Food Safety Monitoring System Market to Reach $63.5 Million by 2032 at 6.1% CAGR: Allied Market Research

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Feb 13, 2024, 02:59 ET

The growing concerns about food safety, the ease of access to different food safety testing techniques, and the increasing healthcare costs are expected to drive the global food safety monitoring system market's growth during the forecast period. The North America region is projected to witness prominent growth by 2032

NEW CASTLE, Del., Feb. 13, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Food Safety Monitoring System Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology (Cloud-based, On-premises), by Component (Software, Hardware), by End-user (Food Processing Companies, Food Retailers, Food Manufacturing, Restaurants, Bakeries, Beverages Companies): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global food safety monitoring system market generated $36.1 million in 2022, and is anticipated to generate $63.5 million by 2032, rising at a CAGR of 6.1% from 2023 to 2032.

Prime Determinants of Growth

The rising concerns about food safety, increasing healthcare costs, the ease of access to different food safety testing techniques, and the growing demand for nutritious & balanced food components are the factors expected to drive the growth of the global food safety monitoring system market in the forecast period from 2023 to 2032. However, the lack of skill & knowledge, especially in the developing countries, may hamper market growth in the coming future. On the contrary, the digitization of food safety in the food sector and the rising regulatory standard and stringent food safety regulations are expected to offer remunerative opportunities for the expansion of the food safety monitoring system market during the forecast period.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$36.1 million
Market Size in 2032	$63.5 million
CAGR	6.1 %
No. of Pages in Report	300
Segments covered	Technology, Component, End-user, and Region
Drivers	Rising demand for nutritious and beneficial food components Growing emphasis on food security and regulatory compliance Ease of access to different food safety testing techniques
Opportunities	Increasing regulatory standards and stringent food safety regulations Digitalization of food safety in the food sector
Restraints	Lack of skills and knowledge, especially in developing countries

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COVID-19 Scenario

The COVID-19 pandemic outbreak had a significant impact on the global food safety monitoring system market's growth due to the increased focus of people on hygiene and the importance of real-time monitoring and traceability, resulting in a notable increase in demand for cutting-edge solutions.
In the post-pandemic scenario, the food safety monitoring system industry demonstrates resilience, adjusting to new norms and placing a strong emphasis on implementing robust measures for consumer well-being.

Technology: Cloud-based Sub-segment to Witness Propelling Growth During the Forecast Period

The cloud-based sub-segment accounted for the largest global food safety monitoring system market share of 50.8% in 2022 and is expected to witness significant growth during the forecast period. This is majorly because cloud-based solutions provide real-time data management, which enhances traceability & transparency throughout the food supply chain. Besides, with an increased emphasis on regulatory compliance and the rising need for streamlined operations, cloud-based technology serves as a key component in increasing the growth of the food safety monitoring system market.

Component: Hardware Sub-segment to Experience Prominent Growth by 2032

The hardware sub-segment accounted for the largest market share of 56.0% in 2022 and is expected to continue to maintain its prominent growth during the forecast period. This is mainly due to the increasing demand for robust and automated solutions. Besides, companies are embracing advanced hardware for real-time monitoring & data analysis, as food safety regulations become more stringent. The growing necessity for accuracy, speed, and precision in monitoring practices positions hardware solutions as vital, which is driving the sub-segment's growth.

End-user: Food Manufacturing Sub-segment to Flourish Immensely by 2032

The food manufacturing sub-segment of the global market accounted for the highest share of 29.3% in 2022 and is projected to hold largest market share by 2032. This is primarily owing to the increasing usage of food safety monitoring systems in the food manufacturing sector, due to the commitment of the industry towards ensuring product security and compliance. In addition, the rising demand for processed foods increases the need for strong safety measures during the manufacturing process. The growing adoption of modern technologies, like real-time monitoring & analytics is enhancing traceability and quality control.

Region: North America Market to Hold Major Market Share by 2032

The food safety monitoring system market in the North America region accounted for the largest share of 40.3% in 2022 and is predicted to hold major market share by 2032. This growth is mainly owing to the stringent regulatory standards, technological advancements, and growing awareness about food safety. In addition, the rising adoption of superior monitoring solutions, such as real-time monitoring & traceability, is on the rise. Moreover, North America continues to be a key driver in the prominent growth of the food safety monitoring system market, as consumers prioritize safe and nutritious food.

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Leading Players in the Food Safety Monitoring System Market:

SAP
SecureMetric Technology
AsureQuality Ltd.
Intertek Group plc
IBM
DuPont (US)
RJ Hill Laboratories Ltd.
SGS SA (Société Générale de Surveillance SA)
Danaher Corporation
Bureau Veritas SA

The report provides a detailed analysis of the key players of the global food safety monitoring system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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