We are constantly monitoring and assessing the direct as well as indirect impact of the pandemic on various end use sectors while keeping in mind the COVID-19 uncertainties. These observations are cited in the study as a significant market contributor.
The flow of goods meant for human consumption is monitored by the food traceability system throughout the production process. Companies believe that food traceability systems are the most effective instrument for tackling all food-related issues since the manufacturing and distribution of food is a complicated process. Food traceability helps companies to offer clients fresh food goods, hence lowering the risk of food-borne illnesses.
The capacity to recognise and authenticate different phases of the food chain, from production to distribution, is referred to as traceability (tracking technology) in the context of food. It comprises locating the place from where food will be supplied to various end users, as well as the destination of the food. Due to the fact that multi-ingredient foods contain components from several food chains and nations, this method is essential to the global food trade.
Food Traceability Market Trends:
Food safety is a major concern for consumers and authorities due to the expanding global supply chain. This is one of the main drivers of the market’s expansion, along with the rising number of fatalities related to tainted food.
Additionally, food traceability is a component of a comprehensive, cost-effective quality management system that may help continuously reduce the impact of safety issues. Additionally, it makes it easier to quickly determine liabilities and recall items.
Additionally, food traceability contributes to fostering confidence and boosting certainty in food processing activities. This, together with the growing need for comprehensive information about the complete food chain, supported by contemporary monitoring and tracing techniques, is what’s driving the market’s expansion.
Additionally, blockchain technologies are being more widely used in food traceability, improving brand reputation and the capacity to confirm and authenticate food provenance. Additionally, they lower costs associated with food testing, boost capacity to better address outbreaks, and boost profitability. The market is anticipated to be driven by this in the approaching years.
Opportunities for key player in food traceability market
- The legal framework, certifications, and standardisations are the main development factors for the global food traceability industry. This is because governments in both developed and developing nations are required to abide by rules and regulations pertaining to food safety, which also foster’s market development. In addition to competitive advantage and brand loyalty, product recall and contamination traceability, as well as the flow of information upstream and downstream of the supply chain, are other market drivers.
- Foodlogiq LLC, TraceOne Inc., Traceall Global Limited, Merit-Trex Technologies Inc., TE-Food Enterprise, and Carlisle Incorporated are some of the leading companies in the food traceability market that are included in the report.
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Growth rate in food traceability market
- The increased need for food traceability systems, which identify the necessary paperwork and tracking for each stage of food processing, is anticipated to be the primary driver of this increase in income. A very helpful tool for analysing, monitoring, and regulating the flow of goods is the rise in demand for critical instruments in the agri-food sector.
- In certain nations, especially those with lax standards, rules, and requirements controlling the quality and safety of food and edible goods in recent years, worries over food safety have reached catastrophic levels. This has given many food manufacturers, operators, and even distributors some wiggle room in various nations when it comes to adhering to strict standards along the supply chain.
- The food traceability market was estimated to be worth USD 17.3 billion in 2021 and is anticipated to grow to USD 37.90 billion by 2029, at a CAGR of 10.30% over the forecast period of 2022–2029, according to Data Bridge Market Research.
- The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and consumer behaviour in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
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