Innovation to Drive Food Traceability Technology Market by 2022

Food traceability technology market is primarily driving by the technologically advanced countries, for instance, U.S., Japan, U.K. and others. The technologies are being adopted by the end-users from developing countries due to awareness. Moreover, presently, companies maintain a proper framework of business for optimum level of inventory and smooth operation; hence demand for food traceability technology increasing worldwide.

Owing to globalization and integration, food production and distribution system are becoming more interdependent. In order to reduce the wastage of food, and maintain a proper value chain ranging from production to consumption, a technologically advanced traceability is required. Traceability helps to manage the possible risk in the supply chain. Currently, by law in Japan, European Union (EU), and the United States, specific standards for food traceability are mandated internationally.

There are two type of traceability system namely internal traceability and chain traceability. Internal traceability refers to recording of data within the organization or any separate geographic location. Chain traceability refers to recording data and transferring it through a supply chain among intra and inter organisations. Depending on the type of business, traceability data can be both static and dynamic. Static data is fixed, whereas dynamic data changes over the time. In order to capture, record, store, and share traceability data efficiently, use of software’s such as Enterprise Resource Planning (ERP) and database management solutions, cloud computing and SaaS (software as a service) solutions are anticipated to lead towards reduced cost and cost-effective operations.

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Some of the restraining factors for food traceability technology market include additional cost for traceability technology and privacy issue for data security, since data management, data tracking and security of data is cost-oriented. Moreover, the technologies are product specific; hence different technologies are used for different applications of products, for instance data management and tracking is different in manufacturing to wholesale to retail, also it is different in terms of countable and non-countable food products.

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There is a huge opportunity for players in countries such as ASEAN countries, Gulf countries to expand their market share in food traceability technology market. Moreover, new smart technology for easy and universal accessibility can bring a new opportunity for the food traceability technology players.

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