Definitely! I always do this and unfortunately I almost don't see other people checking the food labels in the supermarket.
For a personal project I'm working on, a user can create a photo of ingredients, sends it to an OCR service and interprets the text in a custom database where all ingredients and combinations are stored with comprehensive information and references about them.
Im looking for an OCR service and if there's already an algorithm for interpreting ingredients. If you have any suggestions, I'm all ears :-)