The global track & trace in food & beverage market is expected to project a CAGR of 19.97% during the forecast period, 2022-2030. The initiatives by regulatory bodies for enhanced food safety, increasing food product recalls & contamination cases, and consumer concerns regarding food safety propel market growth.
Track & trace solution is a comprehensive food safety & traceability system that makes information available along the entire food supply chain. The quality and freshness of a product are the deciding factors that can break or make a business in the food industry. The failure to follow safety protocols will result in a dissatisfied outcome, resulting in the loss of income and consumer, or even injury or sickness. Additionally, there is potential damage to the company’s brand and reputation. Such aspects contribute to food recalls.
According to a Public Interest Research Group report, food recalls due to different microbes, salmonella and E. coli, rose by 10% between 2013 and 2018. Such factors can hamper the client dependability and incomes, and increase notoriety for food & beverage cultivators, retailers, processors, and makers. As a result, there is a growing need for track & trace in food & beverage. However, the global market growth is restrained by the lack of basic structure in developing countries and the expenses involved in traceability systems.
The global track & trace in food & beverage market growth analysis includes the geographical evaluation of North America, Europe, Asia-Pacific, and Rest of World. Asia-Pacific is the fastest-growing region in the global market, accredited to the stringent regulations for implementing serialization, growing number of packaging-related product recalls, and rising focus on brand protection.
The high market rivalry is attributed to the advent of low-cost products, consistent patent expirations, consistent patent expirations, counterfeit drugs, generics, etc., restricting the revenue of the European and US pharmaceutical giants. Some of the prominent firms in the market include Optel Group, Zebra Technologies Corporation, Siemens AG, Inexto, etc.
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