Global Food Traceability Market to reach USD 25.7 billion by 2025.
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 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. 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.
Honeywell International Inc.
Barcode Integrators Inc.
Carlisle Technology Inc.
Mass Group Inc.
Merit-Trax Technologies 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:
Ware House/Pack Farms
Defense & Security Department
Other Government Departments
Meat & Livestock
Fresh Produce & Seeds
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
Value-Added Resellers (VARs)
Third-party knowledge providers
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