The global food traceability market is expected to grow at a compound annual growth rate of 9.88 percent from 2015-2019, according to technology research and advisory company TechNavio.
According to the report, the emergence of analytics systems in this market is expected to significantly affect market growth. Analytics help organizations make informed decisions based on real-time data. These systems can also facilitate the tracking of food products in all phases of production, processing, packaging and distribution.
“Big players like IBM have come up with systems that help food distributors, retailers and health officials predict which food products are most likely to be contaminated, and speed up the investigation of an outbreak of any food-borne disease,” says Faisal Ghaus, vice president of TechNavio.
The market is also expected to witness the strongest growth from the Asia-Pacific region. TechNavio says increasing demand for food products, dairy products and packaged food in this region will help the market flourish in the coming years.
“The growth of SMEs in emerging regions will also increase the adoption of food traceability systems, thus positively impacting the CAGR of this market,” says Ghaus.