- 1 Definition / Scope
- 2 Market Overview
- 3 Key Metrics
- 4 Market Risks
- 5 Top Market Opportunities
- 6 Market Drivers
- 7 Market Restraints
- 8 Industry Challenges
- 9 Technology Trends
- 10 Regulatory Trends
- 11 Other Key Market Trends
- 12 Market Size and Forecast
- 13 Market Outlook
- 14 Technology Roadmap
- 15 Distribution Chain Analysis
- 16 Competitive Landscape
- 17 Competitive Factors
- 18 Key Market Players
- 19 Strategic Conclusion
- 20 References
- 21 Appendix
Definition / Scope
- Asia Pacific (APAC) food industry is the food and beverage processing industry. Food traceability is defined as the ability to systematically identify a unit of production, track its location, and describe any treatments or transformations at all stages of production, processing, and distribution. It is achieved through proper documentation and record-keeping, along with proper handling protocols during processing, shipping, and receiving, to ensure that products can be tracked accurately.
- Due to growing foodborne diseases, adulteration incidents there has been an increase in concern for food safety lead to the adoption of food traceability systems globally.
- The primary purpose of food tracking is food safety and prevention from food-borne diseases. Food traceability comprises the capacity to identify and authenticate a variety of stages of the food chain from production to distribution. It involves recognizing the origin of food and its destination, from where it will be distributed to end-users. This system is necessary for food investigations and is crucial in food trade as multi-ingredient food includes materials from a variety of food chains and countries.
- The APAC traceable food market was valued at USD 2.75 billion in 2018 and is expected to reach USD 6.32 billion by 2024, witnessing a CAGR of 14.9% during the forecast period, 2019 to 2024 due to competitive edge & brand loyalty, tracing contamination & product recall, and flow of information upstream & downstream of supply chain.
- The factor driving the food traceability (tracking technologies) market is increasing awareness about food safety among governments and consumers. The primary purpose of food tracking is food safety and prevention from food-borne diseases.
- Furthermore, increasing globalization is increasing the complexity in the supply chain process from harvest to final sale leading to an increase in the chances of food contamination. This is expected to increase the demand of food traceability and tracking technologies as it ensures quality and safety of the food supply, high chances of a rapid and specific product recall as well as accurately tracks causes of impurity. Also, the adoption of traceability systems would improve supply chain efficiency by providing detailed historical data about timings, condition, handling and flow of goods.
- Despite these growth factors, major concerns related to the market are no strict laws in the developing countries pertaining to the food traceability market which acts as restraints. At the same time, some of the limiting factors for the food traceability technology market include high cost for traceability technology system, privacy issue for data security, data management, and data tracking and security of data is cost-oriented.
- Nonetheless, the increasing penetration of modern retail, such as supermarkets and hypermarkets are increasing the demand for food traceability systems. The food tracking systems incur costs related to investment in infrastructure, record keeping, and up-gradation of harvesting and processing of food.
- The main end-users employing food traceability (tracking technologies) are food retailers and food manufacturers. Furthermore, these segments occupied the major market in 2018, and are expected to grow at profitable CAGRs, during the forecast period. 2D & 1D scanners, tags & labels, and thermal printers are the main equipment used in the food traceability market, which collectively occupied more than three-fourths share in 2018.
- The traceable food market is changing the competitive landscape of industries, as companies are investing in advanced technologies for automation. Further, companies such as International Business Machines Corporation, Motorola Solutions, Inc., SGS SA, etc. have been able to establish themselves as leaders. Some of the major players are currently focusing on providing traceability solutions with advanced and innovative technologies. As part of this strategy, the companies are engaging in various acquisitions, strategic partnerships, and focusing on expanding their business through new service additions and geographical presence.
|Base Year||2018||Researched through internet|
Although the traceable food market is growing rapidly, it continues to face a number of obstacles, such as security and privacy concerns among the population and the high price of the tracing system.
Security and privacy concerns:
- A major concern that surrounds the market is the security and privacy of the data; this concern leads to loss of physical systems and data security. Maintaining high levels of security is significant challenge for the market.
- The main APAC countries competing to capture market share, by 2025 will be the China (19%) and Japan at 6%. Despite traceability having a significant opportunity to scale and gain mass market adoption, the lack of network security capabilities could hamper momentum. As the number of devices and sensors increases, the importance of data and network security increases too.
High price of the tracing system:
- The advent of the high cost of tracking devices has hindered the manufacturers to adopt traceable technologies to lower resource consumption and increase overall productivity. The food tracking systems incur costs related to investment in infrastructure, record keeping, and up-gradation of harvesting and processing of food.
- Moreover, due to the high price, several manufacturers prefer to implement equipment to maximize efficiency without reduced cost.
Variation in national and regional statutory regulations:
- Statutory regulation is the process of checking by a governmental organization whether a company is following official rules or not.
- National and statutory regulations are one major market risks and the change in such regulations causes the fluctuation in the market trends of the products.
Top Market Opportunities
The development of advanced and wide-ranging traceable food solution is expected to offer productive opportunities for the growth of the market. Some of the key growth opportunities include:
Competitive edge & brand loyalty:
- Consumers are increasingly looking towards brands to provide a sense of identity and belonging.
- This has contributed to the growth of traceable food brands, with consumers buying into a brand with a particular heritage/theme, and therefore buying products from across multiple categories, which is likely to continue.
Tracing contamination & product recall:
- Increasing globalization is increasing the complexity in supply chain process (from harvest to final sale) leading to an increase in the chances of food contamination.
- This is expected to increase the demand of food traceability and tracking technologies as it ensures quality and safety of the food supplied, enhances chances of rapid and precise product recalls as well as accurately tracks causes of contamination.
The flow of information upstream & downstream of the supply chain:
- Traceability and authentication of food products are major concerns for consumers, producers, and retailers. Different partners across any length of the supply chain, for instance, can also store product information virtually and track the movement of objects along the supply chain, creating a secure, real-time data repository of traceability information.
- The basis of this is that traceability systems can become collaborative without the need for different stakeholders implementing any extra costly IT infrastructure.
- Authentication services and certifications enable new market segments that have evolved from the traditional food safety testing industry.
- A number of US and European retailers are beginning to enter the APAC market (e.g. Honeywell International, Cognex Corporation)
- Smaller APAC brands are also scaling quickly (eg Motorola solutions). This is likely to grow the traceable food market further.
Increasing awareness about food safety among governments and consumers:
- With the raising awareness about diseases, health issues and so on, consumers have been very sensitive about their health.
- Consumers are willing to pay a premium for products that support social responsibility traits requiring food tracking and traceability.
- Governments in countries such as China and India have taken several initiatives for encouraging manufacturers to increase their awareness about food safety.
Technology advancement and globalization of food products:
- Rising usage of a cloud-computing platform in order to ensure the development of the traceable devices is expected to propel the growth of the market.
- Additionally, a growing number of data centers are supporting the growth of the market.
- Data analytics would help them guide the optimal resource allocation and utilization, thereby improving operational efficiency.
Government rules and legislative framework:
- While every industrial firm has its own unique environment, protecting the organization from cyber threats is gaining even more significance than ever. These devices and applications can leak out sensitive information that can have a major impact on the organization.
- As with unprotected applications, the embedded programs can be analyzed and stolen, an organization should only think of protecting them and ensure cybersecurity for their environment.
- Policymakers, such as Industrial associations and governments have a significant role to play in addressing this issue by drafting key regulations and legislative frameworks that ensure food security and drive market adoption.
There are many market driving factors and many market restraining factors. Some of the market restraining factors are discussed below:
Changes in the regional and national regulations
- The food industry should obey the governmental regulations and policies. There are many regulations imposed by the regional and national governments to the food industry considering factors like health, economy, and environment.
- The changes in such regulations can cause some restrictions to the market of the foods and beverages.
Concern about the disposal of the products’ packets
- Many environmentalists, public, different national and international organizations and governments have shown concern about the disposal of the products’ packets.
- The improper disposal of these cause lots of harm to the environment, aquatic life, animals and human beings.
- The company has been questioned frequently about the products’ packets and the market has been affected by it.
Emerging sensitivities towards health
- With the raising awareness about diseases, health issues and so on, people have been very sensitive about their health.
- People want the processed and packaged food to be healthy in any way. The expectation of very healthy processed and packaged foods and beverages by the customers is causing a market restraint for the company.
Contamination and food safety
- The company does its best to add healthy ingredients and pack the foods safely. However, there are high chances of contamination caused by other people or companies in the market. This causes threat to customers’ beliefs and causes the market to restrain.
- When packaging of the food is destroyed by some mean then it affects the food marketing.
APAC traceable food industries face many challenges. Food is the basic need of human beings and is a matter of great concern for the health of people. Below are some challenges faced by APAC food industries:
Identification and Tracking:
- Track and trace, as well as food safety, are all about ensuring transparency with respect to the food’s origin and its path through the entire supply chain. Whether it involves processing, filling, or packaging, every process step requires its data to be gathered using a reliable method. This is particularly important for the hygienic requirements which come as standard in the food industry. Reliable identification of objects is the foundation for traceability with serialization and aggregation and for continual quality improvement.
- In addition, complete system solutions are required for inventory management and reusability of returnable containers and packaging. Fundamental changes in domestic food production systems are caused by growth in food purchases from local sources .
- In the areas of the packaging industry– reliable quality is one of the key corporate targets. In order to ensure constant high quality with high throughput speeds on packaging machines, a quality control system is needed that meets the highest requirements.
- Increasing pressures on food quality standards at all levels due to the increasing emphasis on food safety, integrity, quality, and nutritional and health impacts.
- In the modern consumer world, attractive packaging is crucial. It advertises and protects the product, as well as providing information about what is inside the packaging itself. Today’s mass-production methods make consistent quality control especially important. Relying on product control rather than product recalls is designed to prevent hazards for the consumer and to protect a brand’s image.
- Differently sized products and individual customer requirements require flexible machines and a broad spectrum of intelligent sensors to detect objects and measure physical sizes.
- Integrating sensor and actuator communication at the lowest field level makes the flow of information within an overall automation pyramid completely continuous.
- Even if the individual sensor functions do differ, the Smart Sensor Solutions implemented in machines always offer significantly greater flexibility, reliability, availability, operability, and efficiency, while optimizing the costs of the individual machine processes at the same time.
- One popular method of fulfilling the strict hygiene standards that apply in this context is to clean the systems using high pressure on a daily basis, this means that the individual components are exposed to strong thermal and mechanical loads as well as chemically aggressive cleaning agents, which poses a real challenge to the sensors in place.
- No build-up of germs means no product risk: That really is how simple the equation is when it comes to systems that process food, bottled drinks or produce pharmaceuticals. Concern by the policies makers about the sustainability of the foods and its benefits to the population as a whole .
Imitation and development of duplicate product design
- The other party or company imitating and developing the design of the product is the greatest challenge in the market of the APAC food industry.
- If done so there will be distortion in the trust of consumers for the original company. This is an illegal act and causes great harm to the company’s reputation and for the marketing of the product.
- The technology and innovation report captures noteworthy technologies that are transforming the traceable food market through the whole platform of connectivity.
- The main benefits of decentralizing supply chain management using distributed ledger technology and blockchain are: traceability and transparency; real-time tracking; faster transactions; smart contract technology eliminates fraud and error and provides a more secure environment for data; reduced carbon footprint by minimizing returns of goods which contribute to global carbon emissions.
- Improved logistics contributes to more efficient shipping and storage, and therefore greener and cheaper transport systems by cutting middlemen. It also reduces food waste. Consumers are empowered as they know more about the supply chain behind what they eat.
- Investments in blockchain for agriculture are in their early stages but they have the potential to impact the lives of large numbers of people .
- All developed nations have adopted the traceability system at an early stage owing to formulation of legislative laws pertaining to food traceability. Consumer health can have a direct impact on the national budget, if there is a severe outbreak of food-borne illnesses and the source of the food causing the disease cannot be traced. This enforced governments in developed economies to develop stringent legislation to avoid uncalled situations that impact health of the common populace.
- In addition, owing to globalization and increased awareness, developing countries are framing laws to implement a robust food traceability system. Thus, this is a key driver for food traceability market growth.
- Among the emerging nations, China and India have passed food traceability laws and others are following the same trend. However, governments of few developing nations lack on formulating stringent laws, thus restricting the food traceability market growth. Therefore, the traceability system in these countries is not implemented effectively.
- In developed countries, many manufacturers have initiated the use of traceability even without legislative initiatives by the respective governments. As there are no significant technological developments in certain emerging nations, the key food manufacturers do not look forward to any such initiatives, although few developing countries, such as China, India, and others, are strictly following food safety standards .
Other Key Market Trends
- Traceable equipment are primarily used in manufacturing and retail. The world has seen advancement in electronic commerce in recent times.
- China is the most advanced e-commerce market globally. According to China’s Ministry of Commerce, China’s e-commerce trade volume in 2018 reached USD $4.5 trillion up 11.7% YoY.
- This fact shows the raising condition of e-commerce in China for the world. Online e-commerce through the mean of social media, online shopping, etc. have easily, conveniently connected the customers with the company. This has caused efficient marketing advantages for the APAC food industry 
Market Size and Forecast
- The Asia-Pacific traceable food industry market is valued to be a $2.75 billion market in 2018 .
- With the rise in need of applications in various fields such as packaging, logistics, retail, storage, and handling, the Asia Pacific region is expected to exhibit strong growth in the traceable food market.
- The market is anticipated to swell with a CAGR of 14.90% over the forecast period from 2019 and 2024 .
- Alongside the large-scale industrialization in Asian countries such as China, India, and Japan, the presence of numerous manufacturing units that are progressively grasping the adoption of advanced technologies are the reasons for the upsurge of the estimated market size of approximately US $6.3 billion by 2024 .
ASIA-PACIFIC TRACEABLE FOOD MARKET KEY SEGMENTS
The Asia-Pacific traceable food market is segmented by Equipment (PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors), Technology (RFID/RTLS, GPS, Barcode, Infrared, and Biometrics) and End-User (Food Manufacturers, Warehouse/Pack Farms, Food Retailers, Defense & Security Departments, Other Government Departments, and Others .
ASIA-PACIFIC TRACEABLE FOOD MARKET BY EQUIPMENT
The equipment segment of the traceability food market covers equipment & devices that are used by the food supply chain to trace the details of the product throughout the product lifecycle. Equipment with different functionalities uses varied technologies to produce accurate information required in the food traceability market. 2D & 1D scanners, tags & labels, and thermal printers are the main equipment used in the food traceability industry, which collectively occupied more than three-fourths share in 2018 .
- The highest growth rate of the industry is the sensors devices segment which is expected to grow at a CAGR of 17.44 percent.
- The segment was valued at US$ 294.6 million in 2018 and will reach $608 million in 2024. This is due to an increase in technological advancements and a rise in automotive standards in developing countries such as India, China, and Indonesia.
- The increasing applications of temperature sensors in the food and beverage industry will be one of the primary growth factors for the temperature sensor market .
2D & 1D Scanners:
- 2D & 1D Scanners is anticipated to account for market share close to 40% of the traceable food market primarily due to the larger adoption of scanners in the market.
- Manufacturers are developing advanced wearable technology to reduce human errors and increase efficiency.
- The market was worth US $1.1 billion in 2018 and will reach $1.9 billion in 2024, growing at an accelerated pace of 11.3% .
- The thermal printer segment reached a total value of $785.7 million at the end-user level in 2018. The market is then forecasted to expand at a rate of 14.5% compound annual growth rate (CAGR) through to 2024, yielding a total market value of $1.48 billion in that year.
- The reduction in the need for near-infrared readable direct thermal for package delivery; smart labels for trucking of temperature-sensitive foods and pharmaceuticals; and increased use of QR and 2D codes for more trace data have significantly impacted the growth of this segment .
Personal digital assistance (PDA) with GPS:
- PDA with GPS is expected to grow at CAGR of 14.5% in the forecast period specifically due to the growth of the technology.
- The market is estimated to grow from over $327.4 million in 2018 to over US$ 632 million in 2024. The major factors driving the growth of the market are the use of handheld geo-referencing devices (global positioning system and personal data assistant equipped with GPS) as an effective means of reducing the cost of crop area data collection and improving crop area data quality .
Tags and Labels:
- The segment was valued at US$ 851.2 million in 2018 and will reach $1.7 billion in 2024. This is due to an increase in the food and beverage industry's demand for pressure-sensitive labels with 2-D and 3-D barcode technology.
- 2-D barcode labels can be identified and read using mobile phones via quick response, contributing to the implementation of 2-D and 3-D barcodes .
ASIA-PACIFIC TRACEABLE FOOD MARKET BY TECHNOLOGY
The use of barcodes, data-matrix codes, QR codes, and dot codes is mandatory on packaging used in food, beverage, pharmaceutical, personal care, and other industries. This has led to an increase in demand for the implementation of traceable solutions, such as barcode scanners across various industries, which display information in a format that can be read electronically. Thus, 2D & 1D scanners are required to read the data on barcodes, data-matrix codes, QR codes, and dot codes and retrieve information about the item.
- Barcode is the most widely used technology in the traceability food market due to its cost-effectiveness. This technology makes use of a Global Trade Item Number (GTIN) to achieve traceability.
- A GTIN includes a GS1 (a neutral, not-for-profit, international organization that develops and maintains standards for supply and demand chains) company prefix and a unique item reference number compatible with universal product bar codes or human readable codes.
- The barcode traceable food market spending total $1.79 billion in 2018 and will see the fast growth over the five-year forecast period (2019-24) with a CAGR of 22.3 percent.
- Technology-based scanners are outdated and have been replaced by scanners with multi-dimensional readability. Various mobile software developing companies have developed software that communicates with the scanner from smartphones, which reduces the cost of excess machinery.
- Radio-frequency identification (RFID) segment is also predicted to have considerable market share during the forecast period owing to real time tracking of food items irrespective of weather conditions. The segment was valued at US $ 478.3 million in 2018 and will reach $1.37 billion in 2024.
- RFID tags can monitor humidity, pressure, and event movement, arming users with more data to ensure food safety.
- Notably, data collected via RFID is non-duplicable, as it results from a machine-to-machine transaction. Therefore, food manufacturers can authenticate processes, as well as sufficiently meet audit requirements with confidence in their data’s integrity 
- The growing popularity of location-based services such as online food delivery and e-hailing services are projected to create significant demand for GPS-enabled devices over the forecast period.
- The market is estimated to grow from over $119.5 million in 2018 to over US$ 210 million in 2024.
- The infrared market segment is expected to register a CAGR of 15.1 % over the forecast period of 2019 - 2024.
- The rising use of infrared detectors in food manufacturing applications and an increase in the demand for consumer electronics, such as smartphones and tablets, are expected to aid the growth of the infrared detectors market.
- Major countries contributing to the growth of the infrared detector market in the region are Japan, China, India, and Taiwan. Additionally, Japan has a large manufacturing base of infrared detectors, which are exported worldwide .
- The biometrics market segment was valued at USD 139 million in 2018 and is expected to reach USD 316 million by 2024, registering a CAGR of 21.22% during the forecast period (2019-2024). Over the years, the requirement to control access to data, premises, and systems has grown.
- With the growing interest of the organizations in providing customers with enhanced traceable food and cutting-edge technology, biometrics can identify a person as opposed to just identifying a piece of information or device .
ASIA-PACIFIC TRACEABLE FOOD MARKET BY END USERS
- The end user segment of the food traceability market caters to the people who use various equipment and technologies to implement the traceability system. It consists of the supply chain participants who are directly impacted by the system.
- Food manufacturers, warehouse or pack farms, food retailers, defense & security departments, other government departments, and others constitute the end-user segment of the food traceability market.
- The main end users employing food traceability (tracking technologies) are food retailers and food manufacturers. Moreover, these segments occupied a major portion of food traceability market share in 2018, and are expected to grow at lucrative CAGRs, during the forecast period.
- Asia Pacific’s overall traceable market spending is projected to surge to US$ 6.32 billion by 2024 from US$ 2.75 billion in 2018, driven by early implementation of corporate professionals and government policies supporting food traceability in emerging nations, such as India, China, Korea, and others.
- These countries are in the process of adopting strict traceability systems due to an increase in awareness & knowledge among the general population and improvement in lifestyle of people, thus driving the rapid growth of the food traceability market in the APAC region .
- Barcode is the most widely used technology in the food traceability market due to its cost-effectiveness. The barcode traceable food market spending totals $1.79 billion in 2018 and will see the fast growth over the five-year forecast period (2019-24) with a CAGR of 22.3 percent.
- Barcode accounted for market share close to 40% of the traceable food market in 2018 and is anticipated to account for share close to 66% as manufacturers are developing advanced wearable technology to reduce human errors and increase efficiency.
- The main end-users employing food traceability (tracking technologies) are food retailers and food manufacturers. Moreover, these segments occupied a major portion of food traceability market share in 2018, and are expected to grow at lucrative CAGRs, during the forecast period.
- 2D & 1D scanners, tags & labels, and thermal printers are the main equipment used in the food traceability industry, which collectively occupied more than three-fourths share in 2018.
- 2D & 1D Scanners accounted for market share close to 54% of the traceable food market in 2018 and is anticipated to drop share close to 30% due to the larger adoption of thermal printers, tags & labels in the market.
- APAC retailers and food manufacturers are maximizing their efforts in food tracking to optimize transparency in the supply chain. A whole host of brands have activated blockchain technology to highlight the need for product and supply transparency that communicates safety and quality.
- With growing global supply chains, food safety is a top concern with both consumers and regulators. The World Health Organization (WHO) estimates that 420,000 people die annually from food contamination, which affects one in 10 people worldwide.
- Children under age five are at the highest risk with 125,000 children dying every year from foodborne illness, according to WHO 
Blockchain enhances transparency
- Blockchain enhances the ability to quickly pinpoint potential sources of contamination to efficiently prevent, contain or rectify outbreaks. Transparency in terms of blockchain food traceability can validate and authenticate food origin and improve brand credibility. Additional benefits include fraud prevention and the ability to better tackle outbreaks through prevention methods that can help minimize food testing expenses and improve margins.
- With consumers demanding high quality and sustainability, food retailers and manufacturers are carving out strategies to prove their responsibility and accountability. Information-gathering is a key component in ensuring food safety and quality in today’s market. Shoppers actively look for the origin and food production methods to understand the entire food supply chain.
- Blockchain means consumers can access labeling information on smartphones. It also gives supermarkets the means to access large amounts of data that travels through the supply chain. The technology provides in-depth tracking that ensures food quality will be possible.
- There are numerous examples of companies, start-ups, and initiatives aiming to improve food supply chain integrity through the blockchain technology. Walmart and Kroger were the first companies to embrace blockchain and include the technology into their supply chains, working initially on Chinese pork and Mexican mangoes .
Distribution Chain Analysis
Traceability of the food chain, i.e. traceability of the chain links, focus on information accompanying the product from one end to the other in its chain so that traceability should be extended for any product at all stages of production, processing, and distribution.
Traceability chain can be summarized as follows:
- Provider’s traceability: It includes all records and documents according to which the source of all raw materials, ingredients, and additives can be proven;
- Process traceability: It is represented by records made during the technological process, which provides the possibility of identifying all raw materials, ingredients, additives, etc. used to obtain a certain product and operations that they have suffered during the
- Technological flow: The client’s traceability ensures the identification of all customers of the product.
- The APAC traceable food market is highly competitive. The industry has seen many mergers and acquisitions over recent years. The presence of global players(eg. Honeywell International, Cognex Corporation) operating across the globe makes this market appears highly competitive.
- The food traceability market has a highly fragmented vendor landscape and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market .
- The major players include International Business Machines Corporation, Motorola Solutions, Inc., SGS SA, Bio-Rad Laboratories, Inc., CH Robinson Worldwide Inc., Cognex Corporation, E. I. Du Pont de Nemours and Company (DuPont), Honeywell International Inc., Zebra Technologies Corporation and MASS Group Inc.
- The corporate companies in the food market understand the importance of implementing a traceability system, in terms of reducing cost in recall scenarios, which is likely to improve consumer confidence and improve the company’s image.
- Emerging countries are witnessing the highest growth rates in the APAC traceability food market, because of the increase in health consciousness among people and rise in familiarity associated with the significance of effective food traceability system.
- These players are entering into collaborations or strategic partnerships for business expansion, which is increasing the level of consolidation. Technology early adopters are relying on growing revenue and increasing competitive advantage as the two main goals to drive the initiatives’ success. The most successful technical advocates or early adopters evangelize the many benefits of technology initiatives from a revenue growth position first.
- The adopters are more likely to see and promote the value of better decision-making, improved operational efficiencies, increased competitive advantage, growth in revenues, and enhanced customer service when BI adoption excels, setting the foundation for initiatives to succeed.
- Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnerships & collaborations.
- These activities have paved the way for the expansion of business and customer base of market players. The market is anticipated to lucrative growth opportunities in the future with the rising demand for traceable food in the market.
Key Market Players
The key market players operating in the market include:
- Bio-Rad Laboratories AB provides life science researches and clinical diagnostics.
- The Company offers a broad range of innovative tools and services in the fields of drug discovery, food safety, and medical diagnostics.
- Bio-Rad Laboratories serves customers worldwide .
CH Robinson Worldwide:
- C.H. Robinson Worldwide, Inc. provides multimodal-modal transportation services and logistics solutions.
- The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East.
- C.H. Robinson offers a variety of logistics services, such as fresh produce sourcing and freight consolidation .
- Cognex Corporation designs, develops, manufactures, markets machine vision systems and industrial barcode readers.
- The Company's systems are used to automate the manufacture of a variety of discrete items and to assure their quality.
- Cognex has regional offices located throughout North America, Japan, Europe, and Southeast Asia
E. I. Du Pont de Nemours and Company:
- DuPont de Nemours, Inc. operates as a chemical company.
- The Company offers elastomeric photopolymer printing plates, structural and elastic adhesives, fluids, reinforcing composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.
- DuPont serves clients worldwide .
- Honeywell International Private Limited provides diversified technological solutions.
- The Company offers avionics, engines, safety footwear, heating and cooling equipment, sensors, and switches, as well as facility management, airflow control, oil and gas refining, and pharmaceutical packaging services worldwide .
- Motorola Solutions, Inc. is a data communications and telecommunications equipment provider.
- The Company develops data capture, wireless, infrastructure, bar code scanning, two-way radios, and wireless broadband networks.
- Motorola also produces public safety and government products, voice and data communications products and systems, and wireless LAN securities .
Bar Code Integrators:
- Bar Code Integrators offers enterprise mobile computer, barcode scanner, RFID, and wireless network services.
- The Company provides label design, printing software, inventory systems, mobile tracking, and customs software and solutions .
- Asia Pacific is expected to witness the highest CAGR in the global traceable food market during the forecast period. The factor driving the food traceability (tracking technologies) market is increasing awareness about food safety among governments and consumers.
- Growing consumer concern for food safety, high demand in emerging economies, stringent export regulations and the increasing penetration of modern retail, such as supermarkets and hypermarkets are some of the key factors driving the market growth.
- However, factors such as associated cost, additional cost on traceability systems, varying needs for different products, lack of stringent laws in developing nations and privacy issues for data sharing are hindering the market growth.
- Furthermore, increasing globalization is increasing the complexity in the supply chain process from harvest to final sale leading to an increase in the chances of food contamination. This is expected to increase the demand of food traceability and tracking technologies as it ensures quality and safety of the food supply, high chances of a rapid and specific product recall as well as accurately tracks causes of impurity.
List of abbreviations
- APAC Asia Pacific Region
- CAGR Compound Annual Growth Rate
- US$ United States Dollar