The food traceability market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain.
The food and beverage industry was highly unregulated in the early days of the industrial revolution, which led to many unfavorable incidents, such as product recalls and foodborne illnesses. The statutory authorities and governing bodies across regions felt the pressure to introduce safety standards and regulations to avoid unforeseen circumstances by the end user. The high number of cases related to foodborne illnesses leading to deaths raised a global concern regarding genetically modified foods, chemical residues, and other similar issues in foods, thus leaving a major impact on the food processing industry in various countries.
The global food traceability market is poised to grow over time, compelling companies to come up with collaborative strategies to sustain in the intensely competitive market. Companies with an identical product portfolio with a need for additional resources often partner and come together for joint venture programs, which help the companies gain access to one another’s resources and facilitates them to achieve their objectives faster. This strategy has been a widely adopted strategy by the players in this market. For instance, in December 2020, the United Nations Development Program partnered with the Singapore Monetary Authority to use blockchain technology to enhance product identification, traceability, and verification in agricultural and food supply chains.
There has been an increase in the focus among companies in the food industry over the implementation of food traceability systems in their working. Due to the increasing food contamination cases, mass product recalls, and food adulteration incidents, the need of a traceability system for the safety and reliability of food is a must. With a hands-on traceability system where the consumer can check the farm-to-fork history of their product, the consumer’s trust can be achieved. Also, governments have made active contributions for the betterment of the food industry with laws and regulations that promote food traceability and make it mandatory in some areas. The food safety and traceability system is a solution to a number of problems in the food industry and is a must to achieve complete food safety.
The food traceability market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and innovation, partnerships and collaborations, business expansions and investments, and awards and recognition. The preferred strategy for the companies has been partnerships, collaborations, and joint ventures to strengthen their position in the global food traceability market.
The coronavirus has made an impact on almost all industries throughout the world, but Food Traceability Technology Market has been an industry that has not had a serious effect because of the COVID-19. During the early days of the pandemic, it was a serious concern among the masses about the safety of their food or if the food had been contaminated by the virus. Ssoon scientific studies came out suggesting that the virus does not affect the food and cannot transfer along with it. The main impact of the COVID-19 in the food industry was over the supply chains.
Key Questions Answered in This Report:
What are the key trends and expansion opportunities in the global food traceability industry?
What are the estimations for the global food traceability market size in terms of revenue for the period 2019-2025, and what is the expected compound annual growth rate (CAGR) during the forecast period 2020-2025?
What is the expected outlook and revenue to be generated by different types of product offerings, including RFID, barcode, infrared, biometrics, and others, for the period 2019-2025?
What are the expected outlook and estimated revenue of different applications of food traceability systems, namely, dairy products, meat, poultry and seafood, beverages, fresh produce, and others, for the period 2019-2025?
What are the expected outlook and estimated revenue of different end users, namely food manufacturers, food retailers, government department, warehouses, and others, for the period 2019-2025?
What is the current market size, forecast, regional market trends of the food traceability industry across different regions, namely North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa?
What will be the impact of COVID-19 on the market size, market forecast, CAGR, and market dynamics of the global food traceability market across different market segmentations?
What are the major driving forces expected to increase the demand for the global food traceability market during the forecast period 2020-2025?
What are the major restraints inhibiting the growth of the global food traceability market?
What kind of new growth strategies (mergers and acquisitions, partnerships, expansions, products, others) are being adopted by the existing market players to expand their market share in the industry?
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