NEW YORK, March 27, 2017 /PRNewswire/ --
"Food authenticity market projected to grow at a CAGR of 7.6%"
The food authenticity market is projected to reach USD 7.50 billion by 2022, at a CAGR of 7.6% from 2016 to 2022. Stringent regulations in various countries to ensure food authenticity, increased food frauds in terms of false labeling & certification, increased instances of adulterations are some major factors that are driving the food authenticity market. Lack of food control infrastructure & resources in developing countries, complexity of testing techniques, and lack of harmonization of regulations are the factors restraining the market growth.
"The meat speciation segment is projected to be the fastest growing segment in the food authenticity market during the forecast period"
The meat speciation segment is projected to grow at the highest CAGR during the forecast period, due to the increase in number of frauds in meat products and adulterations. Since the price of meat products is high, it is an attractive product for adulteration with cheaper meat to make profits. Therefore, meat adulteration is a common problem in many countries due to which detection of meat speciation has become crucial. This is followed by other adulteration tests segment, which is projected to remain the largest market through 2022.
"PCR based technology led the market with the largest share in 2015"
The PCR-based technology is found to be the most common, reliable, and widely used technology to ensure authenticity of food products. It is projected to grow at the highest CAGR from 2016 to 2022. PCR is a molecular technique that uses DNA as the basis for analysis of meat and food products, providing precise results on testing. The technology amplifies fragments of DNA extracted from the food product samples in order to accurately identify the DNA of each species in the product, resulting in enabled cross-checking of the product's authenticity and confirmation of the claims that the product makes. These factors have been driving the market for PCR-based tests in food authenticity.
"Europe led the market with the largest share in 2015"
Europe was the largest food authenticity market in 2015. Governing organizations present in the market have enforced various food authenticity testing policies. The Asia-Pacific region is projected to be the fastest growing market through 2022 due to the increasing food safety concerns among the consumers and the growing market for processed food. France is projected to be fastest growing country in the European region.
The breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study, is as follows:
- By Company type: Tier 1 -40%, Tier 2 -50%, and Tier 3 -10%
- By Designation: C Level -40%, and Director Level -60%
- By Region: North America -09%, Europe -70%, Asia-Pacific -18%, and RoW -03%
The key players in the food authenticity market include:
- SGS SA (Switzerland)
- Intertek Group plc (U.K.)
- Eurofins Scientific (Luxembourg)
- ALS Limited (Australia)
- LGC Science Group Ltd (U.K.)
The above-mentioned companies collectively accounted for the largest portion of the food authenticity market in 2015. Other players that also have a strong presence in this market are as follows:
- Merieux Nutrisciences Corporation (U.S)
- Microbac Laboratories Inc. (U.S.)
- EMSL Analytical Inc. (U.S.)
- Romer Labs Diagnostic GmbH (Austria)
- Genetic ID NA, Inc. (U.S.).
The report focuses on food authenticity testing services across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments—target testing, technology, food tested, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analyses, recent developments, and key market strategies.
Reasons to buy the report:
The report would help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall food authenticity market and the subsegments. This report will help stakeholders to better understand the competitive landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the key trends of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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