Food traceability market size to reach $9.75 billion in 2028

The global food traceability market size reached $4.54 billion in 2020 and is expected to register a significantly healthy compound annual growth rate (CAGR ) through 2028, according to a new analysis by Emergen Research.

According to the study, the global food traceability market is expected to register a CAGR of 10.2% and revenue is expected to increase to $9.75 billion in 2028. Market revenue growth, according to Emergen, is expected to be driven by rising demand for food traceability systems to identify necessary documentation and tracking for each stage of food processing.