Food traceability market expected to nearly double by 2025
A new study by Zion Market Research projects the food traceability technology market will nearly double by 2025.
Food manufacturers, warehouse food retailers, government departments and other end users spent $11.64 billion on traceability technology in 2018. That number is expected to reach $21.84 billion by 2025, according to the study. Food traceability technology utilizes RFID, GPS, barcodes, infrared and biometric resources.
North America holds an extensive market share of the global food traceability market, owing to the stringent regulations and mandates regarding food safety and the ongoing developments related to food traceability technologies.
The Asia Pacific region is expected to grow significantly in the global food traceability market in the years ahead, owing to the presence of key market players across the region. These players/organizations are solely focused on improving and enhancing the supply chain and logistics of the regional food and beverage industry.
On the basis of application, the market includes fresh food, meat and poultry, seafood, spices and condiments, beverages and others. The fresh food segment is likely to dominate the market in the future, as fresh food items are vulnerable to viruses, bacteria and other pathogens.