LONDON, May 2, 2017 /PRNewswire/ -- By 2022, the food traceability market is forecasted to reach $19.7 billion globally, according to a report by Stratistics MRC.
How does food traceability work?
Food traceability systems collect data about the objects and their movements, cutting cost. This information can be used to forecast sales by tracking goods in inventory, and replenishing stock regularly.
Globalization means an increased threat of food poisoning
Globalization has created an international food trade. The downside is that it also has increased the threat of bioterrorism, contagious diseases and the contamination of food products. "According to the U.S. Centers for Disease Control and Prevention, an estimated 48 million people (1 in 6 Americans) get sick each year from foodborne diseases. Approximately 128,000 are hospitalized and 3,000 die each year. Much of this can be circumvented through process regulation and standardization," Victoria Brown, senior research analyst, IDC Retail Insights, said.
Many growth opportunities exist in the market
Growth in the market is driven by a variety of factors including certifications and standardizations, strict government regulations, product loyalty and an increased awareness among consumers.
The market represents tremendous opportunity for vendors to invest in the research and development of secure, low-cost and unique traceability systems. Emerging economies also represent great opportunity.
The largest market is barcode technology. The segment was worth $7.8 billion in 2016 and is forecasted to reach $9.5 billion in 2021, growing at a CAGR of 4.2%.
To see the report summary on ReportBuyer's blog click here.
T: +1 347 903 1913
About ReportBuyer Today:
ReportBuyer Today highlights the main findings of top quality reports written by leading publishers.These reports focus on several industries including Agribusiness, Life Science, Consumer Goods & Services, IT & Media and Heavy Industries.
For more information, please visit https://www.reportbuyer.com/today/
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/food-traceability-market-to-reach-19-billion-by-2022-300449798.html