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Growing Consumer Awareness about the Threat of Food Hazards Driving the Demand for Smarter IoT Solutions Globally
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The Internet of Things (IoT) and traceability for food and beverage (F&B) manufacturing market was valued at $4.08 billion in market revenue in 2017 and is expected to reach $8.43 billion by 2025, growing at a compound annual growth rate (CAGR) of 9.5%. Supply chain traceability is the information system that is required to track the history of a product from the point of its origin to the point of sale, through the production and shipping processes. Supply chain traceability technologies enable the fulfillment of food safety requirements, product quality compliance with customer standards, compliance with regulatory requirements, and verifying harmonization across countries, logistics requirements, prevention of fraud and food security, and requirements related to production and process efficiency and cost control. Besides fulfilling the above requirements, traceability systems should be customized to meet the needs of specific use cases. Specifically, traceability systems vary in design and operation because of the variety of requirements and differences in use cases in F&B processing. There is also a wide variety of sophistication in traceability systems across the market. For example, some traceability systems are still paper-based and meet only the basic requirements. More advanced digital tracking systems are capable of tracking raw materials and ingredients through every stage of the production and shipping process. Overall, traceability systems should ideally be able to record product transformation and track the identifiable units throughout processing. This may not always be possible, as one ingredient may be sourced from multiple suppliers and then used as a bulk quantity in the processing stages.Key drivers expected to support market growth include the F&B end user growth (with market penetration growth expected to be strong and contribute 4% during the forecast period) and price-related growth related to end users demanding more complex and customized solutions in their respective factories. This research service provides market insights on IoT and traceability for F&B manufacturing, in terms of global revenue (USD billion), growth opportunities, and details on the competitive landscape and the major factors influencing growth, along with the technology trends and funding activities in the marketplace. The time frame of this study is from 2017 to 2025. The base year is 2017 and growth forecasts are provided up to 2025.
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