Food Traceability Market by Solutions (Batch & Variance Costing Management, Food Quality & Safety Management Systems, Formula Management), Technology (Barcodes, Biometrics, Global Positioning System), Application, Organization Size, Deployment, End User -

Food Traceability Market by Solutions (Batch & Variance Costing Management, Food Quality & Safety Management Systems, Formula Management), Technology (Barcodes, Biometrics, Global Positioning System), Application, Organization Size, Deployment, End User - Global Forecast 2024-2030

The Food Traceability Market size was estimated at USD 18.58 billion in 2023 and expected to reach USD 20.28 billion in 2024, at a CAGR 9.27% to reach USD 34.59 billion by 2030.

Food traceability tracks food ingredients and end-products from their source to the point of sale. It helps to ensure that food products have been produced and handled responsibly, safely, and legally. The technology can also help to reduce food waste by providing accountability and transparency in the food supply chain. Traceability is important for consumer safety as it can help identify any potential problems associated with a product before reaching consumers. Additionally, it aids in identifying the source of contaminated products quickly, alerting authorities to take necessary action for mitigating risks, such as product recalls. Traceability assists with compliance with relevant health and safety regulations by providing an audit trail for regulatory bodies to track compliance. Over the years, consumers have been interested in understanding the food industry's production procedures and supply chain transparency, encouraging the end-user adoption of food traceability solutions. Various Governments worldwide have also introduced several initiatives encouraging the adoption of traceability and tracking systems in the food sectors. However, high implementation costs associated with adopting food traceability technology and their potential security risks impede product penetration. Players are constantly working on introducing blockchain and IoT-based products with an improved focus on the security of food traceability products, creating opportunities for market growth.

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