Food Traceability Market is Expected to Deliver Dynamic Progression Until 2024
The emergence of innovative food traceability technologies is one of the key factors anticipated to encourage the growth of the global food traceability market in the next few years. The key players in the market are emphasizing on developing new technologies to expand their application base and establish their presence in the global market. Moreover, the growing awareness among the consumers regarding food safety is further driving the global food traceability market.
This research study on food traceability market offers a detailed analysis, emphasizing on the key growth factors that are expected to influence the growth of the market in the near future. The research study has taken help of several analytical tools to determine the potential opportunities in the market, along with the current market trends. Furthermore, the product segmentation, and geographical segmentation of the global food traceability market have been discussed in the research report.
Furthermore, the research study presents insights into the competitive analysis of the global food traceability market and throws light on the key players operating in the market. In addition, the key strategies adopted by the leading players have also been discussed in the report to give a clear understanding of the market to readers and decision-makers. The inputs given by professionals and industry experts are expected to help the players in formulating business strategies effectively.
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Overview of the Global Food Traceability Market
The global food traceability market is expected to witness significant growth in the near future, thanks to growing applications in diverse sectors, such as logistics, packaging, storage, retail, and handling. Technological advancements and the increasing number of product recalls and traces contamination are the primary factors expected to augment the growth of the global food traceability market in the next few years.
Some of the key technologies for food traceability used across the globe are RFID, barcode, biometrics, infrared, and GPS. These technologies have diverse applications in different types of food products and at different stages of the food movement. At present, barcode is used extensively for packaged foods, whereas GPS and RFID are used widely for food involving movement of live feedstock.
The rising demand for food traceability technologies from developing countries, legislative framework, and cost reduction are some of the other factors encouraging the growth of the overall market in the coming years. However, the rising privacy issues in data sharing and additional cost required on traceability systems are the prime factors expected to curtail the growth of the market in the near future. In addition, the difficulty in the accuracy of information and data collection are the key challenges for the key players in the market. Thus, the leading players in the market are expected to introduce new technologies, emphasizing on these challenges in order to augment the growth of the market across the globe.
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Companies Mentioned in the Research Report
The global food traceability market is at a nascent stage and holds immense potential to grow in the next few years. The key players in the market are persistent on new and innovative technology launches in order to sustain in the market and expand their facilities in untapped markets. Some of the prominent players operating in the global food traceability market are IBM Corp., A2B Tracking Solutions, Motorola Solutions, Inc., Picarro Inc., Barcoding Inc., and Merit-Trax Technologies Inc. Several new players are expected to enter the market offering innovative technologies in the next few years.
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