14 Jan Importance of Food Traceability for Food Retailers
Lately, we hear a lot about food traceability. But what is food traceability we hear about?
Food traceability is the ability to track a given food or ingredient from its point of production through processing, manufacturing, and transportation to retail and sale to consumer.
Food traceability is becoming a must-have in the industry to mitigate and manage risk around food safety recalls. As it becomes more widespread, industry leaders are discovering the additional benefits to traceability:
- Operational and supply chain efficiency
- Engendering consumer trust through transparency
- Reducing food loss and waste
- Market differentiation
- Enabling sustainability initiatives
- Mitigating food fraud
- Providing mechanisms to combat human rights violations
It is known that after the corona, consumers began to pay more attention to what they consume and prefer naturally produced foods in ethical ways. In addition to this new consumption habit of consumers, the fact that there is a situation such as those 600 million people which means one in every ten people in the world will fall ill from eating contaminated food every year. increases the attention of consumers to food safety.
Considering all these situations, according to Allied Market Research, the global food traceability market is expected to garner $22.27 billion by 2025 which means an annual growth rate of 9.3% from 2018 to 2025.
We mentioned that food traceability is important to ensure food safety, to meet the demands of consumers, and the various benefits it provides. Now let’s examine the benefits of food traceability specific to markets under three headings;
- Improved Brand Reputation: Product tracing systems support decisions that impact brand reputation. Improving product tracing improves decision-making ability.
- Increased Consumer Confidence: Traceability provides the proof that the product has specific attributes as claimed. While product tracing may be considered a normal cost of doing business, not having traceability negatively impacts consumer confidence and customer loyalty for many firms.
- Expanded Markets/New Customers:Since market entry requirements differ, recall and traceback risk mitigation requires trading partners to meet minimum tracing standards.
Considering the need and benefits of food traceability, it is seen that it will be one of the indispensable requirements of the near future for the food industry. So can we say that the future success of markets depends on food traceability?
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