Food Labels Could Slash Healthcare Costs By $31B Researchers at Tufts University in Boston, Massachu- setts, estimated the cost-effectiveness of the Food and Drug Administration’s required “added sugar” label- ing over a 20-year period to see how it could nudge consumers to reduce their intake of sugary foods and drinks, lead to health improvements and decrease health-care spending. Labeling food and drinks with “added sugar” could lower heart disease and diabetes risks, and cut health- care costs by more than $31 billion, the new study sug- gests.The estimated annual healthcare costs of obesi- ty-related illness in the United States is more than $190 billion, or nearly 21 percent of medical spending. “The purpose of our study was to estimate the impact of the FDA’s “added sugars” label on reducing sugar in- take and preventing diabetes and cardiovascular dis- ease,” said Renata Micha, associate research professor at the Friedman School of Nutrition Science and Policy at Tufts University in Boston.“Our results indicate that timely implementation of the ‘added sugars’ label could reduce consumption of foods and beverages with add- ed sugars,which could then lead to an improvement in health and a reduction in health-care spending.” The FDA requirement was announced in 2016. The first major revision to the Nutrition Facts label since 1993, it was aimed at helping consumers make more
informed decisions about what they eat, drink and feed their families. Most food manufacturers were re- quired to use the new label by July 2018.However, the FDA recently announced a delay in the mandatory im- plementation of the updated Nutrition Facts label until 2020 for large manufacturers, and to 2021 for smaller ones. Some manufacturers have already started label- ing their products with the “added sugar” content. The packaging market is expected to grow to $278.59 billion, at a Compound Annual Growth Rate of 6 percent from 2019 to 2023, according to a new report fromTechnavio. “The rising awareness among brand owners and mar- keting experts regarding the importance of packaging to attract consumer attention is leading to the intro- duction of innovative packaging,” said a senior analyst atTechnavio.“There is a rise in demand for multi-packs and single-serve, and miniaturized packaging for vari- ous products, especially in the food packaging indus- try. Eco-friendly packaging is also being adopted as it is safe for consumers and the environment.Thus, the advancements in packaging technologies and a rise in the demand for products sold in innovative/flexible packaging are factors that will boost market growth.” Packaging Market To Grow To $278B
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