April 05, 2017
Wellesley, Mass., April 05, 2017 – New proprietary research by BCC Research reveals that growing consumer awareness has forced manufacturers to adopt food traceability technologies within their supply chain processes. As a crucial and inevitable tool in food disease control and prevention, food traceability is expected to race along at a 7.1% CAGR from 2016-2021, reaching $15.1 billion in the end year.
BCC Research's Food Traceability: Technologies and Global Markets reports that food traceability is perceived as an important part of quality control, which helps with brand enhancement by the manufacturer, thereby leading to consumer retention. Widespread awareness of its utility and efficacy has significantly impacted market growth.
"Food safety legislation mandates of national and international governments and organizations become the influential factor behind the concept of food traceability," says Kevin Fitzgerald, BCC Research editorial director. "Food safety has become an increasingly essential element of overall corporate responsibility which is again a key determinant that affects consumer demands, brand equity, and other concerns."
RFID/RTLS a Booming Segment
RFID/RTLS as a segment has the second highest market with the fastest growth rate of 16.9% in the global market. RFID is quickly becoming the key technology for tagging due to several advantages like durability under harsh environments, long read ranges, sensor capabilities, automated data capture and storage. RFID tags are primarily classified into passive, semi-passive or battery assisted.
"The increased reliability of UHF RFID tags, close to 99.9%, and strong international standards governing passive significant reasons for their growing use," says Fitzgerald. "The market is expected to grow at a higher rate fueled by the growth in supply chain management, speed pass for cashless payments in food retailer’s industry, and animal tracking."
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Food Traceability: Technologies and Global Markets( FOD045B )
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