According to a recently released report published by Allied Market Research, the global food traceability and tracking technologies market is expected to grow at rate of 8.7 percent, reaching expected revenue of $14.1 billion by 2020.The report entitled Food Traceability Market (Tracking Technologies) Global Industry Analysis, Size, Share, Trends, Opportunities and Forecast, 2012-2020, predicts Radio-frequency identification (RFID) technology to grow at the highest rate of 19.4 percent among all technologies in the food traceability market.
The reason for the high growth rate of RFID is real-time tracking of food items irrespective of weather conditions or location. Accurate read-write ability in complex environment is also a significant advantage of this technology.
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 that offer opportunities for food traceability suppliers to enhance their market position.
The report also highlights the industry's growing awareness of technological advancements in traceability, which will allow small- and medium-sized companies to overcome previous cost restraints. 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 rate of 11.5 percent 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 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 4.6 percent during the analysis period. Asia Pacific is expected to have the highest revenues by 2020 as it is expected to grow at 16.7 percent 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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