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[ 176 + Pages Research Report ] Internet of Things and Traceability for Food & Beverage Manufacturing Market to surpass USD 31 billion by 2030 from USD 14 billion in 2020 at a CAGR of 9.3 % in the coming years, i.e., 2021-30.
Product Overview
Food traceability refers to the tracking and monitoring of food goods as they travel to their final destination, whether it's a customer or a store. The technology employed in this procedure tracks the exact location of the food, avoiding tainted or discarded food from being mixed in with the edible food. In the Internet of Things and Traceability for the Food & Beverage Manufacturing Market, there are a variety of technologies with various applications that focus on enabling quick and effective corrective steps if something goes wrong, hence preventing tainted food from reaching customers.
Market Highlights
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market is expected to project a notable CAGR of 9.3 % in 2030.
The industry is likely to be driven by customers' increasing need for safe-to-eat products. Due to its vast population wanting safe and secure food, the Asia Pacific segment is expected to lead the market. It is also expected to be the fastest-growing, owing to the increased need for safety concerns following the recent COVID epidemic in China.
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market: Segments
2D & 1D Scanners segment to grow with the highest CAGR during 2020-30
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market is segmented by equipment into PDA with GPS, Thermal Printers, 2D & 1D Scanners, Tags & Labels, Sensors. In the food, beverage, pharmaceutical, personal care, and other industries, the usage of barcodes, data matrix codes, QR codes, and dot codes is required on packaging. This has resulted in a rise in demand for traceable solutions, such as barcode scanners, in a variety of businesses that show information in an electronic-readable manner. To read the data on barcodes, data-matrix codes, QR codes, and dot codes and extract information about the object, 2D and 1D scanners are necessary.
RFID/RTLS segment to grow with the highest CAGR during 2020-30
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market is divided by technology into RFID/RTLS, GPS, Barcode, Infrared, and Biometrics. With the use of a tag that identifies and tracks food goods using radio waves, radio frequency identification technology (RFID) is utilized to track real-time information. RFID technology is beneficial since it tracks data and complex characteristics like temperature, air pressure, and humidity. It also has an advantage over its competitors in that it does not require user-initiated, line-of-sight activities, and it is capable of simultaneously reading and writing hundreds of tags, lowering labor resources and expenses. RFID enables businesses to capture data with the fewest possible errors.
Market Dynamics
Drivers
Increasing food contamination
The contamination of food with bacteria and mycotoxins is the most common cause of foodborne diseases. The presence of pathogens in food, such as Salmonella and Listeria, jeopardizes the microbiological safety and quality of the food, resulting in foodborne diseases. Commercial food services have grown considerably in popularity over the previous three decades, necessitating a great deal of food handling. This has resulted in a rise in the number of individuals handling food, as well as other developments such as new methods of producing and distributing food, which has increased the risk of foodborne infection transfer from handlers to consumers, boosting the need for food traceability systems.
Strict government regulation
Government-imposed rules in developed regions, such as Europe, are expected to emphasize the importance of food safety at all stages of the supply chain. For example, the European Food Safety Agency (EFSA) is improving food safety awareness in Europe, and revisions to the General Food Law Regulation are being made to increase risk assessment across food supply chains. This will open the door for the deployment of traceability technologies to assess and manage the risks of food contamination.
Restraint
Issue related to privacy
Traceability refers to the ability to trace and track food goods from the point of origin to the final consumer. For tracking products across supply chains, advanced technology-based solutions such as barcodes and RFID are available. The technology provides data collection, recording, storage, and exchange of traceability features on processing, genetics, inputs, disease tracking, and environmental variable assessment, in addition to product traceability. However, there are some problems with implementing these technologies, such as ensuring the privacy and security of data contained on RFID tags against illegal access and modification. Consumers are concerned about privacy invasion because they believe they could be tracked if they purchase RFID-enabled devices, which hazard is posed by RFID. As a result, consumer and manufacturer concerns about data sharing are impeding the growth of the food traceability business.
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market: Key Players
C.H. Robinson (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Bio-Rad Laboratories, Inc (US)
OPTEL GROUP (Canada)
Cognex (US)
Honeywell International Inc. (US)
SGS SA (Switzerland)
Zebra Technologies (US)
Bar Code Integrators (US)
Carlisle (US)
Merit-Trax (Canada)
Other Prominent Players
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market: Regions
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Internet of Things and Traceability for Food & Beverage Manufacturing Market in the Asia Pacific held the largest market share of XX% in the year 2020. Because of the region's large population and spending power, consumers are looking for high-quality, safe food to eat. The demand for food traceability services is expanding as the population's consumption habits change as a result of increased awareness about healthy foods and beverages. The millennial generation is driving demand for clean and safe food and beverages, which is propelling the food traceability industry once again.
Impact of Covid-19 on Internet of Things and Traceability for Food & Beverage Manufacturing Market
The industry is likely to be driven by customers' increasing need for safe-to-eat products. Due to its vast population wanting safe and secure food, the Asia Pacific segment is expected to lead the market. It is also expected to be the fastest-growing, owing to the increased need for safety concerns following the recent COVID epidemic around the world.
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa and Rest of MENA
Global Internet of Things and Traceability for Food & Beverage Manufacturing Market report also contains analysis on:
Internet of Things and Traceability for Food & Beverage Manufacturing Market Segments:
By technology
RFID/RTLS
GPS
Barcode
Infrared
Biometrics
By equipment
PDA with GPS
Thermal Printers
2D & 1D Scanners
Tags & Labels
Sensors
Internet of Things and Traceability for Food & Beverage Manufacturing Market Dynamics
Internet of Things and Traceability for Food & Beverage Manufacturing Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Internet of Things and Traceability for Food & Beverage Manufacturing Market Report Scope and Segmentation
Report Attribute
Details
The market size value in 2021 USD 14 billion
The revenue forecast in 2030 USD 31 billion
Growth Rate CAGR of 9.3 % from 2021 to 2030
The base year for estimation 2020
Quantitative units
Revenue in USD million and CAGR from 2021 to 2030
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered technology, equipment, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled C.H. Robinson (US), Bio-Rad Laboratories, Inc (US), OPTEL GROUP (Canada), Cognex (US), Honeywell International Inc. (US), SGS SA (Switzerland), Zebra Technologies (US), Bar Code Integrators (US), Carlisle (US), Merit-Trax (Canada), FoodLogiq (US), Safe Traces (US), Food Forensics (UK), Bext360 (US), excel (US), Coventry (US), SMAG (France), Other Prominent Players.