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Sample - Food Traceability Market

The competitive landscape of the global food traceability market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by food traceability software and hardware manufacturers are new product launches, business expansions, partnerships, and collaborations. The global food traceability industry is poised to grow over time, compelling companies to come up with collaborative strategies to sustain in the intensely competitive market.<br><br>View Report:<br>https://bisresearch.com/industry-report/food-traceability-market.html

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Sample - Food Traceability Market

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  1. Food Traceability Market - A Global and Regional Study Sample Focus on Products (Barcode, RFID, Infrared), Applications (Dairy, Meat, Poultry and Seafood), End-User (Food Retailer, Food Manufacturer, Warehouses) and Country- Level Analysis FOOD TRACEABILITY MARKET Analysis and Forecast: 2019-2025 January 2021 1 All rights reserved at BIS Research Inc.

  2. BIS Research is a leading market intelligence and technology research company. BIS Research publishes in- depth market intelligence reports focusing on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision making for senior management. BIS Research provides multi-client reports, company profiles, databases, and custom research services. FOOD TRACEABILITY MARKET Copyright © 2021 BIS Research Inc. All Rights Reserved. This document contains highly confidential information and is the sole property of BIS Research. Disclosing, copying, circulating, quoting, or otherwise reproducing any or all contents of this document is strictly prohibited. Access to this information is provided exclusively for the benefit of the people or organization concerned. It may not be accessed by or offered whether for sale or otherwise to any third party. 2 All rights reserved at BIS Research Inc.

  3. Table of Content Executive Summary 1.Market 1.1 Industry Outlook 1.2 Food Traceability Market- Patent Analysis 1.3 Business Dynamics 2.Application 2.1 Application and Specification 2.2 Demand Analysis of Food Traceability (by Application) 2.3 End User and Specification 2.4 Demand Analysis of Food Traceability (by End User) 3.Product 3.1 Product and Specification 3.2 Demand Analysis of Food Traceability (by Product) 4.Region 4.1 North America 4.2 South America 4.3 Europe 4.4 U.K. 4.5 Middle East and Africa 4.6 China 4.7 Asia-Pacific and Japan 5.Markets - Competitive Benchmarking & Company Profiles FOOD TRACEABILITY MARKET 5.1 Honeywell International Inc 5.2 C.H. Robinson Inc 5.3 DuPont Nutrition and Biosciences 5.4 Bio-Rad Laboratories 5.5 IBM Corporation 5.6 Intertek Group 3 All rights reserved at BIS Research Inc.

  4. 5.7 Cognex Corporation 5.8 MASS Group 5.9 Zebra Technologies 5.10SGS SA 5.11HarvestMark 5.12Optel Group 5.13Thermo Fisher Scientific 5.14Merit-Trax Technologies 5.15Infor 5.16FoodLogiQ 5.17Other Key Players in the Food Traceability Market 6.Research Methodology FOOD TRACEABILITY MARKET 4 All rights reserved at BIS Research Inc.

  5. Executive Summary The food and beverage industry was highly unregulated in the early days of the industrial revolution, which led to many unfavorable incidents, such as product recalls and foodborne illnesses. The statutory authorities and governing bodies across regions felt the pressure to introduce safety standards and regulations to avoid unforeseen circumstances by the end user. The high number of cases related to foodborne illnesses leading to deaths raised a global concern regarding genetically modified foods, chemical residues, and other similar issues in foods, thus leaving a major impact on the food processing industry in various countries. The global increase in the number of food recalls has posed serious threats to public health as well as to the growing economy. On average, the direct cost of a product recall borne by the food company varies between $XX million to $XX million, in addition to the loss of sales and brand. The major concerns pertaining to food safety have put human life, industries, and companies at stake. Factually, for ensuring food safety and quality, the food industry addressed the management with the introduction of the Hazard Analysis and Critical Control Points (HACCP), the International Organization of Standardization (ISO9001), and others. There has been an increasing demand for food supply documentation and tracking equipment among the consumers for tracking the supply of food products at every stage of production, processing, and distribution of food items. These demands consist of stringent solutions pertaining to food safety compliance within the food industry, resulting in the development of a reliable food traceability system. Food traceability system helps in recording the process and the movement of food products such as meat or fresh produce through different tracking technologies such as RFIDs and barcodes in order to avoid food recalls. For instance, during the occurrence of a food borne illness, the food traceability system provides an efficient assistance in the recall of the food product and in the investigation of the cause. Moreover, the systems help in increasing the reliability on the information, once it is transmitted and verified, assisting the consumers to purchase food products with a sense of security. Traceability is gaining widespread recognition in developing and under-developed countries, and therefore, tends to be global, dynamic, and complex in nature. The market is expected to progress to a substantial extent due to the global population and food sufficiency concerns. FOOD TRACEABILITY MARKET 5 All rights reserved at BIS Research Inc.

  6. Figure 1: Global Food Traceability Market, $Billion, 2019-2025 XX XX XX XX XX XX $Billion XX 2019 2020 2021 2022 2023 2024 2025 Source: Expert Interviews and BIS Research Analysis Usage of food traceability solutions has increased considerably over the past few years because of the growing incidences of foodborne illnesses and poisoning caused by contaminated food products. Companies engaged in the manufacturing and distribution of food products are mandated by the respective regional and international regulatory agencies to implement food traceability products. Figure 2: Market Dynamics for Food Traceability Market Drivers Challenges Opportunities Rising concerns toward food safety among consumers Lack of basic infrastructure in developing countries Technological advancements in food traceability industry • • • Sample Sample Sample • • • Sample Sample • • FOOD TRACEABILITY MARKET Source: Expert Interviews and BIS Research Analysis Fresh Produce Segment Dominates Food Traceability Market The dominance of fresh produce in the food traceability market is due to the increasing concerns of food safety and the rise in the number of food recalls of fresh produce, which has led to the popularity of traceability systems for fresh produce on a global scale. Fresh produce consist of freshly grown and harvested fruits and vegetables; and are generally sold among the greengrocers, farmers market and fruit markets. 6 All rights reserved at BIS Research Inc.

  7. Figure 3: Global Food Traceability Market (by Product), $Billion, 2019 and 2025 2019 2025 XX XX XX XX XX $Billion XX XX XX XX XX Dairy Products Meat, Poultry & Seafood Beverages Fresh Produce Others Source: Expert Interviews and BIS Research Analysis Meat and the dairy products traceability is growing at a fast rate, due to the rise of related products sold mainly at the retail stores. There has been an increasing need of new traceability systems majorly among the meat, fresh produce, and dairy products, due to the increasing number of food recalls among the fresh produce and other products. Barcode Technology Segment: Highest Contributing Segment in Food Traceability Market The contribution of barcode segment is due to the advancement of new technologies such as DNA barcoding, genetically modified organisms (GMO) labeling, Inkjet printers and others in countries, such as U.S., Australia, China, and others. FOOD TRACEABILITY MARKET 7 All rights reserved at BIS Research Inc.

  8. Figure 4: Global Food Traceability Market (by Application), $Billion, 2019 and 2025 2019 2025 XX XX $Billion XX XX XX XX XX XX XX XX Barcodes Infrared RFID Biometric Others Source: Expert Interviews and BIS Research Analysis RFID technologies is the fastest growing technology segment due to its rapid adoption in the retail sector. Food Manufacturers and Retailers Segment: Most Widely Used Food Traceability Solutions Food traceability systems are most widely used by the food manufacturers and retailers, in order to track food products from the stage of production to the end delivery. The food manufacturer and retailer segment dominate the market due to the rapid adoption of new technologies by the manufacturers in the industry. Figure 5: Global Food Traceability Market (by End User), $Billion, 2019 and 2025 2019 2025 XX XX XX XX $Billion XX XX XX FOOD TRACEABILITY MARKET XX XX XX Food retailers Food Government Department Warehouses Others manufacturers Source: Expert Interviews and BIS Research Analysis 8 All rights reserved at BIS Research Inc.

  9. Asia-Pacific and Japan, and South America to Witness the Fastest Growth in Food Traceability Market Asia-Pacific and Japan (APJ) dominated the global food traceability market in 2019 and is anticipated to uphold its dominance throughout the forecast period. The market in Asia-Pacific and Japan is majorly driven by the growing population and need for the rapid adoption of food traceability systems in most of the APAC countries. Figure 6: Global Food Traceability Market (by Region), $Billion, 2019 Europe Total Market: $XX Billion North America Total Market: $XX Billion U.K. Total Market: $XX Billion China Total Market: $XX Billion Total Global Market: $XX Billion Asia-Pacific and Japan Total Market: $XX Billion Middle East and Africa Total Market: $XX Billion South America Total Market: $XX Billion Source: Expert Interviews and BIS Research Analysis Competitive Landscape The competitive landscape of the food traceability market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by food traceability providers are new product launches, business expansions, partnerships, and collaborations. Among all the FOOD TRACEABILITY MARKET strategies adopted, partnerships, collaborations and joint ventures have been the most prominent strategy adopted by the food traceability manufacturers. The competitive landscape provides an organization with the edge to understand its key business strategy in the industry, its current competitors, and potential future competitors that might have made their way into the market. This section details the latest strategies and developments adopted by the key market players in the global food traceability market. In order to lead the market as well as engage in the process of market growth, a company needs to bring new products to the market, invest toward innovations, and collaborate with other top tier-1 component providers to further strengthen its market position. 9 All rights reserved at BIS Research Inc.

  10. The global food traceability market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and innovation, partnerships and collaborations, business expansions and investments, and awards and recognition. The preferred strategy for the companies has been partnerships, collaborations, and joint ventures to strengthen their position in the global food traceability market. FOOD TRACEABILITY MARKET 10 All rights reserved at BIS Research Inc.

  11. Scope of the Study Food safety has become a developing concern for citizens of many nations. The need to be able to withdraw or recall products recognized as unsafe has become essential to secure individuals from food borne diseases. Food traceability is the ability to identify the root of food and feed ingredients and food sources, especially when items are found to be defective. A traceability framework permits an organization to document and/or locate a product through the stages and operations included within the manufacturing, preparing, distribution and handling of feed and food, from primary production to consumption. It can subsequently encourage the identification of the cause of contamination of a product and improve the ability to withdraw or recall such items if necessary and prevent unsafe products from reaching the customers. The global food traceability market research study offers a broad perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models. Figure 7: Global Food Traceability Market Coverage Dairy Products Meat, Poultry, and Seafood Beverages Fresh Produce Others (Grains, Seeds, Nuts) • • • • • Application RFID Barcodes Infrared Biometrics Others ▪ ▪ ▪ ▪ ▪ Product FOOD TRACEABILITY MARKET Source: BIS Research Analysis 11 All rights reserved at BIS Research Inc.

  12. Key Questions Answered in This Report: ▪ What are the key trends and expansion opportunities in the global food traceability market? ▪ What are the estimations for the global food traceability market size in terms of revenue for the period 2019-2025, and what is the expected compound annual growth rate (CAGR) during the forecast period 2020-2025? ▪ What is the expected outlook and revenue to be generated by different types of product offerings, including RFID, barcode, infrared, biometrics, and others, for the period 2019-2025? ▪ What are the expected outlook and estimated revenue of different applications of food traceability systems, namely, dairy products, meat, poultry and seafood, beverages, fresh produce, and others, for the period 2019-2025? ▪ What are the expected outlook and estimated revenue of different end users, namely food manufacturers, food retailers, government department, warehouses, and others, for the period 2019- 2025? ▪ What is the current market size, forecast, regional market trends of the global food traceability market across different regions, namely North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa? ▪ What will be the impact of COVID-19 on the market size, market forecast, CAGR, and market dynamics of the global food traceability market across different market segmentations? ▪ What are the major driving forces expected to increase the demand for the global food traceability market during the forecast period 2020-2025? ▪ What are the major restraints inhibiting the growth of the global food traceability market? ▪ What kind of new growth strategies (mergers and acquisitions, partnerships, expansions, products, others) are being adopted by the existing market players to expand their market share in the industry? The report is a compilation of various segmentations, including market breakdown by application, product, and region. The report highlights the key driving and restraining forces for the market as well as the opportunities in different applications across the leading countries. Also, the report highlights the impact of COVID-19 on the market size. In the extensive primary research process undertaken for this study, the sources include industry experts and key executives from prominent companies and organizations across the food industry. FOOD TRACEABILITY MARKET The report also provides a country-based analysis for all the leading countries in every region, including the U.S., Canada, Mexico, Brazil, Argentina, the U.K., Germany, France, Italy, China, Japan, India, Australia, Singapore, Saudi Arabia, and South Africa, among others. Each regional analysis details an individual push- and-pull force, in addition to the key players and applications in that region. 12 All rights reserved at BIS Research Inc.

  13. 1. Market 1. Market ▪ Business Dynamics ▪ Business Strategies Section Summary A methodical understanding of the core and adjacent markets as well as the industry changes to critically assess business dynamics of the food traceability markets in scope, including the drivers, challenges, and opportunities for various players. An understanding of the impact of developments and initiatives made by governments as well as corporate stakeholders that influence the business environment for both the market participants as well as the customers. FOOD TRACEABILITY MARKET Examination of competitors’ strategies and their recent developments to effectively assess market movements at each level of the supply chain. 13 All rights reserved at BIS Research Inc.

  14. 1.1 Industry Outlook 1.1.1 Industry Attractiveness Porter’s Five Forces framework is used to understand the level of competition within an industry and business strategy development. This framework is used to analyze a business situation and help the company, or an individual analyze whether new products, services, or businesses can be profitable. Porter’s Five Forces analysis of the food traceability market products has been described in the following figure keeping in mind the current situation. Figure 8: Porter’s Five Forces Analysis Intensity of Competitive Rivalry (Sample) Bargaining Power of Suppliers (Sample) Bargaining Power of Buyers (Sample) Threat of New Entrants (Sample) Threat of Substitutes (Sample) Source: Expert Interviews, Secondary Research, and BIS Research 1.1.1.1 Threat of New Entrants (Medium) The threat of new entrants refers to the risk which new competitors pose to the existing competitors in an industry. Porter’s analysis helps determine if a new competitor has the potential to threaten an established company in a specific industry. The overall threat of new entrants for the established players is Sample in the food traceability market owing to the factors discussed as follows. FOOD TRACEABILITY MARKET 14 All rights reserved at BIS Research Inc.

  15. Table 1: Key Factors Determining Threat from New Entrants in Food Traceability Market Threat from New Entrants Analyzing Factors Description The market players require less amount of initial funding/capital expenditure to get into the food traceability market. The industry witnessed a mix of large-scale and small- scale companies entering the market. Capital Requirement Sample There exists a considerable number of regulations and involvement of government authorities and associations. Associations such as EPA and EU regulate the food traceability market. Sample Government Policy The market is dominated by various competitors and has a cost advantage, and hence it is difficult for a new company to enter the industry. Economies of Scale Sample Key players in this market do not make use of various types of distribution channels. Rather, they have a proper distribution channel, or they supply their products with the help of some big companies. The new entrant might not have easy access to these distribution channels and would require extra incentives to reduce its profits. Ease of Access to Distribution Sample The industry holds a limited amount of scope for diversification. Yet, the market players opt for regular innovations. Product Differentiation Sample Source: Expert Interviews, Secondary Research, and BIS Research The aforementioned factors have been identified as the prominent parameters that determine the threat from new entrants in the food traceability market. 1.1.1.2 Bargaining Power of Buyers (Medium) According to Porter’s analysis, the presence of powerful buyers reduces the profit potential in an industry. The bargaining power of the buyers denote the ability of the buyers of a certain product to bring down its prices, affecting the customer's sensitivity to price changes. The overall bargaining power of buyers of food traceability FOOD TRACEABILITY MARKET is Sample. Some of the various factors used to analyze the overall impact of the bargaining power of buyers in the food traceability market are brand identity, buyer’s information about the product, and product differentiation. 15 All rights reserved at BIS Research Inc.

  16. 1.2 Food Traceability Market- Patent Analysis Food traceability is an emerging technology being used in the food industry in which food tracking, tracing, and managing are being done increasingly. With food traceability, a complete record of the food from the farm to the seller has become possible. Food traceability technology has been opted by several food manufacturers and sellers to make their product more reliable. Technologies such as supply chain and blockchain are used to achieve complete food traceability. More than 150 patents related to food traceability were filed and granted across the globe from January 2017 to December 2020. These patents are segmented by year, status, and company. These include patents related to any activity in the global food traceability market such as food packaging, tracking food safety, packaging containers, and manufacturing of components. Figure 9: Year-Wise Patents Filed for Global Food Traceability Market, January 2017-December 2020 XX XX XX Number of Patents XX 2017 2018 2019 2020 Year Source: BIS Research Analysis Note: The complete list of patents from January 2017 to December 2020 has been provided in the Annexure The preceding figure portrays the number of patents filed in 2017, 2018, 2019, and 2020 for food traceability technology. The number of patents filed increased from 2017 to 2019 by XX%, indicating the increase in focus FOOD TRACEABILITY MARKET among companies on food traceability and its need, which decreased in 2020 by XX%. 16 All rights reserved at BIS Research Inc.

  17. 1.2.1 Patent Analysis by Status Figure 10: Patent Analysis (by Status), January 2017 to December 2020 Total Patents - XX XX Granted Filed XX Source: BIS Research Analysis Note: The complete list of patents filed and granted from January 2017 to December 2020 has been provided in the Annexure. 1.3 Business Dynamics The business dynamics section of the report examines the diverse factors that govern the need, demand, and usage of food traceability products globally. This analysis provides an in-depth understanding of the present and the future directions in which the market is headed and the impact of various factors on the same. This chapter covers the major market dynamics, namely, the drivers, challenges, and opportunities, listing and analyzing several factors that positively and negatively affect the global food traceability market. Figure 11: Business Dynamics of Global Food Traceability Market Drivers Challenges Opportunities FOOD TRACEABILITY MARKET Rising concerns toward food safety among consumers Lack of basic infrastructure in developing countries Technological advancements in food traceability industry • • • Sample Sample Sample • • • Sample Sample • • Source: Expert Interviews, Secondary Research, and BIS Research 17 All rights reserved at BIS Research Inc.

  18. 1.3.1 Business Drivers 1.3.1.1 Rising Concerns Toward Food Safety Among Consumers The global population, which is XX billion at present, is expected to reach XX billion by 2050. The Food and Agriculture Organization (FAO) has predicted that XX% more food will be required by 2050 to meet the growing population's demand, which is a significant challenge due to the limitations of resources and arable land. With the increase in food demand comes a greater need for its safety. Also, with outbreaks of foodborne diseases and food adulteration incidents, it becomes a necessity for food safety and reliability system. Every year, XX in 10 people falls sick of foodborne disease, and over XX people lose their life. Food traceability is one of the most efficient solutions to these problems. Food traceability is the process of following the entire movement of a food product throughout its supply chain. The production, processing, and distribution chain of food products and ingredients are all documented in traceability. In case of a foodborne disease, efficient traceability helps the food producer and seller as well as the government agencies to find the product source and where in the supply chain contamination occurred. This process efficiently helps in the removal of the product from the market and stop the disease from spreading. With the use of blockchain technologies in the supply chain, it has become an easy process of incorporating tracking and tracing facilities in the production system. Along with foodborne diseases, an increase in food adulteration incidents has also created a need for a food traceability system. With a great increase in food and agricultural products, manufacturers are protecting commerce rather than public health. For an increase in profit, food adulteration is being done. For example: mixing of water in milk is the most common food adulteration technique, which has created a sense of disbelief among people with dairy food and beverages. Figure 12: Types of Food Fraud, 2018 Artificial Enhancement XX Unfit Products XX Mislabeling XX Types of Frauds Substitution XX Origin Masking XX Dilution XX FOOD TRACEABILITY MARKET Counterfitting XX General XX Smuggling XX Lack of Traceability XX Lack of Quality XX Number of Cases Source: AWE International, Secondary Research and BIS Research 18 All rights reserved at BIS Research Inc.

  19. The above figure depicts the types of food frauds in 2018. Mislabeling and substitutions, along with unfit products and artificial enhancements of products, were the main fraud activities in the food industry.With the ongoing pandemic, there has been a concern among the masses with the reliability of their food. The trust on a food product has greatly decreased because not every food manufacturer or producer is providing the information of the complete supply chain of its product as not all food producers have incorporated the technologies such as blockchain in their food supply chain. This significantly decreases the belief among people in the producers of the food. Food traceability system can be a boon in this matter as with the use of blockchain technologies in the supply chain, complete food tracking and tracing features can be provided to the consumer and thus create a sense of trust among them. In 2019, there was a XX% increase in the Indian packaged food sector despite consumption being low. During the pandemic, there has been a decline in the demand for packaged and loose food as the consumer has more trust on their homemade food than on a purchased product, and to match this trust, food traceability technologies must be used. With the consumer having details of the product’s origin to their final seller, the consumers’ trust will be achieved and thus will help in an increase in the demand for the food products. The implementation of food traceability systems in food production in both packaged and loose food items is the solution to eradicate foodborne diseases and to stop food adulteration activities for better food safety and reliability. 1.3.2 Business Strategies Competitive landscape provides an organization with the edge to understand its key business strategy in the industry, its current competitors, and potential future competitors that might have made their way into the market. This chapter details the latest strategies and developments adopted by the key market players in the global cultured meat market. In order to lead the market as well as engage in the process of market growth, a company needs to bring new products to the market, invest toward innovations, and collaborate with other top tier-1 supply chain providers to further strengthen its market position. The global food traceability market has witnessed several strategic and technological developments in the past few years, undertaken by different market players to attain their initial respective market shares in this upcoming domain. Some of the strategies covered in this segment are business expansions, partnerships and FOOD TRACEABILITY MARKET collaborations, and product or prototype launched. The preferred strategy for the companies has been business expansion to strengthen their position in the global cultured meat market and tap the initial markets with clear regulatory scenarios. 19 All rights reserved at BIS Research Inc.

  20. Figure 13: Share of Key Market Strategies and Developments, January 2017- November 2020 Total Number of Development : XX Product Development XX XX Merger & Acquisition XX Partnership, Collaboration & Joint Venture Business Expansion XX XX Others Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: The complete list of developments from January 2017 to November 2020 has been provided in the Annexure. The preceding figure shows the percentage of strategies adopted by the key market players. Majority of the companies preferred product development and merger and acquisition as a strategy to further increase their sales. 1.3.2.1 Product Development and Innovation The key strategy adopted by the players in the global food traceability market to grow and sustain in the competition by retaining present customers, along with attracting new ones, is that of product development. For instance, in December 2020, Ninjacart launched Footprint, a complete food traceability infrastructure that captures the end-to-end footprint traceability of fruits and vegetables. Also, in August 2020, Honeywell International and iTrace combined to build a blockchain distributed ledger platform that will help with supply chain tracing, identity, verification, and inventory management. FOOD TRACEABILITY MARKET 20 All rights reserved at BIS Research Inc.

  21. Figure 14: Product Development (by Company), January 2017-November 2020 Total Number of Product Developments : XX XX XX IBM XX Honeywell International Inc. C.H. Robinson Inc Others XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: The complete list of product developments from January 2017 to November 2020 has been provided in the Annexure. The preceding figure shows the percentage of product developments made by the key market players in the global food traceability market. 1.3.3 Impact of COVID-19 on Food Traceability Market The coronavirus has made an impact on almost all industries throughout the world, but food traceability market has been an industry that has not had a serious effect because of the COVID-19. During the early days of the pandemic, it was a serious concern among the masses about the safety of their food or if the food had been contaminated by the virus. Ssoon scientific studies came out suggesting that the virus does not affect the food and cannot transfer along with it. The main impact of the COVID-19 in the food industry was over the supply chains. It has been seen that COVID-19 has an impact on the whole process from the field to the consumer. In the FOOD TRACEABILITY MARKET light of recent challenges in food supply chain, there is now considerable concern about food production, processing, distribution, and demand. COVID-19 resulted in the movement restrictions of workers, changes in demand of consumers, closure of food production facilities, restricted food trade policies, and financial pressures in food supply chain. With the problems in the supply chain and less movement of containers for export and import, demand for products is on its peak, which has resulted in an inflation in the shipping cost for the market. Also, with travel restrictions in certain countries, the export and import has been slowed down and has also added to the hike in shipping prices. 21 All rights reserved at BIS Research Inc.

  22. 2. Application 2. Application ▪ Mode of Application ▪ Application of food traceability solutions Section Summary Understand the impact of key influencing factors for each application area in detail, to help design the right business strategy. Analysis on the basis of recent developments to transform the future business strategies. FOOD TRACEABILITY MARKET 22 All rights reserved at BIS Research Inc.

  23. 2.1 Application and Specification The food traceability technologies are incorporated by the companies inside the food industry with an aim to decrease food recalls and ensure food security across the global market. The traceability technology depends on the nature of the type of food product such as meat, dairy, seafood, fresh produce, and others. The food traceability market has pulled in a lot of interest by major application segments, owing to the various benefits emerging from the traceability technologies. Some of the prominent industry players are Honeywell International Inc, C.H. Robinson Inc, IBM, and DuPont Nutrition and Biosciences. This chapter of the report deals with the market size of food traceability in different application types such as dairy products, meat, poultry and seafood, beverages, fresh produce, and others (grains, seeds, nuts). Figure 15: Global Food Traceability Market (by Application) Market by Application Type Meat, Poultry and Seafood Others (grains, seeds, nuts) Dairy Products Beverages Fresh Produce Source: BIS Research Analysis 2.1.1 Dairy Products There has been a substantial increase in the use of food traceability systems, especially in the dairy products industry. Regulatory bodies are working continuously on establishing a traceability system for dairy products in the supply chain systems because of the short life span of these products such as milk, butter, and tofu. The short life span is one of the reasons for increased adulteration activities in dairy products. With an increase in the sales and demand for dairy products, it creates an opportunity as well as a challenge for companies in the global market. Dairy products have a huge market in the Asia-Pacific region due to an increase in production and consumption of milk and other products in countries such as India, China, and Japan. FOOD TRACEABILITY MARKET Traceability in dairy products supports the industry by giving the correct quality and information about the product. Milk is one of the most common causes of food-borne diseases, which is mainly caused by the health of the livestock, quality of the milk, milking techniques, and adulteration activities. To reduce the food related issues with milk, it is required to have a traceability system, which includes strong cleanliness practices, checking on animal feed suppliers, and food safety management technology throughout the supply chain. 23 All rights reserved at BIS Research Inc.

  24. It is observed that outbreaks of food-borne diseases related to milk and dairy products are mainly due to pathogens. Traceability technologies are being used to ensure dairy product safety among consumers. Traceability of a product recalled in the food supply chain is a suitable approach for ensuring product safety among the consumers. For transportation of dairy products overseas, accurate and efficient technologies must be used to achieve the desired product quality. The improved focus on product quality will benefit the dairy farmers, as the traceability system will ensure that their high-quality products are not adulterated, which will result in high-quality products being delivered to the consumers. Some key players in the dairy product industry are Dairy Farmers of America, Arla Foods Amba, and Danone S.A., among others. Table 2: Key Developments in Food Traceability Market for Dairy Industry Date Company Name Development Aglive launched a blockchain power food traceability application for mobile in which customers will be able to track their food including dairy products using their phone. September 2020 Aglive A serialization technology company, Kezzler worked with the dairy company FrieslandCampina for incorporating a global traceability system in the former’s instant formula brand. September 2019 Kezzler Sample Sample April 2019 September 2018 Sample Sample Source: Secondary Research and BIS Research Analysis 2.2 Demand Analysis of Food Traceability (by Application) Table 3: Global Food Traceability Market (by Application), $Billion, 2019- 2025 Application 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX Dairy Products XX XX XX XX XX XX XX XX Meat, Poultry & Seafood XX XX XX XX XX XX XX XX Beverages XX XX XX XX XX XX XX XX Fresh Produce FOOD TRACEABILITY MARKET XX XX XX XX XX XX XX XX Others Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020-2025) 24 All rights reserved at BIS Research Inc.

  25. 2.3 End User and Specification The food traceability technology is broadly utilized by the food producers, retailers, and warehouses, for tracing food supply chain products. Currently, their use has been expanding in other divisions as well, such as agriculture, defense, and security. The food traceability market has pulled in significant interest by major segments because of the benefits that the technology brings. Food producers, retailers, and farmers have strong confidence that food traceability technologies have sufficient potential to change and improve the business in the food industry. This chapter of the report deals with the market size of food traceability in different end user types such as food manufacturers, food retailers, government departments, warehouses, and others. Figure 16:Global Food Traceability Market (by End User) Market by End Users Type Food Government Department Food Retailers Warehouses Others Manufacturers Source: BIS Research Analysis 2.3.1 Food Manufacturers Recent activities in the food industry have turned the focus on the importance of traceability inside the food supply chains. The challenges faced by food producers around the world creates an increasing concern relating to the food supply and safety. Traceability must be supervised by setting up a traceability network, which keeps track of products in the supply chain. In the food manufacturing industry, the traceability measures extend from the in-house traceability technologies to raw-material production chains. The traceability technologies are essential in order to achieve great benefits relating to the control in the quality, production, consumer requests, etc. To set up strategies and for keeping the records in the documents, the food producers are obliged by regulatory organizations for keeping a track record of packed products. While the necessities and the relative guidelines may change within the organizations, the food producers tend to share the objective of improving the traceability of contaminated foods and ingredients in the event of a product recall. FOOD TRACEABILITY MARKET Several food producers are executing technologies so providers can meet administrative and security guidelines that enable improved supply chain visibility. Food producers are transitioning to a digital label approval process to replace manual interaction. By using this in their labeling process, food producers can make a green and sustainable environment, which will greatly help in their growth. Centralized label management combines label design, label traceability, and print automation to help meet customer requirements and regulatory standards, such as FSMA and food allergens labeling regulations like the U.S. Food Allergen Labelling and Consumer Protection Act (FALCPA), and the EU Food Information for Consumers provision (FIC). 25 All rights reserved at BIS Research Inc.

  26. Companies with different providers can use internet-based name printing to enable different parties within the supply chain to print names from one secure area. Centralized name management gives supply chain security and the ability to print names to an essentially unlimited number of printers. By promoting barcode labeling to improve food security and traceability, manufacturers can control access to label records by building user- based authorizations, execute a multi-stage approval process and keep a record of changes, comments, modifications, and print history for each name. Name security and traceability can support food manufacturers who are re-tooling or facing labeling regulatory compliance measures for the first time. Some key players in the food manufacturing industry are Nestle, PepsiCo, and Coca -Cola. 2.4 Demand Analysis of Food Traceability (by End User) Table 4: Global Food Traceability Market (by End User), $Billion, 2019-2025 Application 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX Food Retailers XX XX XX XX XX XX XX XX Food Manufacturers XX XX XX XX XX XX XX XX Government Department XX XX XX XX XX XX XX XX Warehouses Others( Defense and Security Departments, Farmers, on-profit organizations, and cooperative organization) XX XX XX XX XX XX XX XX Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020-2025) FOOD TRACEABILITY MARKET 26 All rights reserved at BIS Research Inc.

  27. 3. Product 3. Product ▪ Types of Food Traceability Products ▪ Demand Analysis of Food Traceability Market (by Product Type) ▪ Qualitative Analysis of Food Traceability (by Product Type) Section Summary Leveraging commercial understating of each product category through market potential and key growth factors Demand forecast of products in scope across their specific application areas Examination of the future adoption scenario of different product technologies of the leading innovation areas in the food traceability industry FOOD TRACEABILITY MARKET 27 All rights reserved at BIS Research Inc.

  28. 3.1 Product and Specification The global population, which is XX billion at present, is expected to reach XX billion by 2050. The Food and Agriculture Organization (FAO) has predicted that XX% more food will be required by 2050 to meet the growing population's demand, which is a significant challenge due to the limitations of resources and arable land. With the increase in food demand comes a greater need for its safety. With an increase in food adulteration incidents and foodborne diseases, it has become a necessity to have a check on what food a consumer is consuming, and the consumer should be aware of the life cycle of the product. With the development in technology and an increase in the use of technical devices, food traceability has become an achievable process. This chapter of the report deals with the market size of food traceability in different product types such as RFID, barcodes, infrared, biometrics, and others. Figure 17: Global Food Traceability Market (by Product) Market by Product Type RFID Barcodes Infrared Biometrics Others Source: BIS Research Analysis 3.1.1 RFID Radio frequency identification (RFID) is one of the most used technologies for achieving traceability in food industries for better food safety and reliability. At present, it is considered a great improvement to the standardized tag technology and it has features for checking products in the food supply chain. Tracking and tracing of food products in the supply chain can be completed with the use of RFID technology, whereas temperature and humidity measurement for food storage and transportation can be achieved with FOOD TRACEABILITY MARKET the use of IoT sensors. Different RFID tags are used for different applications. In order to exchange data between a computer and a memory device, radio frequency communication is employed by the RFID tags. RFID technology has been used in the food supply chains and has discovered substantial benefits to consumers by providing real-time product data, temperature, and humidity history. Also, by integrating a machine-learning model into the RFID tags, tagged items that move in or out through a gate can be accurately recognized. This also helps in improving the productivity of the traceability system. 28 All rights reserved at BIS Research Inc.

  29. The following are some of the advantages of RFID tracking systems: ▪ Better data storage: Linear barcodes can only store a limited amount of data. However, RFID tags can store more information such as following the origin of an item, its location, and its path through the supply chain. ▪ Flexible scanning: RFID tags can be analyzed through any orientation and does not require a specific line of sight. Moreover, RFID scanners can examine many labels at the same time. Comparing this to barcodes, where the name must be seen in a settled position for it to be scanned. ▪ Increased accuracy: With RFID readers placed at entrances, accurate stock entry and exit time is noted. With barcodes, workers can possibly move anything without getting noticed, which reduces data precision. ▪ Improved traceability: RFID technology can be used to track an item during production. It allows the user to easily find an item in the production line and track its status, which can be used to optimize the production process. Also, RFID can be used to track items, containers, and pallets from manufacturing to the time the product reaches the retailers in real time. 3.2 Demand Analysis of Food Traceability (by Product) Table 5: Global Food Traceability Market (by Product), $Billion, 2019-2025 Application 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX Barcodes XX XX XX XX XX XX XX XX Infrared XX XX XX XX XX XX XX XX RFID XX XX XX XX XX XX XX XX Biometric XX XX XX XX XX XX XX XX Others Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020-2025) FOOD TRACEABILITY MARKET 29 All rights reserved at BIS Research Inc.

  30. 4. Region 4. Region ▪ North America Market ▪ Europe Market ▪ U.K. Market ▪ Middle East and Africa Market ▪ China Market ▪ Asia-Pacific and Japan Market Section Summary Detailed coverage of markets, applications, and products across seven key regions of the world Detailed information available for key countries within each region, such as U.S., Canada, Mexico, U.K., France, China, Japan, Israel, and India FOOD TRACEABILITY MARKET 30 All rights reserved at BIS Research Inc.

  31. The chapter covers the geographical analysis of the food traceability market with respect to different regions, namely North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The chapter focuses on a country-level analysis and provides the market size of various food traceability in terms of value. This chapter also provides the country-level market segmentation by product type and application. The chapter identifies the key growth enablers based on a detailed push-and-pull force analysis. The segment analyzes the ongoing trends in the food traceability market in the major regions by probing into the past and present governmental regulations, macro- and micro-economic factors, and the significant initiatives taken by food traceability manufacturers in their respective regions. The countries included in the North America region are the U.S., Canada, and Mexico. The countries included in the Europe region are Germany, the U.K., France, and Sweden. The countries included in the Asia-Pacific region are China, Japan, Australia, and New Zealand, and India. Table 6: Global Food Traceability Market (by Region), $Million, 2019-2025 Region 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX North America XX XX XX XX XX XX XX XX South America XX XX XX XX XX XX XX XX Europe XX XX XX XX XX XX XX XX U.K. XX XX XX XX XX XX XX XX Middle East and Africa XX XX XX XX XX XX XX XX China XX XX XX XX XX XX XX XX Asia-Pacific and Japan Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020-2025) FOOD TRACEABILITY MARKET 31 All rights reserved at BIS Research Inc.

  32. FOOD TRACEABILITY MARKET North America U.S., Canada, and Mexico 32 All rights reserved at BIS Research Inc.

  33. 4.1 North America North America comprises regional markets of the U.S., Canada, and Mexico. North America accounted for the highest share in the global food traceability market in 2019. The high growth in the region is due to the rising concerns related to food fraud/recalls, and the consequent increase in food safety practices. In addition to this, new technologies are being employed by the companies in order to track the food product from its origin in various parts of Canada and the U.S. all these factors are supporting the increasing usage of traceability solutions used in the food industry. Food recalls, which is one of the driving factors for the growth of the industry, is also a major challenge being faced by the food manufacturers in the region. To help overcome the increasing issue of food recalls in the region, rapid use of traceability could be the ideal solution. 4.1.1 Market 4.1.1.1 Key Manufacturers and Suppliers in North America The key manufacturers of food traceability operating in North America include: ▪ Honeywell International Inc. ▪ C.H. Robinson ▪ MASS Group ▪ Bio-Rad Laboratories ▪ IBM corporation ▪ Intermec Inc. 4.1.1.2 Business Drivers North America region is the largest contributor in the food traceability market in terms of revenue generation. Rise in the demand for quality food and continuous industrialization of the food system are some of the factors which drive the investment for developing new traceability technologies in the region. Moreover, consumer awareness about food products, i.e., details of their products from farm to fork in the region has contributed to FOOD TRACEABILITY MARKET the activation of stringent food safety traceability processes that yield quick and accurate results. 4.1.1.3 Business Challenges Food traceability market in the region is governed by a huge number of retail level monitoring bodies as well as third-party certifying bodies, which leads to a lack of traceability in the supply chain. Also, the region has maximum number of key players existing in the ecosystem, which makes it highly competitive and raises a fierce price competition in the market for new players. 33 All rights reserved at BIS Research Inc.

  34. 4.1.2 Application 4.1.2.1 North America Food Traceability Market (by Application) Table 7: North America Food Traceability (by Application), $Billion, 2019- 2025 Application 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX Dairy Products XX XX XX XX XX XX XX XX Meat, Poultry, & Seafood XX XX XX XX XX XX XX XX Beverages XX XX XX XX XX XX XX XX Fresh Produce XX XX XX XX XX XX XX XX Others Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020- 2025) 4.1.3 North America (by Country) 4.1.3.1 U.S. The U.S. is one of the leading countries in the North America food traceability market. The increasing consumer focus toward food safety and quality has led to more usage of traceability software across the food supply chain and also led to technological advancements in the country. The increasing mandatory traceability schemes have led to an increased market within the North America region. The U.S. traceability systems tend to be motivated not only by the governmental regulations in the traceability system but also by economic incentives. The companies in the country are building traceability systems for improving supply-side management and for increasing safety and quality control. These traceability systems will benefit the companies in providing lower-cost distribution systems, reduced recall expenses, and expanding sales of high-value products. These benefits are driving the widespread development of traceability systems across the country’s food supply chain. FOOD TRACEABILITY MARKET 4.1.3.1.1 Market 4.1.3.1.1.1 Buyer Attributes Nowadays, consumers in the country have become more informed due to previous concerns pertaining to food safety and recalls. The consumers in the country are now more aware in terms of the origin of the products, thereby generating an increasing demand for certification and labeling. There has also been a high demand for labeling systems among the consumers for the food purchased and consumed. The adoption of food traceability measures, safety concerns, and labeling procedures have become a key element to promote the use of sustainable development among food manufacturers, retailers, and warehouses in the country. 34 All rights reserved at BIS Research Inc.

  35. 4.1.3.1.1.2 Key Manufacturers in the U.S. The key manufacturers of food traceability solutions operating in the U.S. are Honeywell Inc., CHR Robinsons, IBM, 3m, Thermo Fisher Scientific, and Bio-Rad Laboratories, among others. 4.1.3.1.1.3 Business Challenges Lack of traceability in the supply chain and testing process is a challenge in the market. The key players in the market offer similar testing systems and services and the integration of technologies such as blockchain in the transition phase of digitalization and traceability is a challenge in the country. 4.1.3.1.1.4 Business Drivers Rise in the demand for quality food, minimum entry barriers, developing markets in the economy and continuous industrialization of the food system are some of the factors that drive the investment for food traceability solutions enhancing country’s market. 4.1.3.1.2 Application 4.1.3.1.2.1 U.S. Food Traceability Market (by Application) Table 8: U.S. Food Traceability Market (by Application), $Billion, 2019-2025 Application 2019 2020 2021 2022 2023 2024 2025 CAGR XX XX XX XX XX XX XX XX Dairy Products XX XX XX XX XX XX XX XX Meat, Poultry, & Seafood XX XX XX XX XX XX XX XX Beverages XX XX XX XX XX XX XX XX Fresh Produce XX XX XX XX XX XX XX XX Others Total XX XX XX XX XX XX XX XX Source: Expert Interviews, Secondary Research, and BIS Research Analysis Note: CAGR (2020-2025) FOOD TRACEABILITY MARKET 35 All rights reserved at BIS Research Inc.

  36. 5. Markets Competitive Benchmarking & Company Profiles 5. Markets - Competitive Benchmarking & Company Profiles ▪ Competitive Benchmarking ▪ Company Profiles ▪ Company Overview ▪ Business Strategies Section Summary Examination of competitive position of 16 key players in terms of geographical presence, product portfolio, strengths, and weaknesses Evaluation of each company in terms of its organic and inorganic business initiatives to assess possible risks and opportunities. FOOD TRACEABILITY MARKET 36 All rights reserved at BIS Research Inc.

  37. The key players in the global food traceability market are identified on the basis of their revenue generated, market presence, and product coverage. Identified companies have further been segregated based on their regional presence. This segment describes in detail the key market players playing a significant part in the global food traceability market. The profile for companies includes the basic details of the companies, their role in the food traceability market, product portfolio, and their corporate and business strategies. 5.1 Honeywell International Inc 5.1.1 Company Overview Particulars Specifications (as of 2020) www.honeywell.com Website U.S. Headquarters 1906 Year of Establishment $XX Billion (as of September 2020) Revenue Public Ownership Type XX (2020) Employees Notifier, Honeywell Automation India Limited, Intermec, UOC LLP, Tridium Inc, System Sensor, and RAE Systems, among others. Subsidiaries BorgWarner, Johnson Controls, United Technologies, Rolls-Royce, Williams, SAFRAN, Parker Hannifin, General Electric, Northrop Grumman, The Boeing Company, Thales, BAE Systems, L-3 Communications, Rockwell Collins, Siemens, ITT Corporation, and Eaton, among others. Competitors Source: Honeywell International Inc Website and BIS Research Analysis 5.1.1.1 Role of Honeywell International Inc in Global Food Traceability Market Honeywell International Inc is a worldwide technology and manufacturing company having its global presence in more than XX countries. The company operates under four divisions, namely, aerospace, building technologies, performance materials and technologies (PMT), and safety and productivity solutions (SPS). Food traceability is a part of safety and productivity solutions. Honeywell International Inc is a leading company FOOD TRACEABILITY MARKET in the global food traceability market and offers traceability service from the product grower to its grocer. The company’s product offerings include scanners, mobile printers, and wearable voice computers, among others. 37 All rights reserved at BIS Research Inc.

  38. 5.1.1.2 Product Portfolio Honeywell International Inc: Product Portfolio Solutions Description Mainly used for in-field product labeling and in-store product scanning labelling and data processing. Mobile Printers Xenon and SR61 scanners are used for product clamshell labeling, supply inventory, asset tracking and space-restricted retail labeling. Scanners Sample Handheld Computers Sample RFID Source: Honeywell International Inc Website and BIS Research Analysis 5.1.1.3 Production Sites The company has over XX production sites and operates in over XX countries globally. The widespread presence of the company includes regions such as Africa, Asia-Pacific, Europe, Latin America, Middle East, North America. 5.1.2 Corporate Strategies 5.1.2.1 Partnership and Collaboration ▪ In October 2020, Honeywell and iTrace Technologies integrated blockchain technology into industrial printers to track inventory across the supply chain including food safety and traceability. 5.1.2.2 Merger and Acquisition ▪ In December 2019, Honeywell International Inc completed the acquisition of Rebellion Photonics along with XX different U.S. states, and XX countries. 5.1.3 Strength and Weakness of Honeywell International Inc Strengths FOOD TRACEABILITY MARKET ▪ Honeywell International Inc is a Fortune XX company, which generated $XX billion revenue in 2019. Post Food Safety Modernization Act (FSMA) America, traceability has become a huge issue throughout the food supply chain. Honeywell is leveraging its scanning and mobility technologies to help food companies comply with traceability requirements “from point of origin to point of sale. This helped the company in gaining presence in more than XX countries. ▪ The company provides rugged mobile technology solutions to support food traceability programs by improving efficiency and customer satisfaction. Due to this, the export market of the company is growing as U.S. exports by the company in the year 2019 comprised XX% of the total sales, which is an increment to 2018 where the U.S. exports accounted to XX% of the total sales. 38 All rights reserved at BIS Research Inc.

  39. Weakness ▪ Honeywell International Inc’s R&D expenditure has dropped over the years, due to which no new products were launched by the company in the food traceability field. ▪ The company is under debt of $XX billion, which is hindering its growth in the market. 5.1.4 R&D Analysis Figure 18: Honeywell International Inc: R&D (2017-2019) XX Research and Development XX ($Billion) XX 2017 2018 2019 Source: Honeywell International Inc Website and BIS Research Analysis The company is spending a significant share of revenue in research and development activities to further develop the food traceability market. The company’s R&D expenditure was maximum in FY2017 with $XX billion in expenses. The growth in R&D expenditure in 2016-2017, was a result of ongoing work for development of products for the food traceability market. FOOD TRACEABILITY MARKET 39 All rights reserved at BIS Research Inc.

  40. 5.2 Other Key Players in the Food Traceability Market Company Solution Description Developments Bar Code Integrators, Inc. provides complete solutions for mobile computing, RFID, barcode data collecting and printing, and food tracking and logistic systems, among others. Compliance Labelling Food Tracking Systems Bar Code Integrators Inc. Direct Store Delivery Voice recognition Carlisle Technology Inc. is a leading food traceability solutions company and provides software for traceability and productivity along with an automated product weighing and labeling system. Symphony Plant Productivity and Traceability Suite Carlisle Technology Inc. iCap Sample Sample Sample Farmsoft Verify Technologies Sample Sample Sample Radley Corporation Sample Sample Sample Paragon Data Systems Inc. Sample Sample Sample Mar-Kov Computer Systems Sample Sample Sample Sample Sample Sample Datalogic S.p.A. Sample Sample Sample Impinj, Inc Sample Sample Sample Agrantec Ltd. Agrometrics Inc. Sample Sample Sample Sample Sample Sample Safetraces Sample Sample Sample Food Forensics Sample Sample Sample Bext360 FOOD TRACEABILITY MARKET Sample Sample Sample Rfxcel Sample Sample Sample Covectra Sample Sample Sample SourceTrace Sample Sample Sample Trace One Sample Sample Sample Crest Solutions Sample Sample Sample Traceall Global Source: Company Website and BIS Research Analysis 40 All rights reserved at BIS Research Inc.

  41. 6. Research Methodology The research methodology design adopted for this specific study includes a mix of data collected from primary and secondary research. Both primary sources (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with analytical tools, are employed to build the forecast and predictive models. Primary Data Sources The primary sources involve the industry experts from the food providers, food manufacturers, retailers, and government agencies, among others. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study. The key data points taken from primary sources include: ▪ validation and triangulation of all the numbers and graphs ▪ validation of reports segmentation and key qualitative findings ▪ understanding the competitive landscape ▪ current and proposed production values of a particular product by market players ▪ validation of the numbers of various markets for market type ▪ percentage split of individual markets for geographical analysis FOOD TRACEABILITY MARKET 41 All rights reserved at BIS Research Inc.

  42. Secondary Data Sources This research study involves the usage of extensive secondary research, directories, company websites, and annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global market. In addition to the aforementioned data sources, the study has been undertaken with the help of other data sources and websites, such as www.weforum.org and www.govt.uk. Secondary research was done in order to obtain crucial information about the industry’s value chain, revenue models, market’s monetary chain, total pool of key players, and the current and potential use cases and applications. The key data points taken from secondary research include: ▪ segmentations and percentage shares ▪ data for market value ▪ key industry trends of the top players of the market ▪ qualitative insights into various aspects of the market, key trends, and emerging areas of innovation ▪ quantitative data for mathematical and statistical calculations Figure 19: Research Methodology Scope Definition Research Design Sample Selection Observation/ Feature Mapping Primary Interviews Internal Repository/ Secondary Sources Third Party Databases FOOD TRACEABILITY MARKET Data Data Analyses Data Collection Report Writing Validation Primary Interviews/ Secondary Research Predictive Modeling Base Year Estimation Bottom-Up/ Top-Down Primary Data Secondary Data Source: BIS Research Analysis 42 All rights reserved at BIS Research Inc.

  43. Top-Down and Bottom-Up Approach The main task for a thorough analysis of the food traceability market has been to identify the set of underlying factors. In this case, the following figure exhibits the detailed methodology adopted for estimating and forecasting the food traceability market: Figure 20: Top-Down and Bottom-Up Approach Summation of Global Food Traceability Demand Summation of Regional Segment Data to Obtain Global Segmental Demand Global Food Traceability Market Summation of Country Level Segment Data to Obtain Regional Segmental Demand Percentage Split of Product Types by Application Country-Wise Demand for Product and Applications Percentage Split of Regional Market Percentage Split of Regional Market Sizes Into Countries Source: BIS Research Analysis FOOD TRACEABILITY MARKET 43 All rights reserved at BIS Research Inc.

  44. Figure 21: Food Traceability Market Influencing Factors Challenges End Users Perspective Drivers Food Traceability Market Opportunity Others Technology Advancement Product Penetration Source: BIS Research Analysis FOOD TRACEABILITY MARKET 44 All rights reserved at BIS Research Inc.

  45. Assumptions and Limitations The following figure exhibits the standard assumptions and limitations, which have been followed throughout the research study of the food traceability market: Figure 22: Assumptions and Limitations Currency Conversion Assumption For Market Estimation Limitations The base currency considered for this study is US$. Currently used technologies are expected to persist through the forecast period with no major breakthrough in technology. The base year considered for the calculation of market size is 2019. The values have been estimated based on the Delphi method in case the market size for the FY2018 was not available with the primary or secondary sources. • • • In the Company Profiles section, the companies' revenues in any other currencies have been converted into US$. • The economic downturn in future has not been taken into consideration for the market estimation and forecast. • The currencies other than US$ are converted into US$ for all statistical calculations by considering the average conversion rate for the particular year. • The historical year analysis has been done from the FY2017 to the FY2018, and the market size has been estimated for the FY2019 and projected from 2020 to 2025. • The currency conversion rate is taken from the historical exchange rate provided in the Oanda website. • Nearly all recent developments from January 2017 to November 2020 have been taken into consideration in this research study. • Source: BIS Research Analysis FOOD TRACEABILITY MARKET 45 All rights reserved at BIS Research Inc.

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