U.S. Food Safety Product Demand to Exceed $2 Billion in 2010
Posted on: Tuesday, 20 June 2006, 12:00 CDT
U.S. demand for food safety products will increase 5.5 percent per year to over $2 billion in 2010. Strong gains will result from the development of new products, renewed federal efforts to eliminate foodborne illness outbreaks, concern over the arrival of avian influenza in North America, and the development of a National Animal Identification System (NAIS). Disinfection products, led by continued strong gains in disinfection equipment, will afford the best opportunities and continue to account for the majority of demand. The fastest growth will be in smart labels and tags due to a combination of NAIS implementation and companies' improvement of traceability infrastructure. These and other trends including market share, market leaders, market size and company profiles are presented in "Food Safety Products," a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
Disinfection products dominate the food safety product market, led by disinfection and sanitation chemicals, which are used at all levels of food production, processing, preparation and sale. Healthy growth in disinfectants and sanitizers will continue due to increasing recognition of the economic risks associated with a well-publicized foodborne illness incident. The primary driver of disinfectant product gains, however, will be new types of disinfection equipment as companies -- particularly in the beverage industry -- seek reliable, nonchemical means of ensuring that contamination risks are minimized.
Diagnostic products will also experience healthy gains as new rapid testing technologies allow companies to increase testing frequency while reducing inventory hold times for tested products. In contrast, preservatives will realize more moderate growth due to market maturity, as well as new pasteurization and packaging technologies that minimize the need for preservatives. The continued development of the organic food movement, which is becoming more mainstream, will also restrain gains in preservatives.
Smart labels and tags will experience double-digit annual growth due to the development of the NAIS, which will allow the government to trace the origin of any meat product within 48 hours. Traceability issues will also help drive software growth at an above average pace. In the longer term, advances both in software and in smart labels and tags are expected to accelerate even further. As the technology matures, food processing and distribution companies are expected to increase deployments to achieve additional supply chain management efficiencies.
Contact: Corinne Gangloff Contact via http://www.marketwire.com/mw/emailprcntct?id=8469091D4F240985 440-684-9600
SOURCE: Freedonia Group, Inc.
Source: MARKET WIRE
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