As per a new research study by Transparency market Research (TMR), the global market for food traceability has been registering a remarkable rise since the last few years. With the rising demand for food traceability in a number of sectors, such as the packaging, logistics, storage, handling, and the retail industries, this market will continue to witness strong growth during the period from 2016 to 2024, states the research report, titled “Food Traceability Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
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The increasing incidence of product recalls and contamination traces, together with the advancement in the food traceability technology, will act as the most prominent factors, driving the growth of the market for food traceability, globally, over the forecast period, states the research report.
According to the research study, the main food traceability technologies used across the world are barcode, RFID, biometrics, GPS, and infrared. These technologies have a varied range of applications in several types of food products at various stages of the food movement. Currently, the demand for barcode is tremendously high in packaged foods, whereas, RFID and GPS are utilized extensively for food movement of live feedstock, states the market report.
The rising demand for food traceability technologies in emerging countries, coupled with their legislative framework and the reducing cost of these technologies, is also expected to boost the global market for food traceability significantly over the forthcoming years. However, the increasing concerns over privacy among consumers regarding data sharing and the additional cost of the maintenance of traceability systems may hamper the global food traceability market from growing steadily in the near future. Apart from this, the inaccuracy of information and data collection are also expected to limit the adoption of the food traceability technology in the coming years, reports the market study.
The research report also evaluates the competitive landscape of the global market for food traceability by profiling the key players operating in this market. Researchers have examined the past performance and studied the future prospects of each market players thoroughly in order to define the current market hierarchy. The leading players operating in this market are concentrating on the introduction of new and innovative technologies in a bid to sustain in this highly competitive environment and expand their geographical reach.
Some of the prominent participants in the worldwide market for food traceability are A2B Tracking Solutions, IBM Corp., Motorola Solutions Inc., Barcoding Inc., Picarro Inc., and Merit-Trax Technologies Inc, states the market study.
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