Is Procurement Ready for Changes in Labeling Technology?
With the Food and Drug Administration turning up the heat in terms of labeling products such as meat, eggs, poultry products etc., the labeling industry is looking forward to a transition that will have a minimal impact on the bottom line and at the same time save effort and cost in terms of changing suppliers, bottle designs or even label substrates. Will the industry's transition remain smoother as expected and bring in a radical change in the functioning of the industry or is the transition a mere passing cloud? Introduction Globally, the labeling industry is set to grow by leaps and bounds. An important segment of the packaging equipment market, labeling and coding equipment is estimated to grow at a CAGR (Compound Annual Growth Rate) 5-6% with an estimated market size of USD 6-7 billion by the year 2019. Thanks to stringent regulations enforced by Food and Drug Administration (FDA) authorities, companies in the food sector now have to label their products such as meat, poultry, eggs, etc., accurately.A