Global Food Tracking Solutions Market - Introduction
- Food tracking solutions pertain to the tracking as well as monitoring of food items that are in transit. Technologies deployed in this procedure track the exact location of the food in transit, thus preventing mixing of discarded or contaminated food products with the consumable food products.
- Many technologies are available in the food tracking solutions market with varied applications, to enable effective and quick action if something goes wrong or out of control; these technologies help to segregate the contaminated food from reaching the end-users.
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Increasing demand for RFID technology across food retail stores worldwide: Prominent driving factor of the food tracking solutions market
- The entire retail industry has augmented significantly over the past few years. The retail industry is highly competitive in North America and Eastern Europe due to technological advancements. Food retail stores are deploying several technological strategies and tools to enhance their operation activity.
- With the rise in competition, food retailers are determined to differentiate themselves from their competitors to expand and enhance their operations efficiently. Hence, Radio Frequency Identification (RFID) plays an important role in the retail industry in a more connected environment. RFID facilitates food retail stores to identify, transact, engage, locate, and validate assets and personnel. RFID technology is beneficial as it can easily track information and multifaceted parameters such as air pressure, temperature, and humidity. RFID helps food enterprises to obtain data with least chances of error. RFID can be easily attached and tracked on any food item in retail stores. Different types of information such as cost, store ID, and location can be embedded on RFID chips.
- Therefore, increasing demand for RFID technology across food retail stores worldwide is significantly enhancing the growth of the food tracking solutions market.
Unauthorized access of tracking technologies expected to significantly hamper the food tracking solutions market
- Information related to food items is stored in RFID systems, barcode detectors, and other tracking technologies. RFID systems, barcode detectors, and other tracking technologies are vulnerable to electronic attacks. Additionally, major security threats are faced by RFID systems and barcode detectors that include unauthorized access which can easily compromise the data or content. Therefore, unauthorized access of tracking technologies is expected to significantly hamper the food tracking solutions market.
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North America to hold major share of the global food tracking solutions market
- In terms of region, the global food tracking solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global food tracking solutions market during the forecast period due to increasing government initiatives toward food safety, indicating potential growth of the food tracking solutions market in this region. Europe is estimated to be the second largest market for food tracking solutions from 2019 to 2027. Certifications & standardizations along with a strict legislative framework for food safety is likely to drive the food tracking solutions market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global food tracking solutions market during the forecast period due to increasing adoption of various technological advancements regarding food tracking, which is expected to increase the adoption of food tracking solutions in the region.
Key Players Operating in the Global Food Tracking Solutions Market
- Bio-Rad Laboratories, Inc.
- Blue Link Associates Limited.
- C.H. Robinson Worldwide, Inc.
- Cognex Corporation
- DuPont de Nemours, Inc.
- Honeywell International Inc.
- IBM Corporation
- Intertek Group plc
- MASS Group.
- Motorola Solutions, Inc.
- NexTec Group
- SGS SA
- Zebra Technologies Corporation
Global Food Tracking Solutions Market: Research Scope
Global Food Tracking Solutions Market, by Component
- Radio-frequency Identification (RFID) Tags
- RFID Scanner
- Barcode Detectors
- Thermal Printers
- Infrared Sensors
- Others (Biometrics, Scanners)
- Radio-frequency Identification (RFID) Tags
Global Food Tracking Solutions Market, by End-user
- Food Manufacturers
- Warehouse/Pack Farms
- Food Retailers
- Other (Government Departments)
Global Food Tracking Solutions Market, by Application
- Fresh Food
- Meat and Poultry
- Spices and Condiments
Global Food Tracking Solutions Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.