The North America Food Traceability Market would witness market growth of 8.5% CAGR during the forecast period (2023-2030).
The Internet of Things (IoT) has revolutionized traceability by enabling the connection of physical objects to the internet. IoT devices like sensors and RFID tags can be embedded in products and packaging to collect and transmit data in real-time. This real-time data is invaluable for monitoring temperature, humidity, and location throughout the supply chain. AI and ML technologies contribute to the analysis of vast amounts of data generated by traceability systems. These technologies can identify patterns, predict potential issues, and provide actionable insights to improve decision-making. For example, AI algorithms can analyze data to predict the likelihood of a product being affected by a recall.
In addition, the rise of mobile applications and increased smartphone penetration have paved the way for greater consumer engagement in traceability. Mobile apps with scanning features allow consumers to access detailed information about a product by scanning its barcode or QR code. This trend aligns with the growing demand for transparency and the desire among consumers to make informed choices about the products they purchase.
Numerous provinces in Canada cultivate an extensive variety of fruits and vegetables, contributing to the country's agricultural diversity. The expansion of fruit and vegetable production means that traceability systems need to accommodate the unique characteristics and requirements of various crops. According to Statistics Canada's data, fruit and vegetable farm-gate sales rose 13.1% in 2022 to $3.0 billion compared with 2021. Farmers reported higher yields and farm-gate sales for fruit (+15.3%) and vegetables (+11.2%), as all major commodities increased. At the national level, total fruit and vegetable production rose by 6.1% to 3.5 billion kilograms in 2022. Thus, growing food safety and inspections and increasing fruit and vegetable production in North America are expected to boost the region's demand for food traceability systems.
The US market dominated the North America Food Traceability Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,049.2 million by 2030. The Canada market is showcasing a CAGR of 10.9% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 10% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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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