Food Traceability Market Outlook by 2023 | IndustryARC
Posted by Venkatesh on November 26th, 2018
In the Report “Food Traceability Market:By Technology (Infrared, Barcodes, Biometric, Others) End User (Retailer, Warehouse, GvtDept, Manufacturer, Growers) Applications (Fisheries, Aquaculture, Dairy, Meat & Poultry, Beverages, Fresh Food Produce)-Forecast (2018-2023)", published by IndustryARC, the market Automation, Innovation, Speed, Efficiency and Accuracy are the most prominent drivers of the global food traceability market.
North America with major share in the Food Traceability Markets
North America will retain its dominance in Food Traceability Market shares, owing to their better regulatory framework and high level of consumer awareness. North America imports large amounts of food products from various countries where strict food safety standards are not mandatory. Asia-Pacific is projected to be the fastest-growing market for food traceability during the review period. This is driven by technological advancement and growing concern for food safety among consumers in developing countries such as India and China. Increasing awareness among the retailers and consumers, coupled with technological advancements in tracing equipment, are encouraging the implementation of traceability in the food industry, thus driving the market globally.
Selected Technology Analysis done in the full Report:
The Barcode is the dominant technology in the global food traceability market, owing to its high use in all the industries/applications. It occupied a share of 54.9% and is estimated to generate revenue of .75billion by 2023, growing at the CAGR of 7.2% between 2018 and 2023. RFID/RTLS is the second dominant technology and the market is estimated to reach .38billionby 2023, at the fastest CAGR of 10% between 2018 and 2023. Fresh food produce also dominates the market for GPS technology in food traceability system; it is estimated to grow at a CAGR of 9.1% from 2018 to 2023 to reach .4 billion by 2023.GPS technology is composed to attract food security, used due to its ability to track the exact mobile location. Infrared and biometric technology in the product traceability market is forecast to grow at a CAGR of 6.7% and 7.6%, respectively.
Food material before reaching the consumer’s plate passes through a number of points and to trace back its origin is a very difficult task for any regulatory body or intermediary in the supply chain. This gap between safety and compliance can be bridged by traceability, food technology justified with the figures presented above which has become a necessity to safeguard the food supply.
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Excerpts on Market Growth Factors
• These new techniques and concepts are providing new opportunities for enhancing the efficiency and compatibility of the present traceability systems.
Key players of the Food Traceability Market
The Food Traceability Market has built a strong existence due to the presence of regional players. The key players such as Zebra Technologies, STid Electronics identification, DatalogicS.p.A, and United Electronics Co., LTD are the few global marketplace players.
Food Traceability Market report is segmented as below
The Global Food Traceability Market study across various end-user industries is incorporated in the report
A. Food Traceability Market by Technology
1. Infrared Technology
B. Food Traceability Market by End-User
C. Food Traceability Market by Application
D. Food Traceability Market by Geography (covers 10+ countries)
Companies Cited / Interviewed
1. A2b Tracking Solutions Inc.
What can you expect from the report?
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
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IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences &Healthcare.
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About the AuthorVenkatesh
Joined: August 23rd, 2018
Articles Posted: 184
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