LONDON, April 28, 2015 /PRNewswire/ -- Food traceability facilitates tracing food products or ingredients through all stages of production, processing, and distribution. It involves the use of tracing systems and processes that match the features of incoming raw materials to outgoing product specifications for the purpose of improving business performance. In the food industry, food traceability is used for fresh food produce, meat products, dairy products, beverages, seafood products, and others.
The growing consumer concern for food safety and increasing incidents of food adulteration are some of the driving factors for the food traceability market. However, the high cost incurred by the food traceability equipment, and the privacy issue involved are restraining the growth of the market. The continuous development in emerging markets such as Brazil, India, and China is paving new opportunities for the food traceability market.
The food traceability market is segmented on the basis of technologies, end users, applications, and regions. The application industries for food traceability include meat products, fresh food produce, dairy products, beverages, seafood products, and others such as grains, oilseed, and coffee. The end user of food traceability is segmented into food manufacturers, warehouse/pack farm, food retailers, defense & security departments, and others such as government departments. The market is also segmented on the basis of various regions such as North America, Europe, Asia-Pacific, Latin America, and Rest of the World (RoW); this has been further segmented on the basis of their key countries.
The food traceability market is projected to grow at a CAGR of about 9% from 2014 to reach $14,304.9 million by 2019. The market is projected to grow with the growing legislative framework and consumers' concern for food safety. The North American region dominated the food traceability market in 2013.
The report provides both, qualitative and quantitative analyses of the market for food traceability systems. The report includes the market dynamics, trends, competitive strategies preferred by the key market players, the driving factors that are estimated to boost the growth of the food traceability market, and the restraints of the market. The report also analyzes the opportunities in the food traceability market for the new entrants.
To maintain a competitive edge in the food traceability market, the key players invest heavily in the launch and development of new technology. The leading players of such as Honeywell International Inc. (U.S.), Cognex Corporation (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), and Merit-Trax Technologies, Inc. (U.S.) have been profiled in the report. The report provides a complete analysis of the prominent companies and a chronology of developments with respect to new products/technologies launched, and their applications.
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