The global Food Traceability Market size is estimated to be valued at USD 16.8 billion in 2020 and projected to reach USD 26.1 billion by 2025, recording a CAGR of 9.1% during the forecast period. The demand for food traceability is increasing significantly, with an increase in the concern about safe food due to COVID-19 in recent times. Also, consumers are being more and more conscious about the safety of the products that reach them.
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Key players in this market include C.H. Robinson (US), Bio-Rad Laboratories, Inc. (US), OPTEL GROUP (Canada), OPTEL GROUP (Canada), Cognex (US), Honeywell International Inc. (US), SGS SA (Switzerland), Zebra Technologies (US), Bar Code Integrators (US), Carlisle (US), Merit-Trax (Canada), FoodLogiq (US), Safe Traces (US), Food Forensics (UK), Bext360 (US), rfxcel (US), Covectra (US), SMAG (France), SMAG (France), TE-Food (Germany), Mass Group (US), Source Trace (US), Trace One (US), Crest Solutions (Ireland), Traceall Global (UK), and VeeMee (Croatia).
Bio-Rad Laboratories Inc. (US) is largely engaged in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostic markets. It mainly focuses on quality and customer service, advancing the discovery process, and improvement of healthcare facilities. Bio-Rad Laboratories acquired Celsee, Inc. (US), a company offering instruments and consumables for the isolation, detection, and analysis of single cells. Using the Genesis System, scientists would be able to isolate, analyze, and interpret cellular behavior and collect cell-based information. The organic and inorganic strategies will lead the market for Bio-Rad.
Honeywell International Inc (US) deals in products, software, and connected solutions to improve productivity, workplace safety, and asset performance for clients across the globe. Its client base includes the customers such as the mobile devices industry, software, cloud technology, and automation solutions, also a range of personal protective equipment and gas detection technology, and custom-engineered sensors, switches, and controls for industries such as healthcare, pharma, food, and agriculture.
The company acquires Rebellion Photonics (US), a Houston-based provider of innovative, intelligent, visual gas monitoring solutions that maximize safety, operational performance, emissions mitigation, and compliance in the oil and gas, petrochemical, and power industries. This gives the company an edge over AI-based technology and the ability to supply to its clients.
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Due to the high population in the region and the high purchasing capacity, consumers are looking for high quality of safe food to consume. The shift in the consumption habits of the population due to an increase in the awareness regarding healthy food and beverages is also increasing the demand for food traceability services. The millennial population is increasing the demand for clean and safe food & beverages, which is again a driving factor for the food traceability market.
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