ALABANY, New York, August 24, 2016 /PRNewswire/ --
Competition prevailing in the global food certification market is gradually rising, finds Transparency Market Research (TMR) in a new report. Since certified foods are perceived safer as they pass through stringent verification process, more consumers are opting for certified products to avoid health hazards. This trend has compelled manufacturers to emphasize on certification, which is intensifying the competition prevalent in the global food certification market.
The global food certification market stood at US$11.25 bn in 2015. Exhibiting a CAGR of 5.3%, the market is expected to reach US$16.09 bn by the end of 2023.The others packaged food segment led the global food certification market with a share of 23.4% in 2014.
Changing Lifestyle and Consumption Patterns Fuel Demand for Food Certification
Demand for food certification will increase in response to the rising demand for quality and safer food products. The increasing incidence of food contamination around the world has emerged as a major concern for consumers. Since their lifestyle preferences have changed drastically over the years, consumers are now demanding organic food, fresh food, poultry, and meat products. This is a primary factor driving the global food certification market. Additionally, food certifications are of utmost importance for food manufacturers, which is in turn fuelling demand from the global food certification market.
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The market is also expected to gain impetus from the increasing prevalence of food borne diseases. The increasing changes in consumption patterns due to hectic lifestyle and the consequent inclination towards convenience food have proven quite lucrative for the food certification market. In Europe, the changing lifestyle and rising aging population have been augmenting demand for food certification. The increasing reports of food contamination are fuelling demand for food certification in Asia Pacific. The increasing food trade across emerging economies will also fuel demand for food certification from Asia Pacific.
High Cost of International Certifications Inhibits Market Growth
Despite witnessing strong demand, the high cost of international certifications has deterred some food manufacturers and processing units from looking at food certification as a high-value proposition. While established companies may be willing to allocate large sums for obtaining certification logos such as Organic or Halal, not many small companies regard this as a necessity to doing business. This is acting as a major hindrance for the global food certification market. Nevertheless, stringent regulations mandating certification of food products across emerging economies will fuel growth opportunities for the market in the forthcoming years.
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Increasing brand consciousness and awareness among consumers are fuelling demand from this segment. Regionally, Europe dominated the food certification market in 2014. The increasing health consciousness and rising living standard have had a positive impact on the Europe food certification market. It is expected to reach US$5.77 bn by the end of 2021.
This review is based on a report published by TMR, titled "Food Certification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021."
Dekra SE, Bureau Veritas, AsureQuality Limited, Underwriters Laboratories Inc, SGS SA, and Intertek Group plc are some of the key players in the global food certification market. The majority of these companies are focusing on mergers and acquisitions to strengthen their position in the market. Besides, this larger companies are also investing in new laboratories and technological advancements to sustain their growth in the market.
- Demand for effective food control standards to translate to 5.3% CAGR for food certification market.
- Increasing brand consciousness to fuel demand for food certification from others packaged food segment.
- Europe market for food certification to reach US$5.77 bn by 2021, rising living standards to boost growth.
The report segments the global food certification market as:
Global Food Certification Market, by Type:
- International Organization for Standardization
- International Food Standard (IFS)
- Safe Quality Food (SQF)
- British Retail Consortium (BRC) standard
- Kosher Certification
- Halal Certification
- Food Safety and Standards Authority of India (FSSAI)
- China Food and Drug Administration (CFDA)
- U.S. Department of Agriculture (USDA)
- U.S. Food and Drug Administration (FDA)
- European Food Safety Authority (EFSA)
- Ministry of Food and Drug Safety (MFDS)
Global Food Certification Market, by Application:
- Processed Meat and Poultry Products
- Dairy Products
- Infant Food Products
- Organic Food
- Others Packaged Food
Global Food Certification Market, by Geography:
- North America
- Asia Pacific
- Rest of the World (RoW)
Browse Market Analysis Blog: http://www.tmrblog.com/2016/07/food-certification-market.html
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