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FoodChain ID Weekly Market Watch – October 11

The weekly synopsis of top stories making the headlines from FoodChain ID's Chief Revenue Officer, Brandon Taylor.

By Brandon Taylor, Chief Revenue Officer

FOOD FRAUD

United Kingdom Food Standards Agency Shares Update on Tackling Food Crime from the Food Fraud Working Group

The Food Standards Agency (FSA), working with food industry partners including FoodChain ID, this week set out proposals from the Food Fraud Working Group.

The Food Standards Agency published two research reports, one estimating food crime costs the UK economy up to £2 billion a year and another which makes recommendations on food crime prevention. ‘The Cost of Food Crime’ research reported a cost of food fraud to consumers, businesses and government of between £410 million and £1.96 billion per year.
 
Also published this week is a report called What works to prevent food fraud’ which highlights ways to complement our existing food fraud prevention work and strengthen lines of defense against fraudsters.

FOOD INFLATION

Canada Grocers Make Commitments on Food Prices

François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, said Canada retailers are “following through on their engagement to support efforts aimed at stabilizing food prices” after talks last month between government, grocers and manufacturers.

Champagne said: “Canadians can expect to see actions such as aggressive discounts across a basket of key food products that represent the most important purchases for most households, price freezes and price-matching campaigns.”

Last month, Canada Prime Minister Justin Trudeau threatened to impose taxes unless grocery retailers come up with measures to “stabilize” food prices. Canada’s government also said it intended to take steps to improve competition across the economy, “with a focus on the grocery sector,” it said.

Champagne has announced a new office of consumer affairs with a “grocery task force”, a new grocery code of conduct and more accessible and available data on food prices. He added the Competition Bureau will soon have more powers to tackle these issues through changes to the Competition Act.

Source: GlobalData.

FOOD SAFETY

California Becomes First US State to Ban Four Chemicals in Food

Gov. Gavin Newsom signed the California Food Safety Act, the first law in the U.S. to ban four chemicals from candy, cereal, soda, and other processed food sold and produced in the state.

Assembly member Jesse Gabriel (D-Woodland Hills) authored the law, which ends the food uses of brominated vegetable oil, potassium bromate, propylparaben and Red Dye No. 3.

Source: Food Safety News

SUSTAINABILITY

Nestlé Enters Partnership to Provide Farmers with Weather Insurance and Contributes to New Regenerative Agriculture Guidebook

Nestlé announces that it is piloting a weather insurance program in Indonesia for more than 800 smallholder coffee farmers that supply coffee to its brand Nescafé. The company is launching the insurance scheme in collaboration with Blue Marble, a specialist in climate insurance. The insurance provides financial protection to help farmers cope with unpredictable weather patterns of rainfall and severe drought.

Marcelo Burity, Global Head of Nestlé’s Green Coffee Development, said: “This weather insurance helps to establish a support mechanism for smallholder coffee farmers in Indonesia. It allows them to access financial resources to re-establish their crops in the event of irregular weather conditions while building resilience in coffee farms.”

The insurance uses satellite-based climate data to determine when coffee output has been impacted by either too much or not enough rainfall during key phases of the crop cycle. Payments are issued automatically to registered coffee farmers that have been affected, according to the severity of the weather.

“Smallholder coffee farmers in Indonesia are vulnerable to climate risks and need access to insurance to protect against extreme weather events,” said Jaime de Piniés, CEO of Blue Marble. “We are proud to partner with Nestlé and its brand Nescafé to develop innovative ways to support the climate adaptation of smallholder coffee farmers and their families.”

This initiative is an integral part of the Nescafé Plan 2030, the brand’s vision to support the long-term sustainability of coffee and to help improve farmers’ livelihoods. Based on the results of the pilot, Nestlé will determine whether to expand the approach to other Nescafé sourcing locations around the world.

Source: GlobalData.

PRODUCT DEVELOPMENT

Flavor Trends: Outlook for 2024

Flavorists, chefs, trend-spotters, futurologists, and entrepreneurs examine what flavors consumers will be looking for in the year ahead.

Consumers’ desire to feel good is steering the direction flavors are heading, but not in the “eat-drink-and-be-merry” way. Health—of the body, mind, spirit, and planet—rather than hedonism informs what flavors consumers are expected to flock to in 2024. Consumers are seeking out flavors that support their goals for physical, emotional, and planetary health.

Source: FOOD TECHNOLOGY MAGAZINE

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