Food Traceability Market to Register a Growth Rate of 9.10% CAGR from 2019-2025 | BIS Research

The competitive landscape of the global food traceability market consists of different strategies undertaken by major players across the industry to gain market presence.
FREMONT, Calif. - May 18, 2021 - PRLog -- The food and beverage industry was highly unregulated in the early days of the industrial revolution, which led to many unfavorable incidents, such as product recalls and foodborne illnesses. The statutory authorities and governing bodies across regions felt the pressure to introduce safety standards and regulations to avoid unforeseen circumstances by the end user. The high number of cases related to foodborne illnesses leading to deaths raised a global concern regarding genetically modified foods, chemical residues, and other similar issues in foods, thus leaving a major impact on the food processing industry in various countries.

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Usage of food traceability solutions has increased considerably over the past few years because of the growing incidences of foodborne illnesses and poisoning caused by contaminated food products. Companies engaged in the manufacturing and distribution of food products are mandated by the respective regional and international regulatory agencies to implement food traceability products.

Food traceability systems are most widely used by the food manufacturers and retailers, in order to track food products from the stage of production to the end delivery. The food manufacturer and retailer segment dominate the market due to the rapid adoption of new technologies by the manufacturers in the industry.

Asia-Pacific and Japan (APJ) dominated the global food traceability market in 2019 and is anticipated to uphold its dominance throughout the forecast period. The market in Asia-Pacific and Japan is majorly driven by the growing population and need for the rapid adoption of food traceability systems in most of the APAC countries.

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The competitive landscape of the food traceability market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by food traceability providers are new product launches, business expansions, partnerships, and collaborations. Among all the strategies adopted, partnerships, collaborations and joint ventures have been the most prominent strategy adopted by the food traceability manufacturers.

Bhavya Banga
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