Regulatory Body Initiatives drive Global Track & Trace in Food & Beverage Market

Inkwood Research estimates that the Global Track & Trace in Food & Beverage Market to propel with a CAGR of 19.97% during the forecast period, 2022-2030.

"Browse 86 market data Tables and 62 Figures spread over 290 Pages, along with an in-depth analysis of the Global Track & Trace in Food & Beverage Market Forecast 2022-2030."

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The track & trace in food & beverage entails following the movement of a food product and its ingredients through all steps in the supply chain, both forward and backward. Also, it includes linking and documenting the processing, distribution, and production chain of food ingredients and products.

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Initiatives by Regulatory Bodies propel Market Demands

Regulatory bodies and governments globally have undertaken major initiatives in terms of food traceability laws that have enabled certain safety measures in the food industry. These laws serve as a guide for the market players in the food industry, wherein public health and welfare are given due importance. Also, these laws are evaluated to curb the rising cases of foodborne diseases and food adulteration incidents.

Also, governments play a central role in the food and agriculture industries in terms of providing crops and other essential resources at subsidized rates. Also, they have enabled capital for certain small- and medium-scale producers in the global food traceability market. For instance, the Australian Department of Agriculture invited applications for grants worth $4 million in January 2020. This is to improve traceability in the food supply chain and cultivate trust in Australian-grown products and increase agricultural exports. Such developments define the market dynamics of the track & trace in food & beverage market.

Line Controller Software is a Fast-Growing Product

The line controller software configures assembly and production lines and regulates the production process. It enables the integration of all line components into one unit. It also facilitates the assembly of the incorporation of the packaging line and restricts the damage to packages during queuing in the production line. In addition, it can control production speed. Further, several manufacturers are offering line controller software solutions in accordance with consumer requirements, given the recent advancements in software systems.

With regard to the pharmaceutical industry, the software works by regulating the printing devices on pharmaceutical packaging stations through an Ethernet network. The main advantages of using line control software are efficient data flow handling between production lines, users, upper-level systems, and orders in the pharmaceutical industry. Moreover, such advantages further ease the system configurations.

Asia-Pacific: Fastest-Growing Region

In Asia-Pacific, the thriving industries like meat & livestock, fisheries, and fresh produce & seeds and the expanding market players contribute to its growth prospects. Accordingly, large organizations and enterprises are implementing upgraded technological solutions that utilize blockchain technology to create cohesive and transparent supply chain traceability.

The market rivalry is high, with the market dominated by companies having the highest revenue share. They are engaged in the adoption of extensive growth strategies like strategic alliances, product portfolio expansion, and increasing product differentiation. Some of the key market players are Antares Vision SpA, Siemens AG, Optel Group, rfXcel Corporation, etc.

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This release was published on openPR.