Food security has become a serious concern in the present time with the rising number of food recalls in the food industry. For ensuring food safety, the food industry has addressed the management with Hazard Analysis and Critical Control Points (HACCP), the International Organization of Standardization (ISO9001) and others. Despite such measures, there has been a rise in cases of false labelling and the occurrence of the Bovine Spongiform Encephalopathy (BSE), also known as the mad cow disease. According to the U.S. Centers for Disease Control and Prevention, approximately 48 million people in the U.S. get sick and many of them are hospitalized each year due to food borne diseases. Such instances have resulted in a loss of trust for food products among the consumers.
According to the U.S. Food & Drug Administration (FDA) data of 1996-2010, most of the contamination of food product is likely to have occurred during the process of growing, harvesting, manufacturing, packing, holding or transportation of food. There has been an increase in the demand of a food tracking system to track the supply of food products at every stage of production, processing, and distribution of food items, resulting in the development of a reliable food traceability system. Different tracking technologies such as radio frequency identification (RFIDs) and barcodes are being used in order to avoid food recalls of products such as meat and fresh produce, etc.
The food traceability market is very dynamic and complex in nature with a widespread recognition in developing and under developed countries. The growing population and food sufficiency concerns are stimulating a substantial development in the market. The introduction of food traceability system has improved the process of food recall, with greater visibility within the inventory system, and improved return processes. These factors are driving the food traceability market, along with timely accuracy of the data, ease of compliance in global regulation and rapid shift in consumer preferences. However, there has been overlapping and conflicting demand of food traceability in the market and lack of unifying requirements, and these have restrained the growth of this emerging market. Along with this, weak technical system has hampered rapid response time, which has further affected the market growth.
The global food traceability market is expected to reach $16.09 billion by 2022, growing at a CAGR of 5.56% from 2016 to 2022. Increased adoption of food traceability technologies across the globe has fuelled the growth in the market, and it is continuously engaged in new evolution, which presents lucrative opportunities for the companies as well as for end users. The market is exhibiting opportunities such as efficiency in business operations, expansion in different geographical regions and risk mitigation benefits.
The concept of food traceability market primarily revolves around meat traceability, dairy product traceability, fresh produce traceability and other prevalent applications within the food traceability market. Fresh produce traceability dominates the market at present, and will continue to dominate the market in the coming years. Fresh produce includes freshly grown and harvested fruits and vegetables, which has witnessed a rise in the rate of food recalls, and hence, the food traceability market for fresh produce is growing rapidly.
BIS Research has conducted an extensive market research on ‘Global Food Traceability Market- Analysis and Forecast (2017-2022)’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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