Food Traceability Market Size to Reach USD 30,110 Million by 2027 at CAGR 10.9% - Valuates Reports
BANGALORE, India, April 20, 2021 /PRNewswire/ -- The Food Traceability Market is Segmented by Type (Meat Traceability System, Vegetable and Fruit Traceability System, Milk Food Traceability System), by Application (Government Department, Food Suppliers, Retailers). The report covers global opportunity analysis and industry forecast from 2021 to 2027. It is published on Valuates Reports in the Agriculture & Forestry Category.
The global Food Traceability market size was USD 16,180 Million in 2020 and was forecast to be 30,110 Million USD in 2027, growing at a CAGR of 10.9% during the forecast period 2021-2027.
Major factors influencing the growth of food traceability market are:
- The growing consumer demand for safe to consume products.
- Legislative framework along with certifications & standardization set by the various governments regarding the food traceability.
- Increase in foodborne diseases due to the consumption of unsafe food.
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FOOD TRACEABILITY MARKET SIZE
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.
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FOOD TRACEABILITY MARKET SHARE ANALYSIS
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.