by Fairfield Market Research, a leading provider of market intelligence, has released a comprehensive report highlighting the remarkable growth of the global food authenticity testing market, which reached a significant milestone by generating approximately US$8 billion in revenue in 2022. The markets upward trajectory is driven by evolving consumer preferences, stringent regulatory measures, and industry adoption of advanced testing technologies.
Consumer Shifts Fueling Demand
Modern consumers are increasingly concerned about the quality and authenticity of the food they consume. Issues such as food fraud, mislabelling, and contamination have raised alarms, prompting a surge in demand for transparency and accurate labelling. Regulatory bodies worldwide are responding to these concerns by implementing stricter regulations to safeguard food safety. Consequently, the global food authenticity testing market is experiencing robust growth.
Key Findings of the Report
- In 2022, the global food authenticity testing market reached nearly US$8 billion in size.
- The expansion of food trade across emerging markets contributes significantly to market growth.
- PCR-based technology is emerging as the key technology for food authenticity testing.
- North America is asserting dominance in the food authenticity market.
- Prominent international players in the industry include SGS, Bureau Veritas, Eurofins, Intertek, and Merieux NutriSciences.
Drivers of Market Growth
- Surge in Food Trade Across Borders: The growth of international food trade has exposed emerging markets to challenges related to counterfeit products, food fraud, and inadequate regulatory frameworks. Food authenticity testing helps identify mislabelling, detect adulteration, and ensure compliance with international regulations, thereby fostering market growth.
- Rising Demand for Packaged Food: Increased health concerns and a growing preference for packaged and convenience food have necessitated stringent quality control measures. Consumers are becoming more aware of the potential health risks associated with adulterated or counterfeit food, further driving market expansion.
- Rapid Advancements in Detection Methods: Technological advancements have significantly improved detection capabilities in the food authenticity testing industry. Techniques such as stable isotope analysis, DNA sequencing, and spectroscopy have enhanced testing accuracy, efficiency, and accessibility.
Challenges in Market Growth
Despite its promising trajectory, the global food authenticity testing market faces challenges such as inadequate technical proficiency among small and medium enterprises, instances of mislabelling, constrained financial resources, and the absence of harmonized standards for food safety and quality.
Key Market Segments
- PCR-based Technique Preferred: PCR-based techniques, which amplify DNA fragments from food samples for accurate identification, are gaining traction due to their effectiveness in verifying product authenticity and measuring adulterants, meats, or GMOs.
- Processed Food Leading Segment: Processed foods are a significant segment due to increased globalization and the rise in processed food frauds and counterfeit products.
Regional Insights
- Europe Dominates: Europe is expected to dominate the global food authenticity testing market, driven by favorable policies, food safety initiatives, consumer complaints, and labeling compliance.
- Asia Pacific on the Rise: Asia Pacific is projected to witness the highest growth, fueled by rapid economic development, increased disposable income, and evolving dietary preferences.
Leading Industry Participants
Key market players accelerating growth in the global food authenticity testing market include Krishgen Biosystems, IEH Laboratories and Consulting Group, AES Laboratories, SGS, Bureau Veritas, Intertek, Merieux NutriSciences, ALS Limited, Neogen, AsureQuality, Charm Sciences, Premier Analytical Services, Dairyland Laboratories, AES Laboratories, Bio-Check, and Envirologix Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/food-authenticity-testing-market
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This press release first seen on Brilad
COMTEX_441833680/2840/2023-10-13T06:23:36
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.