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.”
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.
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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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