Internet of Things and Traceability for Food & Beverage Manufacturing Market, By Components (Product and Software), By Application (Supply Chain Management, Traceability, & Product Recall, Consumer Transparency, Food Safety & Quality Control, Inventory Management, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029

Internet of things and traceability for food & beverage manufacturing market accounted for US$ 6.0 billion in 2019 and is estimated to be US$ 14.4 billion by 2029 and is anticipated to register a CAGR of 9.2%.

IoT in the food and beverage industry helps in sustaining operational efficiency and being compliant with governmental guidelines. IoT is helping companies to improve traceability through transparent supply chains, achieve high levels of food safety, streamlined logistics, cut down wastage, and decrease costs and risks across the different stages of food processing and packaging. Internet of Things can produce real value for businesses by gaining superior visibility over their manufacturing, production and transportation activities, hereafter providing developed quality products.

Impact of COVID-19 on the market

The demand for nutraceuticals & functional foods is projected to register an upward growth due to the consumers opting for immunity boosting supplements during the COVID-19 crisis. Moreover, a decline in the consumption of poultry, seafood, and meat products around the world is projected to surge the demand for plant and animal-based protein supplements in the coming years. This report will quantify the impact of this pandemic on the Health Supplements market. This report will quantify the impact of this pandemic on the internet of things and traceability for food & beverage manufacturing market.

One of the major goals of the food & beverage manufacturing industry is to deliver high-quality food to the end consumer, which can be performed accurately by monitoring the foodservice equipment round the clock, utilizing IoT solutions. Rising investments in technologically advanced solutions towards food processing, safety and packaging are expected to boost the growth of the target market in the upcoming years. Additionally, the rapidly rising urban population and growing consumer awareness about the threat of food hazards is also supporting the growth of the target market. This growth in consumer awareness regarding the sustainability of the edibles is fascinating the food & beverage companies to employ digital solutions to ensure product quality, henceforth influencing the global market growth. Furthermore, Industrial Internet of Things (IIoT) technologies such as Artificial Intelligence (AI) and Big Data Analytics are anticipated to witness a huge role in streamlining and accelerating the manufacturing process through advanced automation and analytics.

The global internet of things and traceability for food & beverage manufacturing market is segmented based on the components, application, and region.

On the basis of the components, the global internet of things and traceability for food & beverage manufacturing market is segmented into product and software. Based on the application, the target market is segmented into supply chain management, traceability, & product recall, consumer transparency, food safety & quality control, inventory management, and others.

In the region, the global internet of things and traceability for food & beverage manufacturing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Western Europe are the dominating key regions owing to technological advancements in food & agricultural sector. The established processed food market and the use of latest technologies in the agricultural activities are projected to boost the demand for the internet of things and traceability for food & beverage manufacturing market in these regions. Besides, some of the prominent companies involved in this market are headquartered in these regions. The Asia Pacific is projected to be one of the rapidly growing markets for the internet of things and traceability for food & beverage manufacturing market. One of the major contributors to economies in the region is the food & agriculture sector. Also, government initiatives to endorse technological advancements in this region are also key factors to the growth of the internet of things and traceability for food & beverage manufacturing market. The Middle East and Rest of the World are projected to be emerging regions for internet of things and traceability for food & beverage manufacturing market.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global internet of things and traceability for food & beverage manufacturing market report based on components, application, end-user, and region.

Global Internet of Things and Traceability for Food & Beverage Manufacturing market, By Components:

• Product
• Software

Global Internet of Things and Traceability for Food & Beverage Manufacturing market, By Application:

• Supply Chain Management, Traceability, and Product Recall
• Consumer Transparency
• Food Safety and Quality Control
• Inventory Management
• Others

Global Internet of Things and Traceability for Food & Beverage Manufacturing market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global internet of things and traceability for food & beverage manufacturing market include ScienceSoft, HQ Software Industrial IoT Company, Style Lab IoT Software Company, PTC, Cisco, GE Digital, SAP, ARM IoT, and Siemens IoT Analytics Company. OAL Group, a food technology specialists have developed an artificial intelligence-based vision system for label and date code verification. The system is named as the April Eye. It can reduce the risk of product recalls and emergency product withdrawals (EPWs) caused by human error on packaging lines. The company says it can read 300 packs a minute and improve quality, safety, and efficiency.

• ScienceSoft
• HQ Software Industrial IoT Company
• Style Lab IoT Software Company
• PTC
• Cisco
• GE Digital
• SAP
• ARM IoT
• Siemens IoT Analytics Company