Global food traceability market report

Research and Markets has announced the addition of the Global Food Traceability Market 2015-2019 report to its offering. The analysts forecast the market to grow at a CAGR of 9.88% over the period 2014-2019.

Food traceability systems are used to keep a record of the flow of products meant for human consumption and product attributes throughout the production process or logistics network. Since food production and its distribution is a complex process, companies consider food traceability systems as the best tool to solve all food-related challenges. Food traceability helps companies make fresh food products available to their consumers, thereby helping in reducing food borne diseases. In many countries, such as the US and the UK, consumers are ready to pay more for products having a food traceability and point-of-origin certificate. Technologies such as infrared, RFID, biometrics and sensors have made food traceability convenient for companies in the food industry.

The emergence of an analytics system is one of the major trends upcoming in this market. This system helps companies gather real time data, thereby helping them in making informed decisions. It can be used in tracking food products in all phases of production, processing, packaging and distribution.

According to the report, one of the key drivers of the market is the increased demand from the food industry. In recent years, the demand for food products has increased rapidly because of the growth in the population, increased purchasing power and growing number of health-conscious people.

Further, the report states that high initial investment is one of the major challenges that the market faces. The initial investment required for food traceability equipment is high, which acts as a barrier for companies, especially SMEs, aiming to adopt the equipment.