Food Traceability Market Driven by Growing Applications in Diverse Sectors, such as Logistics, Packaging

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.

Global Food Traceability Market: Increasing Incidence of Product Recalls to Create LUCRATIVE Growth Opportunities, Says TMR

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.

Emergence of Innovative Food Traceability Technologies Encourages the Growth of Food Traceability Market

The emergence of innovative food traceability technologies is one of the key factors anticipated to encourage the growth of the global food traceability market in the next few years. The key players in the market are emphasizing on developing new technologies to expand their application base and establish their presence in the global market. Moreover, the growing awareness among the consumers regarding food safety is further driving the global food traceability market.

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This research study on food traceability market offers a detailed analysis, emphasizing on the key growth factors that are expected to influence the growth of the market in the near future. The research study has taken help of several analytical tools to determine the potential opportunities in the market, along with the current market trends. Furthermore, the product segmentation, and geographical segmentation of the global food traceability market have been discussed in the research report.

Furthermore, the research study presents insights into the competitive analysis of the global food traceability market and throws light on the key players operating in the market. In addition, the key strategies adopted by the leading players have also been discussed in the report to give a clear understanding of the market to readers and decision-makers. The inputs given by professionals and industry experts are expected to help the players in formulating business strategies effectively.

Overview of the Global Food Traceability Market

The global food traceability market is expected to witness significant growth in the near future, thanks to growing applications in diverse sectors, such as logistics, packaging, storage, retail, and handling. Technological advancements and the increasing number of product recalls and traces contamination are the primary factors expected to augment the growth of the global food traceability market in the next few years.

Some of the key technologies for food traceability used across the globe are RFID, barcode, biometrics, infrared, and GPS. These technologies have diverse applications in different types of food products and at different stages of the food movement. At present, barcode is used extensively for packaged foods, whereas GPS and RFID are used widely for food involving movement of live feedstock.

The rising demand for food traceability technologies from developing countries, legislative framework, and cost reduction are some of the other factors encouraging the growth of the overall market in the coming years. However, the rising privacy issues in data sharing and additional cost required on traceability systems are the prime factors expected to curtail the growth of the market in the near future. In addition, the difficulty in the accuracy of information and data collection are the key challenges for the key players in the market. Thus, the leading players in the market are expected to introduce new technologies, emphasizing on these challenges in order to augment the growth of the market across the globe.

Companies Mentioned in the Research Report

The global food traceability market is at a nascent stage and holds immense potential to grow in the next few years. The key players in the market are persistent on new and innovative technology launches in order to sustain in the market and expand their facilities in untapped markets. Some of the prominent players operating in the global food traceability market are IBM Corp., A2B Tracking Solutions, Motorola Solutions, Inc., Picarro Inc., Barcoding Inc., and Merit-Trax Technologies Inc. Several new players are expected to enter the market offering innovative technologies in the next few years.