In the Report “Food Traceability Market: By Technology (Infrared, Barcodes, Biometric, Others) End User (Retailer, Warehouse, Gvt Dept, Manufacturer, Growers) Applications (Fisheries, Aquaculture, Dairy, Meat & Poultry, Beverages, Fresh Food Produce)-Forecast (2018-2023), published by IndustryARC, the market Automation, Innovation, Speed, Efficiency and Accuracy are the most prominent drivers of the global food traceability market.
North America with major share in the Food Traceability Markets
North America will retain its dominance in market shares, owing to their better regulatory framework and high level of consumer awareness. North America imports large amounts of food products from various countries where strict food safety standards are not mandatory.
Asia-Pacific is projected to be the fastest-growing market for food traceability during the review period. This is driven by the technological advancement and growing concern for food safety among consumers in developing countries such as India and China.
Increasing awareness among the retailers and consumers, coupled with technological advancements in tracing equipment, are encouraging the implementation of traceability in food industry, thus driving the market globally.
Selected Technology Analysis done in the full Report:
The Barcode is the dominant technology in the global food traceability market, owing to its high use in all the industries/applications. It occupied a share of 54.9% and is estimated to generate revenue of $8.75 billion by 2023, growing at the CAGR of 7.2% between 2018 and 2023.
RFID/RTLS is the second dominant technology and the market is estimated to reach $4.38 billion by 2023, at the fastest CAGR of 10% between 2018 and 2023. Fresh food produce also dominates the market for GPS technology in food traceability system; it is estimated to grow at a CAGR of 9.1% from 2018 to 2023 to reach $2.4 billion by 2023.
GPS technology is composed to attract food security, used due to its ability to track exact mobile location. Infrared and biometric technology in the product traceability market is forecast to grow at a CAGR of 6.7% and 7.6%, respectively.
Food material before reaching the consumer’s plate, passes through a number of points and to trace back its origin is a very difficult task for any regulatory body or intermediary in the supply chain. This gap between safety and compliance can be bridged by traceability, food technology justified with the figures presented above which has become a necessity to safeguard food supply.
Excerpts on Market Growth Factors
- These new techniques and concepts are providing new opportunities for enhancing the efficiency and compatibility of the present traceability systems.
- The technological developers are programming a technology to detect spoilage or contaminants that would automatically trigger an alert for the consumer for the source of foods.
- 3D printing is one revolutionary technology that has opened up whole new possibilities for the food industry.
- Internet of things plays a major role in the development of intelligent traceability products. The technology makes it possible to retrieve the temperature of a product and its remaining shelf life. Thus, IoT system implementation in traceability is set to push the market.
- Emergence of an analytics system is one of the major upcoming trends in this market. The role it plays in helping to get real-time data on the process of production, processing, packaging and distribution, is thereby helping to make informed decisions.
Key players of the Food Traceability Market
The Food Traceability Market has built a strong existence due to the presence of regional players. The key players such as Zebra Technologies, STid Electronics identification, Datalogic S.p.A, and United Electronics Co., LTD are the few global marketplace players.
Food Traceability Market report is segmented as below
The Global Food Traceability Market study across various end user industries is incorporated in the report
- Food Traceability Market by Technology
- Infrared Technology
- Global Positioning System (GPS)
- Food Traceability Market by End-User
- Food Retailers
- Government Departments
- Food Manufacturers
- C. Food Traceability Market by Application
- Fresh Food Produce
- Dairy Food
- Meat and Poultry
- Food Traceability Market by Geography (covers 10+ countries)
- Food Traceability Market Entropy
Companies Cited / Interviewed
- A2b Tracking Solutions Inc.
- Alien Technology Corporation
- Honeywell International Inc.
- Unitech Electronics Co., Ltd
- Advanced Traceability Solutions
- Cognex Corporation.
- Redline Solutions, Inc.
- Company 8
- Company 9
- Company 10+
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