Food Traceability Market to Witness Massive Growth Forecast to 2019-2025
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.
Read Report Overview: Food Traceability Market
The global increase in the number of food recalls has posed serious threats to public health as well as to the growing economy. On average, the direct cost of a product recall borne by the food company varies between $10 million to $12 million, in addition to the loss of sales and brand. The major concerns pertaining to food safety have put human life, industries, and companies at stake. Factually, for ensuring food safety and quality, the food industry addressed the management with the introduction of the Hazard Analysis and Critical Control Points (HACCP), the International Organization of Standardization (ISO9001), and others.
The dominance of fresh produce in the food traceability market is due to the increasing concerns of food safety and the rise in the number of food recalls of fresh produce, which has led to the popularity of traceability systems for fresh produce on a global scale. Fresh produce consist of freshly grown and harvested fruits and vegetables; and are generally sold among the greengrocers, farmers market and fruit markets.
Meat and the dairy products traceability is growing at a fast rate, due to the rise of related products sold mainly at the retail stores. There has been an increasing need of new traceability systems majorly among the meat, fresh produce, and dairy products, due to the increasing number of food recalls among the fresh produce and other products.
The contribution of barcode segment is due to the advancement of new technologies such as DNA barcoding, genetically modified organisms (GMO) labeling, Inkjet printers and others in countries, such as U.S., Australia, China, and others. Food traceability systems are most widely used by the food manufacturers and retailers, in order to track food products from the stage of production to the end delivery. The food manufacturer and retailer segment dominate the market due to the rapid adoption of new technologies by the manufacturers in the industry.
Request for a Sample: https://bisresearch.com/industry-report/food-traceability-market.html
The competitive landscape provides an organization with the edge to understand its key business strategy in the industry, its current competitors, and potential future competitors that might have made their way into the market. This section details the latest strategies and developments adopted by the key market players in the global food traceability market. In order to lead the market as well as engage in the process of market growth, a company needs to bring new products to the market, invest toward innovations, and collaborate with other top tier-1 component providers to further strengthen its market position.
The global 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.
