Revenue Growth of the Food Traceability Technology Market to be Influenced by Growing End-use Adoption
As a result of integration and globalization, distribution system and food production are getting more associated. With a specific end goal to lessen the wastage of food, and keep up an appropriate value chain going from manufacturing to consumption, an innovatively propelled traceability is required. Traceability deals with the conceivable hazard in the supply chain. Governments all over the world are formulating regulations to track food the same way it is specifically associated with customer wellbeing. An eruption of foodborne ailment could directly affect the national spending plan and the governments need to stay away from. At present, by law in the United States, European Union (EU), and Japan, particular measures for food traceability are assigned globally. In the U.S., the FDA (Food and Drug Administration) is in charge of making food traceability laws as it is evaluated that 3,000 individuals die each year because of foodborne ailments.
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The food traceability technology market is fundamentally fuelled by the technologically propelled nations, for example, the U.S., U.K, Japan, Australia, along with others mainly because of early execution by government policies and corporate professionals supporting food traceability in these nations. The advancements are being implemented by the end-users from emerging nations because of awareness. Additionally, at present, organizations keep up a legitimate system of business for the ideal level of stock and smooth functioning; subsequently, requirement for food traceability technology is expanding all over the world. The technology utilized for food traceability includes RFID/RTLS (radio frequency identification/real-time location system), barcodes, global positioning system (GPS), biometrics and infrared. Moreover, the hardware employed are smart PDAs (Personal Digital Assistants), thermal printers, 1D and 2D scanner, sensors and tags and labels.
Moreover, food might be sourced from any region of the world, which is a noteworthy challenge for traceability. Rising countries, for example, Korea, China, India, and others, are in the procedure of implementing strict traceability frameworks because of increment in knowledge & awareness amid the overall community and change in way of life of individuals, consecutively fuelling quick market growth in Asia-Pacific.
Brand loyalty, competitive edge, legislative framework and better flow of information downstream & upstream of the supply chain are some of the other drivers of the worldwide market. On the other hand, the prominent aspect that hinders this expansion is additional cost related to the entire process. A few of the other hindering aspects for food traceability technology market comprises privacy concern for data security, since the security of data, data tracking, and data management is cost-oriented. In addition, the technologies are product particular; hence diverse technologies are utilized for dissimilar products applications, for example, data tracking and management is unlike in production to retail to wholesale, in addition, it is dissimilar based on non-countable and countable food products.
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However, there is a huge prospect for companies in nations for example Gulf countries, ASEAN countries to boost their share in the market. Also, novel smart technology for universal and easy accessibility could bring a new prospect for the market players. The corporate companies understand the significance of implementing traceability in the food market, on the basis of dropping cost in recall settings, which is considered to improve customer confidence and improve the company’s image. Emerging nations are believed to foresee the maximum growth paces in the worldwide food traceability market, because of an upsurge in familiarity related to the importance of efficient food traceability system. A few of the top players in the food traceability market are Cognex Corporation, Honeywell International, Inc, C.H. Robinson Inc., Motorola Solutions, Inc., Zebra Technologies, MASS Group Inc., Bio-Rad Laboratories, Inc and IBM Corporation.
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