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The global cold chain radio frequency identification (RFID) market generated $750.7 million in 2015 and is expected to grow at a CAGR of 29.1% during the forecast period (2016–2022). A major driver for the market is the growing perishable food trade across the globe.
On the basis of product, the cold chain RFID market is categorized into tags, readers, software & services, and other hardware devices. Among these, the tags category held the largest share in 2015, owing to the rising demand for tagging in the food and beverage (F&B) industry in regions such as North America and Asia-Pacific (APAC). The software & services category is projected to witness significant growth over the forecast period. This can majorly be attributed to the increasing demand for real-time temperature monitoring in cold chain logistics.
GLOBAL COLD CHAIN RFID MARKET BY PRODUCT $M (2012-2022)
Based on technology, the cold chain RFID market is classified into passive RFID and active RFID. Of these two categories, passive RFID contributed the higher revenue to the market in 2015. Passive RFID systems don’t need a battery and is powered by electromagnetic energy transmitted from an RFID reader, and thus are physically smaller in size than active RFID technology. Therefore, this size advantage of passive RFID equipment is helping in the overall market growth.
On the basis of industry, the cold chain RFID market is categorized into pharmaceutical & biomedical and F&B. Of these, cold chain RFID contributed the largest revenue in the F&B industry during the historical period (2012–2015) due to the rapid growth of organized F&B retail in developing countries, such as China, India, and Brazil.
Geographically, the North American region held the largest share in the cold chain RFID market in 2015. This is attributed to the stringent government mandates over the implementation of RFID tags or readers on cold chain products. Also, the increasing trade of pharmaceuticals and food products in countries such as the U.S. and Canada has led to the growth of the market in the region.
Asia-Pacific (APAC) is projected to witness the fastest growth in the cold chain RFID market during the forecast period owing to the growing F&B retail sector in countries such as China, India, and Australia. Additionally, the rising manufacturing of pharmaceutical products, such as medicine tablets, tubes and injections, is expected to proliferate the demand for RFID in the APAC cold chain market. The Rest of the World (RoW) category, which includes Brazil and numerous other countries, is projected to grow at a considerable CAGR during the forecast period too, wherein it is expected that Brazil will register the significant growth by 2022.
Some of the key players operating in the global cold chain RFID market are Alien Technology Corporation, Checkpoint Systems Inc., Impinj Inc., Nedap N.V., RFID4U (eSmart Source Inc.), Invengo Technology Pte. Ltd., GAO RFID Inc., Avery Dennison Corporation, and SATO Holdings Corporation.
Key questions answered in this report