Food traceability (tracking technologies) involves screening the movement of food & related products via their production, processing, and distribution. The primary purpose of food tracking is food safety and prevention from food-borne diseases, thus being directly related to the health of consumers.
The global food traceability (tracking technologies) market is segmented based on equipment, technology, application, end user, and geography.
Currently, the food traceability (tracking technologies) market is well established in developed countries such as the U.S., UK, Japan, Australia, and others, due to early implementation by corporate professionals and government policies supporting food traceability in these countries. Currently, food can be sourced from any part of the world, which possesses a major challenge for traceability.
Emerging nations, such as India, China, Korea, and others, are in the process of adopting strict traceability systems due to increase in awareness & knowledge among the general population and improvement in a lifestyle of people, thus driving the rapid growth of the global traceability market in Asia-Pacific.
Competitive edge, brand loyalty, better flow of information upstream & downstream of a supply chain, and legislative framework are few other drivers of the global market. The major factor that restricts this growth is an additional cost associated with the entire procedure.
Corporate companies in the food market understand the importance of implementing traceability, in terms of reducing cost in recall scenarios, which is expected to improve consumer confidence and enhance the company’s image. Developing nations are witnessing highest growth rates in the global food traceability market, owing to increase in health consciousness among the people and upsurge in familiarity associated with the significance of effective food traceability system.
In 2016, the meat & livestock application occupied almost half of the share of the food traceability (tracking technologies) market, followed by fresh produce and seeds. However, this trend is expected to decline to some extent during the forecast period, owing to the highest growth rate of fisheries application.
The main end-users employing food traceability (tracking technologies) are food retailers and food manufacturers. Moreover, these segments occupied major market in 2016, and are expected to grow at lucrative CAGRs, during the forecast period. 2D & 1D scanners, tags & labels, and thermal printers are the main equipment used in the global food traceability market, which collectively occupied more than three-fourth share in 2016.