Allied Market Research has recently published a report, titled, “Food Safety Monitoring System Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology (Cloud-based, On-premises), by Component (Software, Hardware), by End-user (Food Processing Companies, Food Retailers, Food Manufacturing, Restaurants, Bakeries, Beverages Companies): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global food safety monitoring system market generated $36.1 million in 2022, and is anticipated to generate $63.5 million by 2032, rising at a CAGR of 6.1% from 2023 to 2032.
Prime Determinants of Growth
The rising concerns about food safety, increasing healthcare costs, the ease of access to different food safety testing techniques, and the growing demand for nutritious & balanced food components are the factors expected to drive the growth of the global food safety monitoring system market in the forecast period from 2023 to 2032. However, the lack of skill & knowledge, especially in the developing countries, may hamper market growth in the coming future. On the contrary, the digitization of food safety in the food sector and the rising regulatory standard and stringent food safety regulations are expected to offer remunerative opportunities for the expansion of the food safety monitoring system market during the forecast period.
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Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Technology, Component, End-user, and Region
Rising demand for nutritious and beneficial food components
Growing emphasis on food security and regulatory compliance
Ease of access to different food safety testing techniques
Increasing regulatory standards and stringent food safety regulations
Digitalization of food safety in the food sector
Lack of skills and knowledge, especially in developing countries
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The COVID-19 pandemic outbreak had a significant impact on the global food safety monitoring system market’s growth due to the increased focus of people on hygiene and the importance of real-time monitoring and traceability, resulting in a notable increase in demand for cutting-edge solutions.
In the post-pandemic scenario, the food safety monitoring system industry demonstrates resilience, adjusting to new norms and placing a strong emphasis on implementing robust measures for consumer well-being.
Technology: Cloud-based Sub-segment to Witness Propelling Growth During the Forecast Period
The cloud-based sub-segment accounted for the largest global food safety monitoring system market share of 50.8% in 2022 and is expected to witness significant growth during the forecast period. This is majorly because cloud-based solutions provide real-time data management, which enhances traceability & transparency throughout the food supply chain. Besides, with an increased emphasis on regulatory compliance and the rising need for streamlined operations, cloud-based technology serves as a key component in increasing the growth of the food safety monitoring system market.
Component: Hardware Sub-segment to Experience Prominent Growth by 2032
The hardware sub-segment accounted for the largest market share of 56.0% in 2022 and is expected to continue to maintain its prominent growth during the forecast period. This is mainly due to the increasing demand for robust and automated solutions. Besides, companies are embracing advanced hardware for real-time monitoring & data analysis, as food safety regulations become more stringent. The growing necessity for accuracy, speed, and precision in monitoring practices positions hardware solutions as vital, which is driving the sub-segment’s growth.
End-user: Food Manufacturing Sub-segment to Flourish Immensely by 2032
The food manufacturing sub-segment of the global market accounted for the highest share of 29.3% in 2022 and is projected to hold largest market share by 2032. This is primarily owing to the increasing usage of food safety monitoring systems in the food manufacturing sector, due to the commitment of the industry towards ensuring product security and compliance. In addition, the rising demand for processed foods increases the need for strong safety measures during the manufacturing process. The growing adoption of modern technologies, like real-time monitoring & analytics is enhancing traceability and quality control.
Region: North America Market to Hold Major Market Share by 2032
The food safety monitoring system market in the North America region accounted for the largest share of 40.3% in 2022 and is predicted to hold major market share by 2032. This growth is mainly owing to the stringent regulatory standards, technological advancements, and growing awareness about food safety. In addition, the rising adoption of superior monitoring solutions, such as real-time monitoring & traceability, is on the rise. Moreover, North America continues to be a key driver in the prominent growth of the food safety monitoring system market, as consumers prioritize safe and nutritious food.
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Leading Players in the Food Safety Monitoring System Market:
Intertek Group plc
RJ Hill Laboratories Ltd.
SGS SA (Société Générale de Surveillance SA)
Bureau Veritas SA
The report provides a detailed analysis of the key players of the global food safety monitoring system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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The post Food Safety Monitoring System Market to Reach $63.5 Million by 2032 at 6.1% CAGR: Allied Market Research appeared first on HIPTHER Alerts.
Temporary Wall Systems Las Vegas to announce grand opening at the NAHB International Builders’ Show
Temporary Wall Systems (TWS), the first and leading full-service, temporary containment wall provider in the United States, will announce the grand opening of its new Las Vegas, Nevada, location at the National Association of Home Builders’ (NAHB) International Builders’ Show (IBS) at the Las Vegas Convention Center Feb. 27-29.
“I’m on a mission to transform the local construction landscape,” owner Jennifer Dice said. “Temporary Wall Systems has the perfect solution to elevate the standard of renovation projects in the Las Vegas area. They’re safer, more convenient and more visually appealing than temporary walls made of permanent material. To top it off, they can be reused, so that material doesn’t end up in our landfills.”
Dice will be at the IBS show at Booth No. C8315 and will showcase her Temporary Wall Systems Las Vegas containment wall solutions.
Dice and her husband, Skylar, moved to the area two years ago, and her professional experience includes casino marketing and operations and economic development. She brings the skills she learned at these positions to her Temporary Wall Systems venture.
“Starting a new business will provide me with an ever-evolving learning experience to foster personal and professional growth,” she said. “I’m committed to making a positive impact in my local community by providing a superior containment wall solution. Las Vegas is always growing and expanding, and these walls are perfect for an area that sees a lot of construction and renovation.”
Dice said she chose HomeFront Brands, Temporary Wall Systems’ parent company, as her franchising partner because of its alignment with her goals.
“The TWS team shares my vision, values and goals,” she said. “Working with their team has been both exciting and rewarding.”
Temporary Wall Systems Las Vegas serves the Boulder City, Enterprise, Henderson, Las Vegas, Paradise, Spring Valley, Summerlin, Whitney and Winchester areas.
TWS is part of HomeFront Brands, a family of emerging, franchised residential and commercial property service brands that offers integrated technology, data support, lead generation, business intelligence systems and training to its partners.
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ITRI Partners with Mexico’s Sonora to Foster Science Park Development
ITRI has signed a consulting service agreement with the state of Sonora in Mexico for science park planning and counseling, deepening Mexico–Taiwan cooperation in the fields of technology and industry. The effort includes regional coopetition analysis, strategy consulting, business development, capability enabling, and implementation support, aiming to create a competitive and sustainable science park in Sonora. This venture also extends its benefits to Taiwanese manufacturers eyeing expansion opportunities in Mexico.
ITRI’s Senior Vice President Stephen Su emphasized the strategic significance of Mexico in the global supply chain, particularly in the burgeoning electric vehicle industry. He highlighted Mexico’s advantageous geographical location, coupled with competitive production costs and labor expenses, comprehensive automotive manufacturing clusters, rich mineral resources, as well as the privilege of zero tariffs under the United States-Mexico-Canada Agreement (USMCA). This collaboration emerges against the backdrop of Mexico as Taiwan’s largest export market and trading partner in Latin America. Through this partnership, bilateral exchanges in sectors such as semiconductors, electric vehicles, artificial intelligence, and automation industries will be deepened, supporting Taiwanese companies seeking to expand their operations in the thriving Mexican market.
Governor of Sonora Francisco Alfonso Durazo Montaño expressed his pleasure in partnering with ITRI, recognizing ITRI’s role as a key driver in Taiwan’s semiconductor and ICT industries. Sonora, aligning its vision with “Plan Sonora,” the state’s sustainability development strategy, has noted the surge in international companies relocating their supply chains to Mexico. In response, the state has launched the development of the Sonora Science and Technology Park to meet the growing demands of emerging industries such as ICT and electric vehicles. The Governor articulated his hopes that the collaboration with ITRI will enable both entities to leverage their strengths and jointly explore international markets.
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ASTRI sets up FinTech and ESG Alliance
The Hong Kong Applied Science and Technology Research Institute (ASTRI) has inaugurated a “FinTech and ESG Alliance” on 22 February to foster a dynamic platform for exchange and knowledge-sharing. This alliance aims to enhance engagement with regulators, policymakers, incubators and accelerators, FinTech start-ups and enterprises, as well as other stakeholders to promote technological collaboration and commercialisation, bolstering Hong Kong’s role as a world-leading green FinTech hub.
ASTRI was honoured to have the Hon Jeffrey Lam, Member, Executive Council and Legislative Council, HKSAR Government, as our Guest-of-Honour, together with over 400 experts and leaders from the academia, FinTech and the green sectors witness this special occasion. Distinguished representatives from the Hong Kong Monetary Authority, Invest Hong Kong and several financial institutions were invited to address the seminar. The discussion covered various topics such as the digital transformation of banking and insurance industries, digital asset, sustainable finance and related policy, heralding a new era of digital innovation in financial industry.
In the Policy Address 2023, the HKSAR Chief Executive highlighted the government’s commitment to driving green and sustainable finance in Hong Kong. In addition, Financial Secretary said earlier that building Hong Kong as an international green tech and green finance hub is one of the main goals in the coming year, as sustainability is a global agenda. “Alongside promoting the development of technological solutions and providing early-stage funding support for pre-commercialised green FinTech, we’re dedicated to expanding the green FinTech ecosystem and developing Hong Kong into a green FinTech hub,” said the Hon Jeffrey Lam, who also commended ASTRI for its significant contribution in this initiative.
“Our expertise in the financial sector spans a broad spectrum, providing diversified financial products and services in banking, investment, insurance and others, which exemplifies our role as Asia’s green FinTech hub,” he added.
Technology transforms financial services
The financial sector has long been a vital pillar of Hong Kong economy, contributing to over 20% of the city’s GDP. As Hong Kong continues to evolve into an international innovation and technology hub, there is an explosive expansion in the FinTech community.
Ir Sunny Lee, Chairman, ASTRI stressed that national policy supports Hong Kong’s journey to become a global innovation and technology (I&T) hub, with FinTech playing a crucial role in smart city development. “The Alliance serves as an effective communication platform for the industry to explore the utilisation of emerging technologies such as AI and blockchain to revolutionise financial services, enhance operational efficiency, and expedite the I&T adoption to benefit businesses and the public, cementing Hong Kong’s leading role as a financial hub,” he said.
Promote FinTech adoption for ESG
To foster the development of a knowledge-based economy and enhance accessibility to financial services for both the public and businesses, the HKSAR Government actively supports the growth of financial technology. This includes promoting more FinTech services and products to undergo proof-of-concept trials, alongside the enhancement of innovative FinTech infrastructure.
Mr Joseph Chan, Under Secretary for Financial Services and the Treasury, HKSAR Government said:”To better integrate Fintech with green finance and actively expand the green Fintech ecosystem, we will launch a dedicated proof-of-concept subsidy scheme for green Fintech in the first half of this year. This pioneering scheme is designed to stimulate the development of innovative technological solutions in the green sector and to offer early-stage funding support for pre-commercial green Fintech initiatives.”
Aligned with the HKSAR Government’s initiatives, ASTRI has commercialised several self-developed technologies in FinTech & ESG fields. Key projects include: (1) collaborating with Bank for International Settlements (BIS) and Hong Kong Monetary Authority to establish a proof-of-concept CBDC system focusing on safety, flexibility and privacy; (2) creating a privacy-preserving Federated Learning model to enable banks to utilise alternative data for developing new credit models and aiding SMEs in obtaining financing; (3) establishing a sandbox environment to offer private, controlled and quorum-based runtimes for assessing the performance and security of smart contracts.
With the escalation of global climate change, there is a growing demand for environmental, social and governance (ESG) information disclosure from listed companies worldwide. ASTRI’s “Artificial Intelligence ESG Report Analysis” technology leverages artificial intelligence (AI) and deep learning technologies to assist financial institutions in enhancing the efficiency of processing ESG report data. This innovative solution aids in meeting regulatory compliance requirements and information disclosure standard, while minimising compliance cost.
Encourage I&T collaboration
The “FinTech and ESG Alliance” marks ASTRI’s third alliance formation. Dr Denis Yip, Chief Executive Officer of ASTRI said: “Building on our previous achievements, our goal is to engage with all stakeholders to develop a holistic ecosystem that paves the way for an innovative era of financial services and sustainability. ASTRI remains committed in advancing knowledge transfer and technological innovation, fostering collaboration among Alliance members and the global industry through a range of networking and matchmaking initiatives.”
ASTRI is dedicated to promoting collaboration among government, industry, universities and research sectors. This commitment aims to enhance cooperation across the I&T industry’s upstream, midstream, and downstream segments, while also nurturing Hong Kong’s financial talent pool. Over the past two years, ASTRI has entered into Memorandum of Understanding (MoUs) with six local universities (HKU, CUHK, HKUST, City U, PolyU and BU) and formed two industry alliances: the “Microelectronics Technology Consortium” (November 2022) and “Smart Mobility Technology (C-V2X) Alliance” (April 2023).
The newly established “FinTech and ESG Alliance” is backed by banks, financial institutions and businesses. It aims to foster the convergence of emerging FinTech solutions and drive the digital transformation of conventional financial and insurance services to enhance operational efficiency. The Alliance is set to host a series of events for its members including talks, seminars, technology showcases, overseas missions, to facilitate collaboration among stakeholders and tap into fresh opportunities in the Mainland China and overseas, injecting new impetus into Hong Kong’s economy.
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