Food traceability market is expected to garner$14.1 billion by 2020, registering a CAGR of 8.7% during 2016 to 2020.
Portland, OR -- (SBWIRE) -- 06/13/2017 -- Food Traceability Market (tracking technologies) Report, published by Allied Market Research, forecasts that the global market is expected to garner$14.1 billion by 2020, registering a CAGR of 8.7% during the period.The RFID technology is expected to grow at the highest rate of 19.4% among all technologies of food traceability market.
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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.
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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.
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According to lead analyst Lita Person, 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.