The food we eatFood safety products: global demand to reach $2.9 billion in 2014
Two trends have contributed to a sharp increase in the number of people who fall victim to food-borne illnesses in the United States and other advanced economies: the centralization of food production and distribution domestically, and the rapid growth of imports of food stuffs and food ingredients from countries in which health and safety standards are weak or are not being enforced; companies which offer food safety products and solutions benefit
Security needs create business opportunities. Consumers in advanced societies are now exposed more than ever before to food-borne illnesses, for two reasons:
- Domestically, food production is centralized and industrialized like never before. This creates a situation in which contamination or disease in one plant, farm, dairy, or distribution affect thousands of people across the nation, rather be contained locally or regionally
- The dramatic increase in the importation of food and food ingredients has exposed consumers to food stuffs from countries where health and safety regulations are not always developed, and not always enforced
Farmington, Connecticut-based Global Information, Inc. offers a new market research report, “Food Safety Products (U.S. industry forecasts for 2014 & 2019)” by written by the Freedonia Group. The report says that the U.S. market outlook for food safety products is positive as “recent high-profile foodborne illness outbreaks, in addition to large product recalls due to food safety concerns, will continue to fuel demand.” Increasing standards of food safety regulations will also be a major market driver. For example, anticipated increases in food plant inspections will cause demand for diagnostic testing products to rise. According to the Freedonia Group, “Demand for food safety products in the US is forecast to rise 6.7 percent per year to $2.9 billion in 2014.”
Main findings:
- Food processing plants segment will continue to dominate overall market:. 71 percent of the total demand for food safety products in 2009 was attributed to the food processing market segment. Additionally, the meat industry will generate the largest share of food safety product demand within the industry category of food and beverage processing. Since raw meat products are easily susceptible to contamination during slaughter and further processing, extensive food safety measures are extremely crucial and necessary.
- Smart labels and tags in food safety industry to exhibit fastest growth: Sales of smart labels and tags are projected to post the fastest gains among food safety product types. This growth will primarily be driven by widespread integration of new smart label technology in food packaging. Moreover, smart labels and tags provide easy traceability throughout the food supply chain.
- Foodservice industry growth will support demand for food safety products in foodservice establishments. “Demand for food safety products in foodservice establishments will be supported by growth in the foodservice industry, as consumers seek convenient, ready-to-eat offerings that provide alternatives to what is typically made at home,” say research analysts at the Freedonia Group.
- Restaurant operators are increasing their efforts to avoid outbreaks of foodborne illnesses. For example, more efficient disinfection products will be on the rise across all eating and drinking establishments, including various restaurant venues.
