Food Traceability Market Future Scope, Demands and Projected Industry Growths

Global Food Traceability Market valued approximately USD 12.3 billion in 2017 is anticipated to grow with a healthy growth rate of more than 9.64% over the forecast period 2018-2025. The major driving factor of global food traceability market are enhancement in food traceability technologies, growing application in diverse sectors and increasing penetration of modern retail. In addition, increasing number of product recalls, growing consumer concern for food safety and stringent export regulation are the some other driving factor that drives the market. The major restraining factors of food traceability market are high cost of traceability equipment, privacy issues in data sharing and lack of stringent laws in developing nation. In food processing, the term traceability refers to the recording through means of barcode or RFID tags & other tracking media, all movement of product and steps within the production process. Traceability within the food processing industry also utilized to identify key high production & quality areas of a business, verses those of low return and where points in the production process may be improved.

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Rising need to consume healthy foods and follow a healthy lifestyle on account of the increasing concern for health diseases amongst individuals worldwide and the increasing geriatric population are anticipated to drive the growth of the market during the forecast period. By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.

Food Traceability increases the inventory accuracy that allows the firm to meet customer demand more efficiently. Product tracing system support decision that impact brand reputation of food as it improves food product tracing improves decision making ability. Food traceability reduces time to access critical data in the event of a recall and reduces the scope of a recall. Food traceability also helps identify and minimize certain hidden cost.

The regional analysis of Global Food Traceability Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America has dominate the market of total generating revenue across the globe. Europe is also contributing major share in the global market of Food Traceability. Asia-Pacific region is also anticipated to exhibit higher growth rate / CAGR over the over the coming years due to China and India are also witnessing significant growth. In addition, the rising demand for technologies such as barcode, RFIS technologies and Biometrics in this region is also driving the market.

The major market player included in this report are:
*Bio-Rad Laboratories Inc.
*C.H. Robinson Worldwide Inc.
*Cognex Corporation
*Honeywell International Inc.
*SGS SA
*Barcode Integrators Inc.
*Carlisle Technology Inc.
*Mass Group Inc.
*Merit-Trax Technologies Inc.
*Picarro Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
*RFID/RTLS
*GPS
*Barcode
*Infrared
*Biometrics

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By End-User:
*Food Manufacturers
*Ware House/Pack Farms
*Food Retailers
*Defense & Security Department
*Other Government Departments
*Other

By Application:
*Meat & Livestock
*Fresh Produce & Seeds
*Dairy
*Beverages
*Fisheries
*Others

By Regions:
*North America
o U.S.
o Canada
*Europe
o UK
o Germany
*Asia Pacific
o China
o India
o Japan
*Latin America
o Brazil
o Mexico
*Rest of the World

Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025

Target Audience of the Global Food Traceability Market in Market Study:
*Key Consulting Companies & Advisors
*Large, medium-sized, and small enterprises
*Venture capitalists
*Value-Added Resellers (VARs)
*Third-party knowledge providers
*Investment bankers
*Investors

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Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.

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