LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global packaged food traceability market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Sharan Raj, a lead analyst from Technavio, specializing in research on packaging sector, says, “The global food traceability market is expected to grow at a CAGR of around 8% during the forecast period. Most of the companies in the food industry have adopted food traceability systems to maintain the quality and consistency of food products. The governments of several countries have made it mandatory for food manufacturers and retailers to install the systems to deliver fresh products to consumers.”
Vendors introduce new traceability solutions with additions of in-store analytics and inventory intelligence to improve operations, deliver exceptional performance, and improve sales. 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.
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The top three emerging trends driving the global packaged food traceability market according to Technavio transportation and logistics research analysts are:
- High adoption of UHF RFID tags
- Demand for 2D barcode scanners
- Rapid technological advancements and need to upgrade constantly
High adoption of UHF RFID tags
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 the overall sales of retailers. UHF tags can be read from a long distance at a much faster rate than HF tags. Therefore, UHF tags are widely being adopted for item-level tagging, which is in high demand.
Demand for 2D barcode scanners
2D barcode scanners are used to scan 2D barcodes like QR, Data Matrix, and PDF417. 2D barcodes cannot be read/scanned by traditional linear scanners as they require an image. These scanners function as a camera. They lack moving parts, which make them more reliable and less prone to failure. Also, 2D scanners are capable of scanning both 1D and 2D barcodes from any angle. Thus, the increased use of 2D barcodes on the products/tags and the advanced features of 2D scanners have boosted demand for 2D barcode scanners in the global market.
Rapid technological advancements and need to upgrade constantly
Companies that require efficient systems in their inventory management demand highly advanced RFID devices. Recognizing this, vendors are developing technically advanced RFID semiconductor devices to meet the specific needs of end-users. For instance, vendors are integrating technologically advanced RFID devices with Wi-Fi and real-time location technologies to keep track of the products or items to which RFID tags are attached.
RFID is also playing a crucial role in the growth of food traceability solutions. For instance, Technology Solutions (TSL), a vendor of RFID readers, has designed 1128 Bluetooth-enabled UHF RFID reader and 1153 Bluetooth-enabled UHF RFID reader. These readers can automatically communicate wirelessly, connect with a variety of Bluetooth-enabled mobile devices like smartphones, tablets, and PCs. These wireless wearable RFID readers can facilitate accurate, fast, and efficient tracking of the products that are attached with RFID tags. “Such advances in technology can be used to harness the potential of the growing ecosystem, and create greater efficiency and opportunities in the market,” says Sharan.
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