The global Food Traceability market size was $16180 million in 2020 and is forecast to be $30110 million in 2027, growing at a Compound Annual Growth Rate (CAGR) of 10.9% during 2021-2027. In this study, 2020 has been considered as the base year and 2021 to 2027 as the forecast period to estimate the market size for Food Traceability.
"The food traceability industry has got great development in the past five years".
Commercial food services have grown rapidly in popularity over the last three decades, necessitating a great deal of food handling. This has resulted in a rise in the number of people handling food, as well as other improvements such as new ways of processing and transporting food, which has increased the risk of foodborne infection transmission from handlers to customers thus increasing demand for food traceability systems.
Government laws and regulations for food traceability are expected to drive the food traceability market size. Various governments have actively contributed to the improvement of the food industry by enacting laws and regulations that encourage food traceability and, in some cases, make it mandatory. Food businesses should keep accurate records that are legible, well-kept, and easily retrievable. Records should ideally be kept for a set period of time, taking into account legal or consumer requirements as well as product shelf life.
Due to its large population demanding healthy and secure food, the Asia Pacific region is expected to be one of the most lucrative regions in the food traceability market. Furthermore, the demand is predicted to increase rapidly due to the increased demand for safety concerns following the recent COVID outbreak in China.
The market research report offered here is a very useful resource that can help manufacturers, stakeholders, decision-makers, and other market participants to become familiar with every factor impacting the growth of the global Food Traceability market. The analysts authoring the report have closely studied key strategies adopted by top players of the global Food Traceability market. The report includes SWOT, and other market analyses to provide a clear and deep understanding of important aspects of the global Food Traceability market. Readers of the report can become informed about current and future trends of the global Food Traceability market and how they will impact market growth during the forecast period.
Report Metric |
Details |
Report Name |
Food Traceability Market |
The market size in 2020 |
USD 16180 Million |
The revenue forecast in 2027 |
USD 30110 Million |
Growth Rate |
CAGR of 10.9% from 2021 to 2027 |
Base year considered |
2020 |
Forecast period |
2021-2027 |
Forecast units |
Value (USD) |
Segments covered |
Type, End-User, Offerings, and Region |
Market by Type |
Meat Traceability System, Vegetable and Fruit Traceability System, Milk Food Traceability System |
Market by Applications/Enduser |
Government Department, Food Suppliers, Retailers |
Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The global Food Traceability market size was $16180 million in 2020 and is forecast to be $30110 million in 2027, growing at a Compound Annual Growth Rate (CAGR) of 10.9% during 2021-2027.
Ans. Due to its large population demanding healthy and secure food, the Asia Pacific region is expected to be one of the most lucrative regions in the food traceability market
Ans. The key players in the Food Traceability industry profiled in the report are Honeywell, Intelex Technologies, SAP, Bcfooderp, Trimble, Food Decision Software, JustFoodERP, IBM, Intact, Mass Group
Ans. Government laws and regulations for food traceability are expected to drive the food traceability market size.
TABLE OF CONTENT
LIST OF TABLES & FIGURES
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