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.
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.
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.
Key segments of the Global Food Traceability Market
Global Food Traceability Market, by Application
- Canned Or Bottled Food
- Vegetables And Fruits (Fresh Produce/Seeds)
- Dairy Products
- Fish Or Seafood
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.