Global Cold Chain RFID Market to Witness 29.1% CAGR During 2016 – 2022
The software and services product segment is expected to witness a considerable growth during the forecast period. The growing demand for real time temperature monitoring in cold chain logistic is expected to boost the growth of the global cold chain RFID market during the forecast period.
The RFID technology in cold chain is used for tracing and tracking contents, location expiration, and manufacture dates. The data gathered by RFID can be transmitted to the authorities. The food and beverages segment accounted for the largest market share in the global cold chain RFID market in 2015. The pharmaceutical and biomedical segment is expected to witness growth at the fastest rate during the forecast period, owing to the increasing demand of RFID in pharmaceuticals cold chain supply from developing countries, such as India and China. The growing global fisheries import and export is laying ample opportunities for the growth of the cold chain RFID market. The stringent government mandates for food safety has led to the requirement of specific humidity, temperature, and light requirements while handling food, beverages, and pharmaceuticals products. The producers, transporters, distributors, and warehouse operators are now forced to keep the entire supply chain details for these products. The stringent regulations in developed countries has also forced the major pharmaceuticals, food and beverages exporter countries in Asia-Pacific to follow the mandates, as it is applicable for the entire supply chain. This is driving the growth of the cold chain RFID market in Asia-Pacific.
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