For anyone in the food and beverage business, traceability is one of the key solutions that they should have as part of the business.
The food traceability market is huge. In 2017, it was valued at $10,963.0 million and is expected to reach $22,274.1 million by 2025, registering a CAGR of 9.3% from 2018 to 2025. This is according to the Food Traceability Market Outlook – 2025 report by Allied Market research.
Food traceability comprises the ability to identify and validate various stages of the food chain from production to distribution. It involves recognizing the origin of food and its destination from where it is expected to be distributed to different end-users. This system, the study notes, is essential for food investigations and is crucial in the global food trade as multi-ingredient food includes materials from a variety of food chains and countries.
The main applications of the food traceability market include meat and livestock, fresh produce and seeds, dairy, beverages, fisheries, and others. The different equipment meant for supporting the system are PDA with GPS, thermal printers, 2D & 1D scanners, tags and labels, sensors, and others.
The report notes that legislative framework, certifications and standardizations are the key drivers for the global food traceability market growth. This is due to the compulsion by different governments of several developed and developing countries to follow standards and laws related to food safety, which further support market expansion.
For traceability service providers like GS1, whose solutions are used globally by more than one million companies, traceability gives companies the ability to follow products and goods as they move along the value chain.
Other factors that fuel the market the report says are competitive edge and brand loyalty, tracing contamination and product recall, and flow of information upstream and downstream of the supply chain.
The equipment segment of the food traceability market covers equipment and devices that are used by the food supply chain to trace the details of the produce throughout the product life cycle. Equipment with different functionalities use varied technologies to produce accurate information required in the food traceability market.
Various equipment analyzed in the report includes personal digital assistance (PDA) with GPS, thermal printer, two-dimensional (2D) and one-dimensional scanners, tags and labels, sensors, and others.
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