Lewes, DE -- (SBWire) -- 08/21/2015 --Due to Increasing awareness among the consumers, strict goverment role in the traceability process, product loyalty, certifications and standardizations are the factors driving the market growth, the global food traceability market is expected to grow at a compound annual growth rate (CAGR) of 12.28% and reach US$19.7 billion by 2022 from $7.8 billion in 2014.
Increasing adoption of Warehouse Management Software (WMS), Cloud Computing, Quality Management Solutions, Enterprise Resource Planning (ERP) are also adding up to the market growth. The factors that are restraining the market growth include, Necessity for dissimilar products, and confidentiality issues. The opportunity for the investors and the new entrants lies among the emerging economies.
Global Food Traceability market is segmented by Technology, by End User, by Application and by Geography. Based on Technology, market is segregated into Infrared, Biometrics, Global Positioning System, Radio-Frequency Identification and Barcodes. Based on End User, market is classified into Warehouse, Government Departments, Manufacturer, Retailer, Departments and other End-Users (non-profit business, animal welfare association, and supportive organization). Based on Application, it is categorized into Seafood Products, Fresh Food, Beverage Products, Meat & Poultry, Dairy Products and other Applications (grains, oilseed, and coffee). Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World. Asia-Pacific is expected to be the fastest growing region among the global markets.
The Key players in the market include, Carlisle Technology Inc, Cognex Corporation, Bio-Rad Laboratories, Inc., C.H. Robinson Worldwide, Inc., Mass Group Inc., Honeywell International Inc, Picarro Inc., Merit-Trax Technologies, Inc. and Bar Code Integrators, Inc.
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