DUBLIN, December 09, 2021--(BUSINESS WIRE)--The "Smart Food Logistics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The global smart food logistics market was valued at USD 8.12 billion in 2020, and it is expected to reach USD 16.78 billion by 2026, registering a CAGR of 13.42% during the period of 2021-2026.
The market for smart logistics in the food industry has emerged from the benefits of facilitating the 'Ease of procuring' to tracking packages in transit. The ability to receive the items fresh with real-time access to the movement of food is where smart logistics powered by the internet of things (IoT) is making a huge difference.
Convergence of logistics and technology, along with cloud-based collaborative solutions that extend through the entire supply chain, has enabled a tight integration of warehouse, transport, and end consumer information and transparency through the supply chain; this, in turn, has been identified as a key driver towards the growth of the market studied.
As the digital economy continues to grow, IoT technology has transitioned from a futuristic idea to a tactical tool for logistics companies to implement in their supply chain. Sensors and IoT tools are transforming traditional asset tracking to intelligent supply chains capable of earning logistics companies a higher ROI. For the food industry, these IoT-enabled sensors offer real-time knowledge of asset/fleet location, fleet motion speed, temperature conditions, and other crucial data sets.
The sensors also help the allied stakeholders closely monitor food safety data points, thus ensuring efficient cold chain management. This data enables compliance adherence with local and global regulations. For instance, by using automated Hazard Analysis Critical Control Points (HACCP) checklists during the production, manufacturing, and transporting processes, companies attain access to consistent, meaningful data to implement food safety solutions.
Likewise, varying food laws and regulations across regions, one being the Food and Drug Safety Act, has been realized as putting significant pressure on supply chains to record more information and increase transparency.
The COVID-19 pandemic severely disrupted almost all the end-user industries globally, affecting the supply chain management of businesses due to remote working conditions or complete lockdown, resulting in the halt of operations. The disruption proliferated the use of technology and digitalization to its maximum to survive the pandemic and help prevent the disruption of their operations.
The pandemic affected the logistics industry in various ways, as the Logistics Managers' Index (LMI) for April 2020 fell to an all-time low. The LMI is based on eight unique components that involve inventory (levels and costs), warehousing (capacity, utilization, and prices), and transportation (capacity, utilization, and prices).
Select Market Trends
Cold Chain Monitoring to Hold a Significant Share
North America Holds a Major Share
The smart food logistics market is moderately fragmented. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. Some of the key developments in the market are:
Aug 2020 - Hacobu Co., Ltd. renewed its telematics service "MOVO Fleet" for the logistics industry. Hacobu is developing a cloud service, "MOVO," with the aim of optimizing inter-company logistics. "MOVO Fleet" is a telematics service for the logistics industry that aims to grasp the vehicle position using a GPS terminal, reduce the work burden of operation managers, and streamline delivery work.
Oct 2020 - LYNA Logics AI automatic vehicle dispatch engine was adopted in "ZENRIN Logistics Service," as it provides comprehensive support from AI-based vehicle dispatch planning to route guidance using Zenrin's housing map data and management and analysis of business progress. By combining the technologies of both companies, Lyna Logics plans to realize optimal vehicle allocation planning and operation management that considers various restrictions at the site and strongly promotes the efficiency of a wide range of transportation and delivery operations from EC / home delivery to B2B transportation.
Sep 2021 - ORBCOMM Inc. announced that it had been selected by TLD Logistics Services Inc. (TLD), an independent subsidiary of Toyota Tsusho, to upgrade its fleet of trucks and refrigerated trailers with ORBCOMM's advanced in-cab and cold chain telematics solutions for two-way temperature monitoring and control. The platform also helped the logistics company to ensure compliance with the FDA's Food Safety Modernization Act (FSMA).
Key Topics Covered
1.1 Market Definition and Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.4 Market Drivers
4.4.1 Increasing Need for Efficient Monitoring and Tracking for Better Control of Assets
4.5 Market Restraints
4.5.1 Installation Complexities
5 IMPACT OF COVID-19 ON THE LOGISTICS INDUSTRY IN THE FOOD AND BEVERAGE SECTOR
6 MARKET SEGMENTATION
6.1.1 Hardware (Sensors, Telematics, Networking Devices, etc.)
6.1.2 Software and Services
6.2.1 Fleet Management
6.2.2 Asset Tracking
6.2.3 Cold Chain Monitoring
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.2 Sensitech (Carrier Global Corporation)
7.1.3 Berlinger & Co. AG
7.1.4 Geotab Inc.
7.1.5 Kii Corporation
7.1.6 Verizon Connect
7.1.7 Teletrac Navman
7.1.8 Monnit Corporation
7.1.10 Samsara Networks, Inc.
7.1.12 Nippon Express co. ltd.
7.1.13 YUSEN LOGISTICS CO. LTD. (Nippon Yusen Kabushiki Kaisha (NYK))
7.1.14 Hacobu Co. Ltd. (MOVO)
7.1.15 Kouei System Ltd.
7.1.16 LYNA LOGICS, Inc.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/s00w89
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