A new regulation on food traceability would impact up to 30% of the United States market, highlighted the company Bioceres Crop Solutions Corp.
Overall, the transparency of traceability allows consumers to verify where a food comes from and understand the journey from farm to fork.
This is a regulation proposed by the Food and Drug Administration (FDA) that would require participants in the food value chain to maintain end-to-end traceability records that are available upon request during an outbreak. foodborne or a food recall investigation.
On this, Bioceres Crop Solutions stated that the new regulation would apply to categories that are estimated to represent approximately 20 to 30% of the food consumed in the US market.
According to Forbes magazine, investments in food traceability technology could reach an estimated $ 19 billion by 2023.
This investment will create large-scale changes in the visibility and traceability of the food supply chain.
Blockchain represents a key element to ensure traceability from farm to fork, as this technology enables highly secure digital records and transactions, creating a secure and transparent system available to all parties within the supply chain.
Food traceability
According to Reports and Data, the agriculture-related Blockchain market was valued at $ 52.36 million in 2018, and is expected to reach $ 122.7 million by 2028, growing at a CAGR of 45.1 percent.
The world faces enormous challenges when it comes to testing food to a growing population and there is an imminent need for innovation in agricultural processes to overcome these challenges.
Increasingly, consumers are concerned about where their products come from and how they were produced, and many may be willing to pay more for goods that offer supply chain traceability.
Given this, food brands are responding to consumer concerns with marketing, sustainable sourcing, positive footprint and highly nutritional products.
Consumers are driving change in food attributes based on their social and environmental externalities. According to Boston Consulting Group’s “Food for Thought” report, moving to alternative proteins can be a significant contributor to tackling climate change, and the transition is driving demand.
In 2020, 574 million metric tons of animal-based protein were consumed worldwide, representing approximately 75 kilograms per person, and consumption continues to increase every year.
