Food Traceability Market
Food traceability is ability to track any food, food producing animal or substance, and feed which is used for consumption, over all stages of production, processing and distribution. In food processing businesses, traceability is used to identify source of all food inputs such as raw materials, additives, and packaging. Traceability enables food businesses to focus on products affected by various food safety issues and any potential public health risks. An effective food traceability system helps to isolate and prevent contaminated products from reaching consumers.
Developments in food recall processes, enhanced return processes, and technological advancements are key factors driving growth of the global food traceability market. In addition, rising foodborne diseases, growing concerns for food safety among consumers, legislative framework, and certifications & standardizations are major factors expected to boost growth to the global food traceability market over the forecast period.
However, additional cost requirement for traceability systems and growing privacy issues in data sharing are key factors restraining growth of the global food traceability market. Additionally, rapid shifts in consumer preferences and weak technical system are major factors expected to hamper growth of the global food traceability market over the forecast period.
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The global food traceability market is segmented on the basis of technology, application, end user, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is a dominant player in the global food traceability market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to growing awareness about food safety in the region. In terms of CAGR, Asia Pacific is expected to emerge as the fastest growing market in the global food traceability market over the forecast period, owing to increasing demand for technologies such as biometrics, barcodes, and RFID technologies in emerging economies in the region.
Prominent players in the global food traceability market include Honeywell International Inc., C.H. Robinson Worldwide, Inc., Bio-Rad Laboratories, Inc., DuPont, Cognex Corporation, SGS SA, MASS Group Inc., IBM, ZIH Corp, Barcoding Inc., and Motorola Solutions, Inc.
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