food traceability market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
The global Food Traceability market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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|2.1.||Research Process of the Food Traceability Market|
|2.2.||Research Methodology of the Food Traceability Market|
|5||IMPACT OF COVID-19 ON THE FOOD TRACEABILITY MARKET|
|6||FOOD TRACEABILITY MARKET REVENUE (USD BN), 2020-2028F|
|7.5.||Global Positioning System|
|8.1.||Enterprise Resource Planning|
|8.3.||Laboratory Information Management Software|
|9.1.||Fresh food produce|
|9.3.||Poultry & seafood products|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||FOOD TRACEABILITY MARKET OPPORTUNITIES|
|13||FOOD TRACEABILITY MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.1.||Honeywell International Inc|
|17.2.||C.H. Robinson Inc|
|17.3.||DuPont Nutrition and Biosciences|
Research Methodology for the Food Traceability Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global food traceability market were the three major steps undertaken to create and analyze the adoption of food traceability in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global food traceability market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Food Traceability market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the food traceability market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology type, software, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the food traceability market. Further, we conducted factor analysis using dependent and independent variables such as technology type, software, and application of food traceability. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the food traceability market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Food Traceability market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of s market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global food traceability market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global food traceability market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology type, software, and application in the global food traceability market.
The main objective of the Global Food Traceability Market Study
The current & future market trends of the global food traceability market was pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the food traceability market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology type, software, and application.
- Define and analysis of the regulatory framework for the food traceability industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the food traceability market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the food traceability market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry