Food Traceability market is expected to reach $18,528 million by 2023, registering a CAGR of 9.1% from 2018-2023.
Food Traceability market is expected to reach $18,528 million by 2023, registering a CAGR of 9.1% from 2018-2023. Food traceability comprise the ability to identify and validate various stages of food chain from production to distribution. It involves recognizing the origin of food and its destination, from where it will be distributed to end users. This system is essential for food investigations and is crucial in global food trade as multi ingredient food includes materials from variety of food chain and countries.
What is Food Traceability Market?
Food traceability system maintains the record of the flow of products which are actually meant for human consumption throughout the production process. Since food production and the distribution is a complex process the companies consider food traceability system as the best tool to solve all the food-related challenges. Food traceability helps the companies to make fresh food products available to their consumers, thereby helping in reducing food-borne diseases. In many countries, such as the US and UK, consumers are ready to pay more for products having a food traceability and point-of-origin certificate. Technologies such as infrared, RFID, biometrics, barcode, NFC and sensors have made food traceability convenient for companies in the food industry.
As food production consists of various stages, including sourcing seeds & fertilizers, farming, harvesting, processing, storage, transportation and retail sales, there are risks associated in it such as contamination, making it imperative to have a food traceability system. The procedures involved during this process include identification, link, records of information, collection & storage of information and verification.
What are the major applications for Food Traceability market?
The various end users assessed includes Food manufacturers, Warehouse/Pack farms, Food retailers, Defense and security departments and other Government departments. Food traceability market in retailers are used to achieve internal and external traceability. Internal traceability allows the company to follow the product through the system after receiving the receipt from the supplier whereas the external traceability allows for the connection with immediate supply chain partner.
Market Research and Market Trends of Food Traceability Nitride Ecosystem
- Companies are investing in research and developing new hardware and software tracing technologies like GS1-128 barcode which as the capability to capture more traceable data such as batch number, lot number, sell by date, Use date. The Company have to make sure that all DCs in their supply chain are capturing and storing all the dynamic information carried in the bar code.
- Another prevailing trend in the food tracing industry would be digital supply chain in which technologies like predictive analytics, better visibility over the movement of goods and robotics help the warehouse and distribution centers to trace food efficiently.
- Warehouse managers have designed a warehouse management system with radio frequency guns restricting the person to pick a wrong product. In case the person picks up a wrong product, a specially designed gun gives a beep indicating wrong product is picked up.
- The transportation management system would be digitized which was handled manually initially. This is achieved by using the systems own parameters, standards, data points and expectations, the retailers can give its suppliers specific delivery time frames using cloud based interconnected solution. This will not only streamlined the scheduling process, but it will also give the tremendous amount of tracking information and data that we don’t have before.
Who are the Major Players in Food tracing system?
The companies referred in the market research report includes Honeywell International Inc, C.H. Robinson INC, Dupoint Nutrition & Health, Intermec Inc, Motorola solutions, Cognex Corporation, MASS Group, Bio-Rad Laboratories, IBM Corp, Zebra Technologies and more than 10 other companies.
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The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
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