Forecast report on Global Packaged Food Traceability Market 2016-2020 includes RnRMarketResearch.com. This report covers the present scenario and the growth prospects of the global packaged food traceability market for 2016-2020. To calculate the market size, the report considers the revenue generated from radio frequency identification (RFID), barcodes, and other platforms used in traceability systems.
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The analysts forecast global packaged food traceability market to grow at a CAGR of over 8% during the period 2016-2020. Food traceability systems help to track the goods in inventory, reduce costs, and replenish the stock regularly. The devices help and analyze the demand for an item and forecast its sales. Also, traceability systems are used to collect data about the objects and their movements. Losing such information to competitors or hackers due to insecure systems could pose huge losses and security issues. Hence, the traceability systems have to be properly secured to avoid data theft. The market for traceability readers is largely untapped, providing a tremendous opportunity for vendors. Vendors invest in R&D to offer customers unique, secure, and low-cost traceability systems.
Key players in the global packaged food traceability market: Cognex, Datalogic, Honeywell International, Impinj, and Zebra Technologies. Other Prominent Vendors in the market are: Alien Technology, Avery Dennison, Bar Code Integrators, Carlisle Technology, Merit-Trax Technologies, SATO VICINITY, SMARTRAC, Thinfilm, Tyco, and Denso.
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High adoption of UHF RFID tags will be a major trend for market growth. UHF RFID tags are long-range RFID tags that operate at 856 MHz and 960 MHz. They transfer data at a much faster rate than low-frequency and HF RFID tags. Also, UHF tags offer more benefits than lower frequency range RFID tags. They help achieve higher inventory accuracy of over 90% and reduce out-of-stocks by 70%- 80%, thereby increasing overall sales of retailers. UHF tags can be read from a long distance at a much faster rate than HF tags. Because of this, UHF tags are widely adopted for item-level tagging, which is in high demand.
According to the report, the global population is expected to increase at a rapid pace in the future, which is expected to increase the demand for food products. Based on statistics, in 2015 the number of people suffering from malnutrition or starvation was about 956 million worldwide. Therefore, because of the increase in the global population and the food wastage, the need for efficient cold chains will increase substantially in the future. Therefore, the increased need to reduce the food wastage is one of the key drivers contributing to the growth of the market.
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Further, the report states that data privacy and security concerns are major challenges in any organization as devices are connected to the Internet and they use of private and public networks. As critical data are transferred through IoT networks, a highly secured environment needs to be established. Also, IoT network includes multiple devices, which at times may cause interoperability issues.