Global Food Traceability Software Market will grow to US$ 485.24 Mn by 2028 at 8.9% CAGR - says Absolute Markets Insights
PUNE, India, Dec. 17, 2020
PUNE, India, Dec. 17, 2020 /PRNewswire/ --
- The food traceability software market was valued at US$ 225.15 Mn in 2019 and is anticipated to witness a compound annual growth rate of 8.9% over the forecast period.
- The Covid-19 pandemic is expected to positively influence the food traceability software market. Growing adoption among food retailers and distributors to assure consumers of the safety and quality of the food offered by them is contributing to the surge in demand for these solutions.
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- Cloud-based tracking and tracing solutions is gaining momentum in the food traceability software market. Functional benefits such as ease of accessibility and deployment along with economic benefits in terms of limited capital investment is contributing towards the segment's growth, globally.
- The integration of technologies such as artificial intelligence with food traceability solutions is fueling the growth of the market, globally. The technologies enable enhanced visibility, improves operation efficiency and ensures regulatory compliance and safety among the end users.
- Favorable government initiatives to ensure safety among the population for the type of food consumed is influencing the adoption of food traceability solutions on a global level.
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- Mobile applications for food traceability solutions is gaining prevalence in the global food traceability software market. Factors such as prompt incident reporting and mobile auditing is aiding the segment's growth.
- North America accounted for the highest share in the food traceability software market in 2019. However, Asia Pacific is expected to register the highest CAGR over the forecast period owing to rising investment by food producers and manufacturers concentrated in countries like India, china and Australia to ensure the quality of food grown by them both for domestic consumption and export purposes.
- Some of the players operating in the food traceability software market are Advanced Traceability Solutions, Applied Data Corporation, Aptean, Carlisle Technology, FoodLogiQ, IBM Corp, Katana Technologies OÜ, OPTEL GROUP, ParityFactory, RFgen Software, Royal 4 Systems, SoftTrace, SourceTrace, Tenacious Solutions Ltd, and other market participants.
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