The food certification market will register healthy growth in 2021 with worldwide revenues projected to increase by 10.30% year over year. Future Market Insights (FMI) has forecast the food certification market to reach US$ 8.4 billion in 2021 backed by the rising demand for food certified products.
Food certifications demand is on the rise due to the increasing consumption of meat based products. Increased consumption have compelled the governing bodies to impose stricter norms for security and quality of food products. This, in turn, have spurred the growth of food certification market.
Rising per capita income and rapid economic growth in developing countries like India and China are driving the food industry. This coupled with increasing penetration of retail food chains and services will positively influence the market growth over the forecast period.
Food producers are increasingly offering certified products to gain the consumers trust. With rising awareness for food transparency and clean-label movement gaining momentum, impressive growth is on the cards.
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As per FMI, Asia Pacific food certification market is expected to expand at the highest level due to the ever increasing demand for certified and halal-certified food products, especially in India.
Alongside this, key player are adopting winning strategies such as mergers and acquisition to generate lucrative revenues. This will also positively affect the market. According to the report, rising awareness about certified food products will propel the market growth in the upcoming decade.
Key Takeaways from FMI’s Food Certification Market Study
- Increasing consumption of processed food across the globe has spurred growth in the market. In terms of application, the meat segment will hold lion’s share in the global food certification market.
- ISO 22000 and free-from certification type, collectively, are anticipated to dominate the market.
- India is likely to emerge as a lucrative market due to the advent of multi-domestic food services and growing demand for halal food products.
- Growing cases of foodborne diseases in the U.S are likely to spur the growth, bolstering the demand of food certification in the country.
- China, Japan, and South Korea are expected to witness positive growth backed by the rising need for meat processed food certification.
- Muslim countries in the Middle East will spur the market growth owing to the increased demand of kosher and halal certified food products.
“Key players are capitalizing on increasing demand for clean-label certification and halal food. Strong distribution networks with food supply chain will create lucrative opportunities for the key players,” says the FMI analyst.
Who is Winning?
Major players include Intertek Group PLC, Llyod’s Register Group Limited, AsureQuality Limited, Bureau Veritas, DEKRA SE, DNV GL, Eurofins Scientific, SGS SA, TÜV SÜD, and Underwriters Laboratories Inc.
Mergers and acquisition remains popular strategy adopted by key players to maintain their strong foothold in the industry. Top players including Intertek Group, SGS SA, Bureau Veritas SA, Eurofins Scientific, and ALS Limited account for nearly 45% of global market share.
Strong manufacturing facilities coupled with strong distribution networks will aid the revenue generation for these market players.
For instance, in September 2020, leading player Intertek Group PLC announced the partnership with Roquette to launch a new audit program for safer food supply chain through their audit practices.
In the same month, ALS announced the expansion of its company’s testing and certification services through including its new food laboratory under the American Association for Laboratory Accreditation (A2LA) satellite program.
Get Valuable Insights on the Food Certification Market
In its latest report, FMI offers an unbiased analysis of the global food certification market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (ISO 22000, BRC, SQF, IFS, halal, kosher, free-from certifications, and others), application (meat, poultry, bakery & confectionary, seafood, dairy, infant food, beverages, and others), and by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa)