Market Analysis - Food Spoilage Conference 2019
The spoil detection based smart label market was worth USD 860.96 Million in 2014 and is expected to reach USD 1.68 Billion by 2020, at a CAGR of 11.8% between 2014 and 2020.
The global spoil detection based smart label market has been segmented on the basis of type and geography. The global spoil detection based smart label market based on type has been segmented into fish, meat, vegetables, dairy products, processed foods, and others. The others types include beverages and pulses. Geographically, the spoil detection based smart label market has been segmented into North America, Europe, Asia-Pacific (excluding Japan), Japan, and Ro W.
Major players operational in the spoil detection based smart label market have been identified across region, along with their offerings, distribution channel, and regional presence. Furthermore, the average revenues generated by these companies, segmented on the basis of region, were used to arrive at the overall market size.
The market based on type consists of materials on which labels are used. On the basis of type, the market has been segmented into fish, meat, vegetables, and dairy product, and processed foods among others. The smart label market used for fish related products is expected to grow at the highest CAGR between 2014 and 2020. Governing bodies of various countries have framed policies to encourage the use of labels in fishery products. For example, according to the E.U. relation no. 1169/2011, frozen meat including seafood should possess the label of date of freezing, date of expiry, frozen meat preparations methods along with the name and address of the manufacturer/packer. They also contain several other general rules which cover nutrition, country of origin, and health claims. Such supportive government regulation helps the spoil detection based smart label market in fishery industry to grow.
The market has been segmented into North America, Europe, Asia-Pacific (excluding Japan), Japan, and RoW. North America is expected to hold the largest share during the forecast period, followed by Europe and Asia-Pacific (excluding Japan).
The global food preservatives market size was valued at USD 2.5 billion in 2018 and is anticipated to register a CAGR of 3.7% over the forecast period. Food preservatives are the products incorporated during food processing to increase its stability and to avoid its spoilage. They are added in small quantities to various types of food depending on the need. Traditionally, salt, sugar, and spices were used to preserve meat and other food types.
Food preservatives prevent the growth of microorganisms, and thus inhibit or delay food spoilage. Depending on the degree of toxicity, they are classified into non-toxic and moderately toxic. Non-toxic preservatives can be used in the processing while moderately toxic are regulated by relevant regulatory bodies such as the U.S. Food and Drug Administration (FDA) and European Food Safety Authority (EFSA) and are identified by appropriate index (INS or E) numbers.
These are used for preserving snacks, confectionaries, bakery products, and dairy, meat, and poultry products. Demand for these products is increasing globally owing to various factors such as change in customer lifestyle, surge in imports and exports, increasing preference for fresh products, accompanied by rise in consumer willingness to pay for premium price.
North America acquired the maximum market share during 2016 and is expected to continue its dominance for the next few years. Increased availability of processed foods and greater acceptance of ready-to-eat foods from consumers in U.S. and Canada are driving the demand for convenient foods.
The U.S. food preservatives market was valued at USD 375.3 million in 2018 and is anticipated to register a CAGR of 2.8% from 2019 to 2025. Rising demand in meat and poultry products is expected to boost the growth. Manufactures such as Corbion N.V. use vinegar, along with jasmine extract as an anti-oxidant and citrus powder, to prevent moisture migration of the product.
U.S. was led by chemical preservatives, such as benzoates, nitrites, and propionates. However, manufacturers in U.S. are shifting from manufacturing synthetic to natural preservatives, owing to increasing demand for the latter.
Increasing customer preference for hygienic food material and supportive norms by the Food and Drug Administration (FDA) and the U.S. Department of Agriculture (USDA) to reduce the wastage of food due to contamination of food material during distribution is expected to the boost market in North America, and it is expected to grow at a high rate.