BLOCKCHAIN BRINGS THE FIGHT TO $40B FOOD FRAUD ECONOMY
OSLO, Norway, April 6, 2023 /PRNewswire/ -- In the aftermath of the recent false labeling controversy of foreign pork as British, the UK honey debacle, and a plethora of other cases, the prevalence of food fraud is at an all-time high. Renowned organisations have been impacted by serious food fraud incidents over the last decade. This 'shadow economy' currently impacts over 10% of the global supply chain and costs the industry $40billion annually, according to The Consumer Brands Association.
- Renowned organisations have been impacted by serious food fraud incidents over the last decade.
- It is not only the economic impact of food fraud, but also potential health consequences and knock-on, reputational damage for brands across the sector.
- According to NFU Mutual , 72% of consumers believe there to be an issue with food fraud in the UK, and only 12% have confidence in the European food chain.
- Food integrity has been a growing issue for policymakers, food systems, and consumers for many years.