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Honeywell International Inc and SGS SA hold a significant share of over 20% in the market. Honeywell International Inc. leverages its expertise in technology and manufacturing to play a crucial role in the food traceability industry. It offers cutting-edge tracking and monitoring technology. The company is well-known for its creative solutions in a few industries, including aircraft, building technologies, and safety. It is a provider of solutions in the food traceability sector, including IoT devices and sensors that guarantee precise data gathering and real-time monitoring of food products all the way through the supply chain. These technologies contribute to the food industry's increased transparency and confidence by increasing food safety, optimizing operational effectiveness, and guaranteeing regulatory compliance.
SGS SA is a global leader in inspection, verification, testing, and certification services, playing a vital role in ensuring food safety and traceability. With a vast network of laboratories and industry knowledge spanning several sectors, including food and agriculture, SGS provides specialist services for confirming food quality, authenticity, and legal compliance. SGS helps food producers and suppliers uphold strict safety and quality assurance standards in the food traceability sector by offering testing and certification services. Its services help businesses gain the trust of customers, comply with legal requirements, and successfully handle issues related to food safety around the world.
Major players operating in the food traceability industry are:
North America industry recorded over 34% share in 2023 and is estimated to grow at notable rate between 2024 and 2032, led by the presence of stringent regulatory frameworks, such as the Food Safety Modernization Act (FSMA), which mandate comprehensive tracking of food products.
The fish, meat, and seafood application segment in the food traceability market is expected to expand at over 10% CAGR from 2024 to 2032, as the significant portion of the food traceability business is made up of the fish, meat, and seafood segment.
The barcode technology segment in the food traceability industry is projected to record over USD 13.13 billion by 2032, as they offer a practical way to track and manage items along the supply chain.
Industry size for food traceability was worth USD 16.58 billion in 2023 and is projected to expand at over 8% CAGR from 2024 to 2032, led by the growing consumer desire for transparency and regulatory compliance.