North America with major share in the Food Traceability Markets:
North America will retain its dominance in 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 food industry, thus driving the market globally.
Selected Technology Analysis was done in the Food Traceability Market Report:
The Barcode is the dominant technology in the global food traceability market, owing to its high use all the industries/applications. It occupied a share of 54.9% and is estimated to generate revenue of $8.75billion 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 $4.38billionby 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 $2.4 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.
Excerpts on Food Traceability Market Growth Factors
These new techniques and concepts are providing new opportunities for enhancing the efficiency and compatibility of the present traceability systems.
The technological developers are programming a technology to detect spoilage or contaminants that would automatically trigger an alert for the consumer for the source of foods.
3D printing is one revolutionary technology that has opened up whole new possibilities for the food industry.
Internet of things plays a major role in the development of intelligent traceability products. The technology makes it possible to retrieve the temperature of a product andits remaining shelf life.
Thus, IoT system implementation intraceabilityis set to push the market.
The emergence of an analytics system is one of the major upcoming trends in this market. The role it plays in helping to get real-time data on the process of production, processing, packaging, and distribution, is thereby helping to make informed decisions.
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What can you expect from the report?
The Food Traceability Market Report is Prepared with the Main Agenda to Cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country-level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End-user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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