A new study by Future Market Insights opines food authenticity market to grow at a steady pace through 2030. Adoption will be driven by growing consumer focus on food safety and growing clean label trend. FMI’s new study tracks food authenticity market in 20+ countries for the period 2020-2030.
According to the study, in recent years, access to pure and adulterant free foods has come under significant jeopardy. Widespread prevalence of food adulteration, mislabeling and undisclosed ingredient details have generate a massive furor amongst health conscious consumers as well as healthcare providers.
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On an average, approximately 57% of the global population suffers from morbidities inflicted due to consumption of sub-standard and contaminated foodstuffs. Moreover, nearly 1/4th of the world’s food supply is adulterated annually. Realizing this, countries have taken proactive steps to mitigate the adverse effects of food adulteration.
Increasing consciousness among consumers has elevated the need for introducing clean-label, organic-based and naturally derived foods. Based on these developments, the global food authenticity market is all set to experience an impressive upsurge in the coming years.
Key Takeaways from FMI’s Food Authenticity Market Report
- Global food authenticity market is likely to expand at a noteworthy CAGR in the forthcoming decade
- Asia-Pacific to emerge as the fastest expanding region for food authenticity testing, attributed to a large population base
- High incidence of meat consumption to provide traction to meat speciation authenticity tests
- Economically Motivated Adulterations (EMA) compelling governments to impose tough legislations to keep food adulteration in check
- PCR-based tests are expected to retain their popularity due to quick delivery of test results
- Processed foods testing is expected to acquire surging popularity due to high demand
“Vendors are capitalizing on the insufficient food testing infrastructure in developing economies to increase their market presence, thus opening up new revenue frontiers,” infers the FMI analyst.
COVID-19 Impact Insights
The COVID-19 pandemic presents an exceptional and unprecedented challenge for competent authorities with responsibilities for national food safety control systems. As consumers resort to consuming health and immunity boosting foods, demand for clean-label products is rising exponentially.
While nationwide lockdowns and social distancing measures have limited laboratory testing capacities, it has not fully ceased as chances of food adulteration are maximum during this time period. Unscrupulous traders are prowling the market with the objective of flooding it with adulterated food products.
Thus, leading players have revised growth forecasts to demonstrate that the market is expected to remain afloat albeit at lower projections and reduced revenue margins. Growth is expected to be restored to normal levels in the post-pandemic scenario, once lockdowns are eased following a decline in infection rates.
Leading Food Authenticity Market Players
Some leading players in the global food authenticity market include ALS Ltd., EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs to name a few.
The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.
ALS Ltd., for instance, offers a wide range of testing and analysis with respect to ascertaining food quality. Its food authenticity tests incorporate meat speciation through the ELISA/PCR testing techniques, halal verification and genetically modified foods. It also offers testing for detecting contaminants and allergens.
In May 2016, Intertek established its AgriTech laboratory in Hyderabad, India to perform DNA-based testing of various agricultural products. Simultaneously, the company unveiled its advanced ScanBi DNA technology.
More Valuable Insights on FMI’s Food Authenticity Market
Future Market Insights, in its new report, offers an unbiased analysis of the global food authenticity market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the food authenticity market on the basis of food tested (meat & meat products, dairy & dairy products, processed foods and other tested food), target testing (meat speciation, country of origin & ageing, adulteration and false labelling) and technology (PCR-based, LC-MS/MS, isotope, immunoassay based/ELISA and other technologies) across seven prominent regions.
Food Authenticity Market- Report Scope
|Historical Data Available for||2020-2030|
|Market Analysis||US$ Mn for Value and Tons for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA)|
|Key Countries Covered||U.S, Canada, Brazil, Mexico, India, China, U.K, Germany, France, Spain, Italy, South Korea, GCC, Australia, New Zealand, BENELUX, Russia, Poland, Thailand, Indonesia & Malaysia.|
|Key Segments Covered||Food Tested, Target Testing & Technology|
|Key Companies Profiled||ALS Ltd EMSL Analytical, Inc. Genetic ID NA Inc. Eurofins Scientific SE Merieux NutriSciences Corporation Intertek Group PLC Microbac Laboratories Inc. SGS SA Romer Labs|
|Report Coverage||Market Overview, Key Trends, Success Factors, Demand Analysis, Market Background, COVID-19 Impact Analysis, Segmental Analysis, Regional Profiling, Market Structure Analysis & Competition Analysis|
|Customization & Pricing||Available upon Request|
Key questions answered in the report
- What are the growth prospects of food authenticity market? The global food authenticity market is slated to record largely positive growth, experiencing a healthy CAGR throughout 2020-2030. Growth is primarily being underpinned by surging demand for clean-label and adulterant free foods across lucrative markets.
- What will be the impact of COVID-19 on food authenticity market? While the global economy hurtles towards a massive recession due to the pandemic, the scope for food authenticity market growth remains largely optimistic in nature. This high level of confidence in positive growth stems from the fact that more number of consumers are demanding good quality foodstuffs amid fears of the virus finding its way into the human body through the consumption of adulterated foods.