Food Traceability Software Market Size, Segments, and Growth by 2031

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 Regional Insights

The regional trends and factors influencing the Food Traceability Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Food Traceability Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Food Traceability Software Market Report Scope

Food Traceability Software Market Players Density: Understanding Its Impact on Business Dynamics

The Food Traceability Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Food Traceability Software Market are:

1. Cordance Group
2. Wherefour, Inc.
3. Trustwell
4. CAI
5. Minotaur Software
6. FarmSoft

Disclaimer: The companies listed above are not ranked in any particular order.

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