A system that gives information and locates the food ingredient or path of food product or throughout food supply chain is called as food traceability system
AMR’s new study observed that the market for food traceability will reach a mark of $14.1 billion by 2020 growing at a CAGR of 8.7%. Due to real time locating of food irrespective of place of weather conditions, RFID is calculated to grow at rate of 19.4%. Further, its read-write accuracy in complex environment gives it an upper edge over the other technologies.
Food traceability is becoming a norm for all food producers across the globe due to rising consumer demand for food safety coupled with increased government regulation for the same. There has been good market revenue for it in Australia, U.S and Japan due to early adoption of food traceability technology. But due to increased globalization of food market, there lies greater opportunity for food traceability market in developing countries.
High cost of investment for this market is deterring its growth, but experts state that with high technological strides and low investment cost conditions will be better.
End user is one of the segments that experts observed in this market. It consists of retailers, food producers, transportation companies, warehouses etc. Food manufacturers are expected to earn maximum revenue of $5.4 billion by 2020 at a CAGR of 11.5%. Sensors market among equipments market are studied to grow with highest rate of 10.5%.
As far as geographical conditions are concerned, food traceability market consists of Asia Pacific, North America, Europe and Rest of the World (RoW). North America is expected to generate $4.4 billion by 2020 with a CAGR of 4.6%. Asia Pacific is projected to have the highest revenue at a CAGR of 16.7% between 2013 and 2020.
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