[Vechain] VeChain Is Targeting The Multi-billion Dollar Chinese Pet Food Traceability Market Using Industry…
VeChain Is Targeting The Multi-billion Dollar Chinese Pet Food Traceability Market Using Industry Leading Blockchain Technology
Against the overall market downturn from the global pandemic, China’s pet food industry bucked the trend with notable growth. It was valued at USD 1.082 billion in 2020, and it is projected to reach USD 1.4749 billion in 2026. Despite the surging expansion, the pet food market in China is not mature enough.
Without unified industry standards, in particular food quality standards, low-quality and counterfeiting pet foods are still prevalent in the market. The choices of pet foods in the Chinese market have become a tug-of-war between pet owners, brands, press news and social media. This opens up an opportunity for problem solvers. Blockchain technology enables accurate traceability of ingredients, allowing pet food manufacturers to solve biosecurity problems and quickly bring health concerns about pet food safety under control.
VeChain Technology Confirms Transparency By Traceability
Through immutable provenance technology, blockchain provides proof of pet food ingredient claims and quality by essentially telling a brand’s story in a trustless manner that is unable to be replicated by any other solution in the market.
VeChain, the world’s leading public blockchain provider aims to revolutionize pet food traceability, safety and marketing by providing multiple layers of benefits through its full services across the entire lifecycle of the supply chain, including:
Proof Of Origin: Uploading the source of pet food and import certificate on the blockchain to ensure the integrity of the product and presenting it to the customers through digital marketing, making product claims like “imported salmon” and “American original” far more convincing than before.
Proof Of Ingredients: Blockchain can validate the usage of high-quality ingredients in products. For example, companies focusing on healthy and organic foods can show off their ingredients used and manufacturing process in a transparent manner. It can also prove the manufacturer’s quality claims, such as sustainability efforts and membership of AAFCO.
Traceability Of Entire Value Chain: Blockchain connects the supply chain and traces the source of each ingredient, behavior of the people involved during the entire process, and more. As a result, blockchain can not only increase efficiency of a company’s internal supply chain, but also potentially prevent damages to a company’s reputation during recalls, as increased traceability data enable companies and authorities to quickly track and trace problematic batches of products, significantly increasing consumer trust and safety.
New Marketing Tool In Chinese Market: Data On the Blockchain
In a growing market like China, there is both a regulatory push and consumer interest in knowing more about the pet food manufacturing process, including the ingredients used and whether they were imported. Data stored on the blockchain provides another marketing pitch.
With blockchain technology, pet owners can trust ingredient listings are accurate because pet food recipes and the ingredients used have been stored on the blockchain. The company that is able to provide the actual content or weights of individual ingredients will be establishing a higher degree of goodwill and reputation by proving that their products are truly nutritionally balanced, safe, and environmentally conscious for their pets.
Already, VeChain has engaged with multiple companies in the pet food industry, and many of them have expressed interest in blockchain technology to solve the aforementioned problems and pain points.
By leveraging the data visualization module of VeChain ToolChainTM, business owners can easily access the benefits of blockchain and implement blockchain in a lead time as short as a few days or weeks. The market-ready product is able to be integrated in established SCM and CRM systems, and can efficiently improve the efficiency, traceability, and transparency of supply chains while lowering costs and giving individual users greater control. It is a win-win solution for the entire industry for both manufacturers and consumers.
VeChain Is Targeting The Multi-billion Dollar Chinese Pet Food Traceability Market Using Industry… was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.