The food industry is essential because it provides nourishment to people worldwide. Besides feeding the population, it also plays a significant role in the global economy. The Food Traceability: Technologies and Global Markets is expected to generate $23.8 billion in revenue in 2024 and is projected to grow to $38.5 billion by 2029, with an annual growth rate of 10.1%.
The food industry plays a crucial role in feeding millions of people, but there are still areas that need improvement. One major issue is food waste, which often occurs because food doesn't reach the right places at the right time. As a result, while some regions face food shortages, excess food goes to waste elsewhere. Shockingly, around one-fifth of the food produced for human consumption is lost or wasted globally — that's equivalent to one billion meals every single day.
Food traceability is the process of keeping track of where food and its ingredients come from and how they move through the supply chain. It records each step, from production and processing to distribution. This system is especially helpful during food safety issues, as it allows authorities to quickly identify the source of contamination, remove unsafe products, and prevent more people from getting sick.
The need for food traceability comes from two key groups: consumers and regulatory authorities. Consumers want to know where their food comes from and trust that it's safe, while regulators ensure that companies follow safety standards. Both are equally important.
Consumers drive your sales and success, while regulatory bodies have the power to shut down your operations if rules are not followed. The main goal for both groups is food safety, especially when it comes to correctly labeling allergens that could harm people with allergies.