The food traceability software market is expected to register a CAGR of 8.4% during 2023–2031. Growing awareness related to maintaining food safety and quality is likely to remain a key trend in the market.
Food Traceability Software Market Analysis
- Food traceability software is used to track the food or ingredient from production to sale in which technology plays a vital role in monitoring and controlling the supply chain efficiently and transparently.
- The adoption of IoT technologies such as RFID and blockchain significantly impacts the software and drives market growth.
- Strict regulatory standards and standardized procedures made by government authorities for manufacturers are driving the growth of the market.
Food Traceability Software Market Overview
- Food traceability software helps food companies streamline the process and enables them to collect, store, and trace data. Food traceability software ensures food safety and optimizes supply chain efficiency.
- Food traceability software with advanced technologies helps to identify contaminants in food products and minimizes potential health risks to consumers. This software helps to meet growing consumer demand, increases operational efficiency, and reduces food waste.
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Food Traceability Software Market: Strategic Insights
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Food Traceability Software Market Drivers and Opportunities
Strict Regulatory Standards and Procedures to Favor the Market
- The Food Safety Modernization Act (FSMA) ensures food traceability regulations and standards that aim to prevent food safety issues.
- The U.S. Food and Drug Administration (FDA) issued a final rule on food traceability for faster identification and rapid removal of harmful products from the supply chain. These regulations improve food tracing practices.
- The tracking software should be completely connected with the food company’s enterprise resource planning (ERP) system to eliminate duplicate number inputs and other unwanted issues.
- FDA Compliance: Lot monitoring software enables food companies to rapidly retrieve client information for any batch and generate lot-recall letters, allowing food companies to avoid costly compliance fees while also protecting customers.
- Lot monitoring enables FIFO [first in, first out] and FEFO [first expired, first out] tracking, which ensures food companies sell the oldest and most near-expiring products first, preventing them from remaining in a warehouse for an extended period.
Enhancement of Technology for Quality Control
- New technology is fueling the growth of the market, due to the consumers' demand for more and more transparency and traceability of their food products.
- Technological advancement and the development of the Internet of Things (IoT), smart labeling, big data, artificial intelligence, machine learning, and blockchain technologies help food companies enhance quality control and enable appropriate monitoring of food products.
- These technologies streamline food traceability, increase efficiency, eliminate the failure in manual processes, capture and store data automatically, and reduce operational costs and risks.
Food Traceability Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the food traceability software market analysis are type, deployment mode, application, and end-users.
- Based on type, the food traceability software market is divided into enterprise resource planning (ERP) software, laboratory information management software, quality management software, warehouse software, and others. The enterprise resource planning (ERP) software segment is anticipated to expand at a significant pace during the forecast period.
- By deployment mode, the cloud segment is bifurcated into cloud-based and on-premises. The cloud-based segment held a larger market share in 2023.
- In terms of application, the food traceability software market is divided into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.
- based on end-users, the food traceability software market is segmented into food manufacturers, food retailers, food distributors, and food service providers. The food manufacturers segment held a larger market share in 2023.
Food Traceability Software Market Share Analysis by Geography
The geographic scope of the food traceability software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
- The market in North America is projected to expand during the forecast period, due to growing demand for high-quality products among consumers. This encourages market players to develop or upgrade food traceability software to provide their customers with real-time food traceability benefits.
- Moreover, the growing adoption of food traceability software by large enterprises for managing warehouse operations is creating opportunities in the market during the forecast period.
Food Traceability Software Market Report Scope
Food Traceability Software Market News and Recent Developments
The food traceability software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the food traceability software market are listed below:
- Cordance Group acquired Blue Link Associates Limited (Blue Link), further solidifying Cordance’s commitment to enhancing its portfolio with innovative software solutions that empower businesses across diverse industries. This acquisition reflects Cordance’s commitment to preserving the unique strength and innovative culture that has made Blue Link a trusted partner for industrial, pharmaceutical, and food and beverage distributors. (Source: Cordance Group, Press Release, January 2024)
Food Traceability Software Market Report Coverage and Deliverables
The “Food Traceability Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Food traceability software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Food traceability software market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Food traceability software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the food traceability software market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America dominated the food traceability software market in 2023.
Strict regulatory standards and procedures are the major factors that propel the global food traceability software market.
Growing awareness related to maintaining food safety and quality to play a significant role in the global food traceability software market in the coming years.
The key players holding majority shares in the global food traceability software market are Cordance Group, Wherefour, Inc., Trustwell, CAI, Minotaur Software, FarmSoft, SoftTrace Ltd, e Food-ERP, Aptean, and Chetu Inc.
The global food traceability software market is estimated to register a CAGR of 8.4% during the forecast period 2023–2031.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Food Traceability Software Market - By Type
1.3.2 Food Traceability Software Market - By End User
1.3.3 Food Traceability Software Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FOOD TRACEABILITY SOFTWARE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. FOOD TRACEABILITY SOFTWARE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. FOOD TRACEABILITY SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6.1. FOOD TRACEABILITY SOFTWARE - GLOBAL MARKET OVERVIEW
6.2. FOOD TRACEABILITY SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FOOD TRACEABILITY SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ENTERPRISE RESOURCE PLANNING
7.3.1. Overview
7.3.2. Enterprise Resource Planning Market Forecast and Analysis
7.4. LABORATORY INFORMATION MANAGEMENT SOFTWARE
7.4.1. Overview
7.4.2. Laboratory Information Management Software Market Forecast and Analysis
7.5. QUALITY MANAGEMENT SOFTWARE
7.5.1. Overview
7.5.2. Quality Management Software Market Forecast and Analysis
7.6. WAREHOUSE SOFTWARE
7.6.1. Overview
7.6.2. Warehouse Software Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. FOOD TRACEABILITY SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. WAREHOUSE SERVICE PROVIDERS
8.3.1. Overview
8.3.2. Warehouse Service Providers Market Forecast and Analysis
8.4. FOOD RETAILERS
8.4.1. Overview
8.4.2. Food Retailers Market Forecast and Analysis
8.5. FOOD MANUFACTURERS
8.5.1. Overview
8.5.2. Food Manufacturers Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. FOOD TRACEABILITY SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Food Traceability Software Market Overview
9.1.2 North America Food Traceability Software Market Forecasts and Analysis
9.1.3 North America Food Traceability Software Market Forecasts and Analysis - By Type
9.1.4 North America Food Traceability Software Market Forecasts and Analysis - By End User
9.1.5 North America Food Traceability Software Market Forecasts and Analysis - By Countries
9.1.5.1 United States Food Traceability Software Market
9.1.5.1.1 United States Food Traceability Software Market by Type
9.1.5.1.2 United States Food Traceability Software Market by End User
9.1.5.2 Canada Food Traceability Software Market
9.1.5.2.1 Canada Food Traceability Software Market by Type
9.1.5.2.2 Canada Food Traceability Software Market by End User
9.1.5.3 Mexico Food Traceability Software Market
9.1.5.3.1 Mexico Food Traceability Software Market by Type
9.1.5.3.2 Mexico Food Traceability Software Market by End User
9.2. EUROPE
9.2.1 Europe Food Traceability Software Market Overview
9.2.2 Europe Food Traceability Software Market Forecasts and Analysis
9.2.3 Europe Food Traceability Software Market Forecasts and Analysis - By Type
9.2.4 Europe Food Traceability Software Market Forecasts and Analysis - By End User
9.2.5 Europe Food Traceability Software Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Food Traceability Software Market
9.2.5.1.1 Germany Food Traceability Software Market by Type
9.2.5.1.2 Germany Food Traceability Software Market by End User
9.2.5.2 France Food Traceability Software Market
9.2.5.2.1 France Food Traceability Software Market by Type
9.2.5.2.2 France Food Traceability Software Market by End User
9.2.5.3 Italy Food Traceability Software Market
9.2.5.3.1 Italy Food Traceability Software Market by Type
9.2.5.3.2 Italy Food Traceability Software Market by End User
9.2.5.4 United Kingdom Food Traceability Software Market
9.2.5.4.1 United Kingdom Food Traceability Software Market by Type
9.2.5.4.2 United Kingdom Food Traceability Software Market by End User
9.2.5.5 Russia Food Traceability Software Market
9.2.5.5.1 Russia Food Traceability Software Market by Type
9.2.5.5.2 Russia Food Traceability Software Market by End User
9.2.5.6 Rest of Europe Food Traceability Software Market
9.2.5.6.1 Rest of Europe Food Traceability Software Market by Type
9.2.5.6.2 Rest of Europe Food Traceability Software Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Food Traceability Software Market Overview
9.3.2 Asia-Pacific Food Traceability Software Market Forecasts and Analysis
9.3.3 Asia-Pacific Food Traceability Software Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Food Traceability Software Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Food Traceability Software Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Food Traceability Software Market
9.3.5.1.1 Australia Food Traceability Software Market by Type
9.3.5.1.2 Australia Food Traceability Software Market by End User
9.3.5.2 China Food Traceability Software Market
9.3.5.2.1 China Food Traceability Software Market by Type
9.3.5.2.2 China Food Traceability Software Market by End User
9.3.5.3 India Food Traceability Software Market
9.3.5.3.1 India Food Traceability Software Market by Type
9.3.5.3.2 India Food Traceability Software Market by End User
9.3.5.4 Japan Food Traceability Software Market
9.3.5.4.1 Japan Food Traceability Software Market by Type
9.3.5.4.2 Japan Food Traceability Software Market by End User
9.3.5.5 South Korea Food Traceability Software Market
9.3.5.5.1 South Korea Food Traceability Software Market by Type
9.3.5.5.2 South Korea Food Traceability Software Market by End User
9.3.5.6 Rest of Asia-Pacific Food Traceability Software Market
9.3.5.6.1 Rest of Asia-Pacific Food Traceability Software Market by Type
9.3.5.6.2 Rest of Asia-Pacific Food Traceability Software Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Food Traceability Software Market Overview
9.4.2 Middle East and Africa Food Traceability Software Market Forecasts and Analysis
9.4.3 Middle East and Africa Food Traceability Software Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Food Traceability Software Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Food Traceability Software Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Food Traceability Software Market
9.4.5.1.1 South Africa Food Traceability Software Market by Type
9.4.5.1.2 South Africa Food Traceability Software Market by End User
9.4.5.2 Saudi Arabia Food Traceability Software Market
9.4.5.2.1 Saudi Arabia Food Traceability Software Market by Type
9.4.5.2.2 Saudi Arabia Food Traceability Software Market by End User
9.4.5.3 U.A.E Food Traceability Software Market
9.4.5.3.1 U.A.E Food Traceability Software Market by Type
9.4.5.3.2 U.A.E Food Traceability Software Market by End User
9.4.5.4 Rest of Middle East and Africa Food Traceability Software Market
9.4.5.4.1 Rest of Middle East and Africa Food Traceability Software Market by Type
9.4.5.4.2 Rest of Middle East and Africa Food Traceability Software Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Food Traceability Software Market Overview
9.5.2 South and Central America Food Traceability Software Market Forecasts and Analysis
9.5.3 South and Central America Food Traceability Software Market Forecasts and Analysis - By Type
9.5.4 South and Central America Food Traceability Software Market Forecasts and Analysis - By End User
9.5.5 South and Central America Food Traceability Software Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Food Traceability Software Market
9.5.5.1.1 Brazil Food Traceability Software Market by Type
9.5.5.1.2 Brazil Food Traceability Software Market by End User
9.5.5.2 Argentina Food Traceability Software Market
9.5.5.2.1 Argentina Food Traceability Software Market by Type
9.5.5.2.2 Argentina Food Traceability Software Market by End User
9.5.5.3 Rest of South and Central America Food Traceability Software Market
9.5.5.3.1 Rest of South and Central America Food Traceability Software Market by Type
9.5.5.3.2 Rest of South and Central America Food Traceability Software Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. FOOD TRACEABILITY SOFTWARE MARKET, KEY COMPANY PROFILES
11.1. BLUE LINK ASSOCIATES LIMITED
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. CARLISLE TECHNOLOGY
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. FOODLOGIQ
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. FAMOUS SOFTWARE LLC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. FRESHBYTE SOFTWARE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IBM CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. LINKFRESH SOFTWARE LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. METTLER TOLEDO
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. MINOTAUR SOFTWARE LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WAUDWARE INCORPORATED
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Blue Link Associates Limited
2. Carlisle Technology
3. FoodLogiQ
4. Famous Software LLC
5. FreshByte Software
6. IBM Corporation
7.LINKFRESH Software Limited
8. METTLER TOLEDO
9. Minotaur Software Ltd.
10. WaudWare Incorporated
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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