Provided by BIS Research
The number of food recalls due to contamination has escalated in the last few years. On average, the direct cost of a product recall varies between $10 and $12 million, in addition to the loss of sales and damage to the brand.
The food industry has introduced several measures to address these issues, including Hazard Analysis and Critical Control Points (HACCP), the International Organization for Standardization (ISO9001) and others. As per the U.S. Food & Drug Administration (FDA) data of 1996-2010, most of the contamination is likely to have occurred during the process of growing, harvesting, manufacturing, packing, holding or transporting the food.
Food traceability has become a necessity due to this rise in food recalls. Companies working in the food industry are recording the movement of food products, such as meat or fresh produce, using different tracking technologies like RFIDs and barcodes. Food traceability has gained global recognition, especially in developing and underdeveloped countries, where the market is relatively untapped.
The technologies used in food traceability systems are continuously evolving, and thus, are creating a plethora of opportunities for both companies and end-users. Advantages such as efficiency in business operations, expansion in different geographical locations and risk mitigation benefits are helping the global food traceability market to grow substantially. However, there is a lack of unifying requirements and weak technical system prohibiting rapid response time, affecting the market adversely.
According to a new market report by BIS Research, titled ‘Global Food Traceability Market- Analysis and Forecast (2017-2022)’, the global food traceability market is anticipated to reach $16.09 billion by 2022, growing at a CAGR of 5.56% from 2016 to 2022. The market is driven by factors such as the improvements in the food recall process, ease of compliance in global regulation, greater visibility within the inventory system, timely accuracy of data, improved return processes and a rapid shift in consumer preference.
This market intelligence report provides a thorough analysis of the key development strategies and market trend dynamics which includes drivers, challenges and opportunities prevailing in the food traceability market. The report divides the market along the lines of application, technology and end-users. Among applications, fresh produce leads the market and is expected to perpetuate this hegemony over the coming years. The meat and the dairy products traceability is growing at a fast rate, due to the rise of related products sold mainly at the retail stores.
This study also includes a separate segment which provides a detailed profile of key market players, along with their individual SWOT analysis. Some of the key players analyzed in the report are:
- Bar Code Integrators Inc.
- Bio-Rad Laboratories
- Carlisle Technology Inc.
- C.H. Robinson
- Cognex Corporation
- E. I. DU PONT DE Nemours and Company
The companies demonstrate an inclination towards adopting strategies such as partnerships & collaborations, and business expansion, among others. The high growth potential and rapidly emerging technologies in the food sector are attracting various investors.
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