The Asia Pacific Food Traceability Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030).
The food traceability market has witnessed significant growth, with many businesses recognizing the strategic importance of implementing traceability systems. The market encompasses various players, from multinational food corporations to small and medium-sized enterprises (SMEs) across various segments such as agriculture, meat and poultry, seafood, dairy, and processed foods. Likewise, food traceability systems are used across the supply chain, from production to distribution to sale. The versatility of these systems enables businesses to enhance visibility, efficiency, and accountability throughout the entire lifecycle of a food product. At the heart of food traceability is the concept of farm-to-fork traceability, which involves tracking and documenting the journey of a product from its origin through every intermediary step until it reaches the consumer. This comprehensive approach allows for monitoring critical information such as production dates, batch numbers, and handling procedures at each stage.
In the agriculture sector, traceability systems play a crucial role in tracking the origin of crops, ensuring compliance with organic or sustainable farming practices, and providing insights into factors like soil conditions and cultivation methods. This level of traceability supports food safety and contributes to the growing demand for transparency regarding the sourcing of raw materials. Likewise, for livestock and seafood, traceability is instrumental in monitoring the health and welfare of animals, complying with animal welfare standards, and addressing concerns related to ethical sourcing. Consumers increasingly seek assurance that their meat and seafood products have been produced responsibly and sustainably.
Numerous standards and regulations govern the Indian dairy industry to guarantee product quality and safety. Implementing traceability systems becomes essential for compliance with these regulations. Traceability enables dairy businesses to maintain detailed records, facilitating easier adherence to regulatory requirements and demonstrating transparency in their operations. As per the data from India’s Ministry of Commerce and Industry, India's export of dairy products was 67,572.99 MT to the worth Rs. 2,269.85 Crores/ 284.65 USD million from 2022-23. Thus, increasing the dairy products industry in the Asia Pacific will drive the growth of the regional market.
The China market dominated the Asia Pacific Food Traceability Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,345.9 million by 2030.The Japan market is exhibiting a CAGR of 8.8% during (2023 - 2030). Additionally, The India market would experience a CAGR of 10.3% during (2023 - 2030).
Based on Software, the market is segmented into Supply Chain Management (SCM), Enterprise Resources Planning (ERP), Warehouse Software, Laboratory Information Systems, and Others. Based on End-use, the market is segmented into Fish, Meat, & Seafood, Dairy Products, Processed Food, Fruits & Vegetables, Bakery & Confectionary, Fruit Pulp & Concentrates, and Others. Based on Type, the market is segmented into Barcodes, Radio Frequency Identification, Global Positioning Systems, Infrared, Biometrics, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Food Traceability Market is Predict to reach $29.4 Billion by 2030, at a CAGR of 9.1%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Cognex Corporation, Honeywell International, Inc., SGS S.A., Zebra Technologies Corporation, Carlisle Technology, Bio-Rad Laboratories, Inc., C.H. Robinson Worldwide, Inc., Optel Group, Bar Code Integrators, Inc., and Food Forensics Ltd.
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