PUBLISHER: Allied Market Research | PRODUCT CODE: 1446922
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446922
The global food safety monitoring system market is anticipated to reach $63,492.3 thousand by 2032, growing from $36,074.5 thousand in 2022 at a CAGR of 6.1% from 2023 to 2032.
A food safety monitoring system is a complete framework of practices, technologies, and protocols designed to ensure the security and quality of food products throughout the complete supply chain. It involves systematic monitoring, analysis, and management of various factors, including hygiene, illness risks, storage conditions, and transportation. Leveraging technologies such as sensors, information analytics, and traceability tools, the system aims to detect and mitigate potential hazards, comply with regulatory standards, and provide consumers with assurance regarding the security and quality of the food they consume.
Food safety guidelines are essential in achieving all-inclusive adherence to food security and achieving the significant global demand for safe food. These assessments typically examine a food's biochemical composition, physical attributes, and the potential presence of undesirable impurities. Well-established testing techniques are accessible for addressing each specific concern, such as conventional methods for detecting unwanted microbial growth. The identification of potential hazards constitutes an integral component of a comprehensive Hazard Analysis and Critical Control Points (HACCP compliance testing) testing plan and an overall food safety management system. Food testing prevents the risk of foodborne illness and any hazards related to it. According to the World Health Organization, every year, 420,000 people worldwide die and an estimated 600 million get sick from eating spoiled food, resulting in 33 million years of healthy life. Moreover, 40% of foodborne disease deaths occur in children under the age of five, which results in 125,000 deaths annually.
Food safety testing requires specialized equipment and expertise, both of which are expensive for businesses, particularly small ones. Some businesses find it difficult to implement adequate food safety measures because they lack the resources to invest in expensive testing equipment or hire trained personnel. Therefore, they choose to conduct less thorough testing or none, putting consumers at risk. Furthermore, the cost of testing is passed on to consumers, leading to higher food prices. The high cost of food safety testing equipment and services limits market growth, particularly in developing countries with limited resources.
The rising demand for food safety solutions, driven by the growing health and wellbeing trend, is the most important factor driving the food safety monitoring system market expansion. Factors such as rapid urbanization, economic development, and increased disposable income contribute positively to the expansion of the food & beverage industry. The market is further driven by the rising popularity of convenience food products and government initiatives to mitigate foodborne diseases. The current trend of increased consumption of frozen foods and ready-to-eat food products, influenced by a hectic lifestyle and a growing population, is predicted to substantially boost the food safety monitoring system market expansion during the forecast period.
The food safety monitoring system market experienced distinct phases post-COVID-19. During the pandemic, there was an increased focus on food safety, prompting increased adoption of monitoring systems to ensure product quality. Post-COVID-19, the market continues to evolve with sustained emphasis on safety protocols. The adoption of advanced technologies, like IoT and blockchain, has become imperative for real-time monitoring and traceability. The industry's resilience in adapting to new norms and prioritizing robust measures highlights a lasting commitment toward food safety. The convergence of regulatory compliance, technology, and consumer expectations remains pivotal, shaping the food safety monitoring system market in a post-pandemic landscape.
The key players profiled in this report include SGS SA, RJ Hill Laboratories Ltd., DuPont, Intertek Group PLC, Danaher Corporation, SAP, AsureQuality Ltd., SecureMetric Technology, IBM, and Bureau Veritas SA. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)