The smart food logistics market is expected to register a CAGR of 15% over the forecast period (2022 – 2031). Smart Food ecosystem is increasingly improving due to constituents in the value chain, integrating technologies such as Artificial Intelligence, Analytics, and Internet of Things (IoT) throughout.
– Technological innovation and deployment are majorly impacting the amount of food that is being produced and the ability to regulate the production and distribution process to decrease food waste. According to USDA, food recalled in the United States stood 20 million pounds in 2018.
– Also, The European Commission, reports more than 100 million tons per year are wasted in the European Union as of 2016. Therefore, by integrating IoT devices and smart sensors throughout most of the supply chain operations, real-time tracking and monitoring of the products in all stages could be performed from storage to delivery.
– With barcodes, RFIDs, sensors and location solutions accounting the majority stake in easing food logistics, it can trace loss and spoilage, providing for safer food transport conditions and reduced waste.
– Further, connected logistics sees potential in the capability of blockchain. For instance, Hyperledger’s Sawtooth blockchain platform works along with the IoT to improve the seafood supply chain to provide shipping location, transport temperature, movement, humidity to name a few.
– Most of the logistics companies are embracing digital transformation, transitioning away from legacy enterprise resource planning systems to advanced analytics, increased automation, and hardware and software robotics, and mobile computing. This reflects as a major driver for the market.
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– However, Data Security and Digital privacy pose a significant challenge to the penetration of connected logistics systems during the forecasted period.
Scope of the Report
The smart food logistics report supports underlying applications of AI, IoT, Machine learning to name a few in supply chain processes like Asset Tracking, Fleet Management, Cold Chain Monitoring among others.
Key Market Trends
Cold Chain Monitoring to Hold a Significant Share During the Forecast Period
– Cold Chain Monitoring is a critical function in order to deliver fresh, high-quality food and beverages to the end consumers. Digital sensors embedded with IoT technology are capable of regulating temperature, tracking cargo and promote anti-theft measures by sending data in real-time.
– With perishables, the consequences extend beyond the bottom line. Approximately 30% of all perishable produce and products never made it from the farm to the market, according to a recently published IoT@Intel column. Also, in a recent study conducted by DHL Supply Chain, IoT ranked among the top three information technologies that market values.
– Further, according to the FAO Food Wastage Footprint Report in 2018, the global volume of food wastage was estimated for the edible food wasted at 1.3 billion tonnes.
– AI-powered predictive analytics can provide forecasting based on combinations of data that highlight an increased risk. According to Retail Week, approximately 20% of the Retailers in the UK are planning to incorporate AI for logistics.
– The need for cold chain monitoring is expected to witness a growth in the Asia-Pacific region. For instance, according to Agricultural and Processed Food Products Export Development Authority (APEDA), between fiscal 2013 and 2017, exports of fruits and vegetables from India increased at a CAGR of 11-12% in volume terms requiring complex and reliable cold chain technology at deployment.
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North America to Witness a Significant Share
– The region expects the largest share in adopting smart logistics due to the presence of a large number of vendors and increasing concern to eliminate wastage and optimize resources.
– According to USDA’s Economic Research in 2010, food waste in the United States was estimated to be 30-40% of the food supply. While FAO estimates in 2018 for food waste at a retail level only stands at 60 million tonnes per year.
– With increasing concerns regarding food wastage, the region witnesses collaboration between government agencies and the engagement of leaders in the public, private and non-profit organizations in solving food wastage issues.
– For instance, on 9th April 2019, USDA, EPA, and FDA signed a formal agreement with ReFED, Inc. to collaborate on efforts to reduce food waste in the United States.
– A lot of innovations are observed in this region in relation to advanced technologies being used in the logistics arena. For instance, Google’s parent company Alphabet has the FAA’s approval to deliver food in Virginia using drone technology which it used for food logistics in Australia.
Competitive Landscape
The smart food logistics market experiences a fragmented structure with a number of existing players like Penske Logistics, Aeris Communications, Inc., Tech Mahindra Limited and start-ups coming up for specific technology applications in this market.
– June 2019 – Penske Logistics opened a 606,000 square-foot distribution centre to serve Kroger Co.’s needs of standard freezer/cooler in Romulus, Michigan.
– November 2018 – Aeris, a technology provider in the Internet of Things (IoT), announced partnership with TrackEnsure in Canada to help trucking companies in North America improve operations through IoT technologies.
– May 2018 – DHL launches DHL SmarTrucking aims to build a fleet of 10,000 IOT-enabled trucks by 2028 with IOT sensors monitoring through the company’s centralized control tower, providing real-time temperature and consignment tracking for perishable goods.
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