PORTLAND, Oregon and PUNE, India, November 8, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Food Traceability (Tracking Technologies) Market by Equipment, Technology, End-User and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global food traceability market was valued at $10,086 million in 2016, and is projected to reach $18,528 million by 2023, growing at a CAGR of 9.1% from 2017 to 2023. The barcode technology held more than three-fourths of the global market in 2016.
Food traceability (tracking technologies) involves screening the movement of food & related products via their production, processing, and distribution. As food production consists of various stages, including sourcing seeds & fertilizers, farming, harvesting, processing, storage, transportation and retail sales, there are risks associated, such as contamination, making it imperative to have a food traceability system. The procedures involved during this include identification, link, records of information, collection & storage of information, and verification. The primary purpose of food tracking is food safety and prevention from food-borne diseases, thus being directly related to the health of consumers. The global food traceability (tracking technologies) market is segmented based on equipment, technology, application, end user, and geography.
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Currently, the food traceability (tracking technologies) market is well established in developed countries such as the U.S., UK, Japan, Australia, and others, due to early implementation by corporate professionals and government policies supporting food traceability in these countries. Currently, food can be sourced through any part of the world, which possesses a major challenge for traceability. Emerging nations, such as India, China, Korea, and others, are in the process of adopting strict traceability systems due to increase in awareness & knowledge among the general population and improvement in lifestyle of people, thus driving rapid growth of the global traceability market in Asia-Pacific.
Competitive edge, brand loyalty, better flow of information upstream & downstream of supply chain, and legislative framework are few other drivers of the global market. The major factor that restricts this growth is additional cost associated with the entire procedure.
Corporate companies in the food market understand the importance of implementing traceability, in terms of reducing cost in recall scenarios, which is expected to improve consumer confidence and enhance the companys image. Developing nations are witnessing highest growth rates in the global food traceability market, owing to increase in health consciousness among the people and upsurge in familiarity associated with significance of effective food traceability system.
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In 2016, 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 decline to some extent during the forecast period, owing to the highest growth rate of fisheries application. The main end users employing food traceability (tracking technologies) are food retailers and food manufacturers. Moreover, these segments occupied major market in 2016, and are expected to grow at lucrative 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-fourth share in 2016.
Key Findings of Food Traceability Market:
- Sensors equipment in the global food traceability (tracking technologies) market is expected to develop at the highest CAGR in terms of revenue, during the forecast period.
- Fisheries is anticipated to be the fastest growing application segment with 14.5% CAGR, in value terms.
- North America is expected to continue to be the dominant shareholder, with more nearly two-fifths revenue share.
- Asia-Pacific region is anticipated to grow with the highest CAGR during the forecast period.
- RFID/RTLS technology is growing at a rapid pace, with lucrative CAGR, and occupied second highest market share in 2016.
- Food manufacturers is the main end user of the global market, with second highest share and highest CAGR.
In 2016, Asia-Pacific and LAMEA collectively accounted for around two-fifths share of the global food traceability (tracking technologies) market, registering lucrative CAGRs and are expected to continue this trend. This is attributed to upsurge in population and rise in disposable income, specifically in China, India, Brazil, and other developing economies. Improving lifestyles and rising health & fitness-related concerns are main reasons for the development of the market in Asia-Pacific.
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Major companies profiled in this report are Honeywell International Inc., C.H. Robinson INC., DuPont Nutrition & Health, INTERMEC INC., Motorola solutions, Inc., Cognex Corporation, MASS GROUP, Bio-Rad Laboratories, IBM CORP, and Zebra Technologies.
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SOURCE Allied Market Research