Dublin, June 06, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "Global Food Traceability Market- Analysis and Forecast 2017-2022: Focus on Applications, Technology and End Users" report to their offering.
The food traceability market is expected to grow from $11.63 billion in 2016 to $16.09 billion by 2022, at a CAGR of 5.56% from 2016 to 2022
This growth can be attributed to the rise in the food safety concerns within the food industry, which has led to an increase in the adoption of food traceability technologies across the globe.
The global increase in the number of food recalls has posed serious threats to the public health as well as to the growing economy. On an average, the direct cost of a product recall borne by the food company varies between $10 million to $12 million, in addition to the loss of sale and brand.
The major concerns pertaining to food safety have put human life, industries, and companies at stake. Factually, for ensuring food safety and quality, the food industry addressed the management with the introduction of the Hazard Analysis and Critical Control Points (HACCP), the International Organization of Standardization (ISO9001) and others. However, with the rise in the issues such as false labelling and the occurrence of the Bovine Spongiform Encephalopathy (BSE), also known as the mad cow disease, there has been a decline in the trust for the food products among the consumers within the food industry.
According to the U.S. Centers for Disease Control and Prevention, approximately 48 million people in the U.S. get sick and 0.13 million are hospitalized each year due to foodborne illness. Moreover, as per the U.S. Food & Drug Administration (FDA) data of 1996-2010, most of the contamination is likely occurred during the process of growing, harvesting, manufacturing, packing, holding or transportation of food.
Traceability is gaining widespread recognition in developing and under developed countries, and therefore, tends to be global, dynamic and complex in nature. The market is expected to progress to a substantial extent due to the global population and food sufficiency concerns. The growth for this market is driven by factors such as improvement in the food recall process, ease of compliance in global regulation, greater visibility within the inventory system, improved return processes, and rapid shift in consumer preferences. However, the market consists of certain challenges which are inhibiting the overall growth for the global food traceability market overlapping and conflicting demand of food traceability systems, lack of unifying requirements, and weak technical system prohibiting rapid response time.
Key Topics Covered:
Executive Summary
1 Research Scope and Methodology
2 Industry Analysis
2.1 Opportunity Matrix
2.2 Country Share Analysis
3 Market Dynamics
3.1 Market Drivers
3.1.1 Ease of Compliance in Global Regulations
3.1.2 Greater Inventory Visibility
3.1.3 Improved Food Recall Process
3.1.4 Improved Returns Process
3.1.5 More Timely and Accurate Upstream and Downstream Data
3.1.6 Rapid shift in Consumer Preference
3.2 Market Challenges
3.2.1 Lack of Tracking Records
3.2.2 Overlapping and Conflicting Demands
3.2.3 Weak technical systems
3.3 Market Opportunities
3.3.1 Efficiency in the Supply Chain Operations
3.3.2 Expansion in New Markets
3.3.3 Risk Mitigation Benefits
4 Competitive Insights
4.1 Key Strategies and Developments
4.2 Industry Attractiveness
5 Food Traceability Market Analysis and Forecast, by Application
5.1 Assumptions & Limitations for Analysis and Forecast of the Global Food Traceability Market
5.2 Market Overview
5.3 Meat Traceability
5.3.1 Meat Traceability Market by Technology
5.3.2 Meat Traceability Market by End Users
5.3.3 Meat Traceability Market by Geography
5.4 Dairy Product Traceability
5.4.1 Dairy Product Traceability Market by Technology
5.4.2 Dairy Product Traceability Market by End Users
5.4.3 Dairy Product Traceability Market by Geography
5.5 Fresh Produce Traceability
5.5.1 Fresh Produce Traceability Market by Technology
5.5.2 Fresh Produce Traceability Market by End Users
5.5.3 Fresh Produce Traceability Market by Geography
5.6 Others
5.6.1 Other Types of Traceability Market by Technology
5.6.2 Other Types of Traceability Market by End Users
5.6.3 Other Types of Traceability Market by Geography
6 Food Traceability Market Analysis and Forecast, by Technology
6.1 Radio Frequency Identification (RFID)
6.2 Global Positioning System (GPS)
6.3 Barcodes
6.4 Others
7 Food Traceability Market, by End-Users
7.1 Food Manufacturers
7.2 Retailers
7.3 Warehouses
7.4 Others
7.4.1 Defence and Security Departments
8 Food Traceability Market, by Geography
9 Company Profiles
- Bar Code Integrators Inc.
- Bio-Rad Laboratories
- C.H. Robinson
- Carlisle Technology Inc.
- Cognex Corporation
- E. I. DU PONT DE Nemours and Company
- Foodlogiq
- Honeywell International Inc.
- INFOR
- MERIT-TRAX Technologies INC.
- Mar-Kov Computer Systems
- Mass Group
- Picarro Inc.
- SGS S.A.
- Thermo Fisher Scientific
- Zebra technologies
For more information about this report visit http://www.researchandmarkets.com/research/gmvf47/global_food