A recent market intelligence report that is published by Data Insights Partner on the global Food Traceability Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Food Traceability Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Food Traceability Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Food Traceability Market `is offered. In accordance with the report, the global Food Traceability Market is projected to expand at a CAGR of 9.64% over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
Food Traceability system is used to maintain the record of the flow of the products which are intended for human consumption throughout the process of manufacture. As food production and distribution is a complicated process the key players of the market regard food traceability system as the most apt apparatus for to solve all the food-related obstructions. In order to reduce food-borne diseases, the dominant players of the food traceability market are now using food traceability systems to help deliver fresh food products to their consumers. In developed first world countries such as the U.S. and the U.K., consumers are ready to pay more for a product having point of origin certificate and food traceability. Advancement of technology and development of infrared, RFID, barcode, biometrics and sensors have made food traceability opportune for the companies in the end use industries. As food production consists of numerous stages, including sourcing seeds and fertilizers, farming, harvesting, processing, storage, transportation and retail sales and there are risks involved in it such as contamination, making food traceability system an essential and indispensible part of production. The procedures involved in the process of food traceability include identification, link, records of information, collection & storage of information and verification.
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The key diver of the global food traceability market is the advancement of technologies in the food traceability sector. Food traceability has multifarious applications in a diverse range of sectors which helps the industry grow. The increasing impact of modern retail also propels growth in the industry. Other factors that drive the market of food traceability may include increasing number of product recalls, growing concern and awareness among consumers regarding food safety and rigorous export regulations. The growing demand for advanced technologies such as barcode, RFIS technologies and biometrics in the Asia-Pacific region seems to generate significant growth in the market.
The key restraining factors of growth in the food traceability market are steep cost of equipment required for traceability, privacy issues in sharing of data and clear absence of strict laws in the developing nations.
Food traceability has the power to increase the accuracy of inventory which in turn allows the firm to meet consume demand more proficiently. Product tracing system bear decisions that influence the reputation of the brand as it upgrades food product tracing through refine decision making ability. Food traceability diminishes time to retrieve crucial data in the event of a recall and minimizes the scope of a recall. North America dominates the global market of food traceability by generating maximum revenue. Europe also seems to be contributing a large share in the global market of food traceability. Asia-Pacific region is predicted to manifest expedited rate of growth over the forecast period. India and China are currently exhibiting significant growth.
This market intelligence report on the global Food Traceability market encompasses market segments based on technology, end users, application, and country/regions.
By technology, the global Food Traceability Market is segregated into,
- RFID technology
By end users, the global Food Traceability Market is segmented into,
- Food manufacturers
- Warehouse Food retailers
- Government departments
- Others (non-profit organization, animal welfare organization, and cooperative organization)
By application, the global Food Traceability Market is also classified into,
- Meat & Livestock products
- Fresh food produce & Seeds
- Dairy products
- Seafood products
- Others (grains, oilseed, and coffee)
By country/region, the global Food Traceability Market has been divided into,
- North America (the U.S., Canada),
- Latin America (Brazil, Mexico, Argentina and other countries),
- Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
- Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
- Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
- Bureau Veritas
- Barcode Integrators Inc.
- Carlisle Technology Inc.
- Mass Group Inc.
- Merit-Trax Technologies Inc..
- Picarro Inc.
- Honeywell International Inc.
- C.H. Robinson Worldwide, Inc.
- Bio-Rad Laboratories, Inc.
- Cognex Corporation
- SGS S.A.
Other players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Food Traceability Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
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Ø This study offers comprehensive yet detailed analysis of the Food Traceability Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Food Traceability Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø Leading market players covered this report comprise names such as Eurofins, Bureau Veritas, Intertek, TUVSUD, NSF and many more.
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Food Traceability caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Food Traceability Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Food Traceability Market
v Identification of key factors driving investment opportunities in the Food Traceability Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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