Global Food Traceability (Tracking Technologies) Market was valued US$ 10.96 Bn in 2017 and is expected to reach US$ 22.34Bn by 2026, at CAGR of 9.31% during forecast period.
The factor driving the food traceability (tracking technologies) market is increasing awareness about food safety among governments and consumers. The primary purpose of food tracking is food safety and prevention from food-borne diseases. Furthermore, increasing globalization is increasing the complexity in the supply chain process from harvest to final sale leading to an increase in the chances of food contamination. This is expected to increase the demand of food traceability and tracking technologies as it ensures quality and safety of the food supply, high chances of a rapid and specific product recall as well as accurately tracks causes of impurity. Also, adoption of traceability systems would improve supply chain efficiency by providing detailed historical data about timings, condition, handling and flow of goods.
The increasing penetration of modern retail, such as supermarkets and hypermarkets are increasing the demand for food traceability system. The food tracing systems incur costs related to investment in infrastructure, record keeping, and up-gradation of harvesting and processing of food. At the same time, some of the limiting factors for food traceability technology market include high cost for traceability technology system, privacy issue for data security, data management, and data tracking and security of data is cost-oriented.
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Based on application, the meat & livestock application occupied almost half of the share of the food traceability (tracking technologies) market, followed by fresh produce and seeds. However, this trend is expected to drop to some extent during the forecast period, due to the highest growth rate of fisheries application. The main end-users employing food traceability (tracking technologies) are food retailers and food manufacturers. Furthermore, these segments occupied the major market in 2017, and are expected to grow at profitable CAGRs, during the forecast period. 2D & 1D scanners, tags & labels, and thermal printers are the main equipment used in the global food traceability market, which collectively occupied more than three-fourths share in 2017.
From a geographical point of view, North America is expected to hold a XX% share in the food traceability (tracking technologies) market followed by Europe during the forecast period. North America, is said to be at the top in the global market because of the expanded utilization of trend-setting innovations in the field of food testing and traceability. On the other hand, Europe is assessed to demonstrate an extraordinary change in the development of the global food traceability market in the following couple of years. Asia-Pacific will develop in the global food traceability market in the coming future. Countries, for example, India and China will be the primary fascination of the period.
Corporate companies in the food market understand the importance of implementing a traceability system, in terms of reducing cost in recall scenarios, which is likely to improve consumer confidence and improve the company’s image. Emerging countries are witnessing highest growth rates in the global food traceability market, because of the increase in health consciousness among people and rise in familiarity associated with the significance of effective food traceability system.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global food traceability (tracking technologies) market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global food traceability (tracking technologies) market.
Scope of Global Food Traceability (Tracking Technologies) Market:
Global Food Traceability (Tracking Technologies) Market, By Equipment:
• Thermal Printers
• 2D & 1D Scanners
• Tags & Labels
Global Food Traceability (Tracking Technologies) Market, By Technology:
Global Food Traceability (Tracking Technologies) Market, By Application:
• Fresh Produce & Seeds
Global Food Traceability (Tracking Technologies) Market,By End User:
• Warehouse/Pack Farms
• Food Retailers
• Defense & Security Departments
• Other Government Departments
Global Food Traceability (Tracking Technologies) Market, By Region:
• South America
• Middle East & Africa
Key Players Operated in Market Include:
• CH Robinson Worldwide Inc.
• Cognex Corporation
• E. I. Du Pont de Nemours and Company
• Honeywell International Inc.
• International Business Machines Corporation
• Motorola Solutions, Inc.
• SGS SA
• Zebra Technologies Corporation
• MASS Group Inc.
• HarvestMark-Trimble Navigation Ltd.
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