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DUBLIN--(BUSINESS WIRE)--Nov 15, 2022--
The "Food Traceability Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global food traceability market reached a value of US$ 16.46 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 29.22 Billion by 2027, exhibiting a CAGR of 10.04% during 2021-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Food traceability helps track the movement of a food product and its ingredients through all steps in the supply chain, forward and backward. It involves documenting and linking the production, processing, and distribution of different food products and ingredients. It helps governing authorities in product tracing during the outbreak of a foodborne illness to find the source of the product rapidly and where the contamination may have occurred. This enables faster removal of the affected product from the marketplace, thereby reducing incidences of foodborne illnesses.
With the growing global supply chain, food safety is becoming a significant concern for consumers and regulators. This, coupled with the increasing number of deaths on account of food contamination, represents one of the key factors bolstering the growth of the market.
Moreover, food traceability is a part of an overall cost-effective quality management system that can also aid in the continuous minimization of the impact of safety hazards. It also facilitates the rapid recall of products and the determination and settlement of liabilities.
Besides this, food traceability aids in building trust and increasing certainty in food processing operations. This, along with the rising requirement for transparent information about the entire food chain, supported by modern tracking and tracing methods, is fueling the growth of the market.
Furthermore, there is a rise in the adoption of blockchain technologies in food traceability, which enhances the ability to validate and authenticate food origin and improves brand credibility. Additionally, they help prevent fraud, enhance the capacity to better tackle outbreaks, minimize food testing expenses, and increase margins. This is projected to drive the market in the upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global food traceability market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, equipment, application and end user.
Breakup by Technology:
Breakup by Equipment:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key Questions Answered in This Report:
For more information about this report visit https://www.researchandmarkets.com/r/8n597t
View source version on businesswire.com:https://www.businesswire.com/news/home/20221115005913/en/
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KEYWORD:
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RETAIL TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/15/2022 06:56 AM/DISC: 11/15/2022 06:56 AM
http://www.businesswire.com/news/home/20221115005913/en