The food and beverage industry was highly unregulated in the early days of the industrial revolution, which led to many unfavorable incidents, such as product recalls and foodborne illnesses. The statutory authorities and governing bodies across regions felt the pressure to introduce safety standards and regulations to avoid unforeseen circumstances by the end user. The high number of cases related to foodborne illnesses leading to deaths raised a global concern regarding genetically modified foods, chemical residues, and other similar issues in foods, thus leaving a major impact on the food processing industry in various countries. Read Report Overview: https://bisresearch.com/industry-report/food-traceability-market.html The global increase in the number of food recalls has posed serious threats to public health as well as to the growing economy. On average, the direct cost of a product recall borne by the food company varies between $10 million to $12 million, in additi...