As per the market study, the
global food traceability market (tracking technologies) is expected to grow at
a CAGR of 8.7% during the analysis period, reaching expected revenue of $14.1
billion by 2020. The RFID technology is expected to grow at the highest rate of
19.4% among all technologies of food traceability market. The reason for the
high growth rate of RFID is real-time tracking of food items irrespective of
weather conditions or location. Accurate read-write ability in complex
environment is also a significant advantage of this technology.
Food traceability is becoming a
norm for all food producers across the globe as a result of consumer demands
and government regulations concerning food safety. Early adoption of food
tracking technologies in developed nations such as the U.S., Japan and
Australia has led to good market revenues. However, globalization of the food
market has increased the importance of a traceability system even in developing
nations and therein lie the opportunities for food traceability suppliers to
enhance their market position.
Installation of food traceability
system requires huge upfront investment, which proves to be a restraint for the
market, as small players are not ready to make the extra investments. However,
growing awareness and technological advancements leading to lesser investments will
overcome this restraint, thus reducing impact on the market in the future. One
of the segments discussed in the report is the end-users of the market such as
food producers, retailers, warehouses, transportation companies, etc. Food
manufacturers are expected to generate maximum revenue of $5.4 billion by 2020
at a CAGR of 11.5% during the analysis period. Another segment of the report
discusses the equipment market of food traceability such as 1D and 2D scanners,
sensors, tags and labels and PDAs with GPS. The sensors are expected to grow at
the highest rate among all the equipment at a CAGR of 10.5% from 2012 to 2020.
The geographic segment of the food
traceability market covers North America, Europe, Asia Pacific, and Rest of the
World (RoW). North America is expected to generate maximum revenue by 2018
however; Asia Pacific will take over the North American market by 2020. North
America is expected to generate $4.4 billion by 2020 at a CAGR of 4.6% during
the analysis period. Asia Pacific is expected to have the highest revenues by
2020 as it is expected to grow at a CAGR of 16.7% during 2013-2020.
The study also offers an updated
review on the present major market players such as Honeywell, C.H. Robinson,
DuPont, Intermec, Motorola Solutions, Cognex, Mass Group, Bio-Rad Laboratories,
IBM Corp and Zebra Technologies.
According to lead analyst, food
tracking technologies are not yet fully deployed in developing economies.
Additionally, a lack of standards is impacting the integration and utility of
food traceability systems. However, there is an increasing awareness about the
importance of efficient food traceability systems in such countries. Stringent
food traceability laws in the U.S. and Europe are compelling the food exporters
from these nations to enhance their traceability processes. With more active
global participants entering into developing economies, there is significant
scope to integrate food tracking technologies and derive their utility across
the globe.
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