The food certification market is estimated to be valued at USD 8.87 billion in 2018, and is projected to reach USD 11.45 billion by 2023, at a CAGR of 5.2% from 2018
LONDON, May 30, 2018 /PRNewswire/ -- Food certification market projected to grow at a CAGR of 5.2%
The food certification market is estimated to be valued at USD 8.87 billion in 2018, and is projected to reach USD 11.45 billion by 2023, at a CAGR of 5.2% from 2018.
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Growing international trade, coupled with increasing stringency in food safety regulations, has been fueling the demand for food certifications. Growing consumer awareness about certified food products, increasing number of processed meat product recalls, and rising prevalence of foodborne illness are some of the important factors that are expected to drive the growth of the food certification market during the forecast period.
However, lack of awareness about the food certifications among small-scale manufactures and increase in incidences of false labeling and certifications are the major challenges for the food certification market.
Free-from certifications segment is projected to be the fastest-growing from 2018 to 2023
The free-from certifications segment is projected to grow at the highest CAGR among all food certification types from 2018 to 2023.It includes gluten-free, allergen-free, vegan, USDA Organic, and GMO-free certifications.
Government bodies of various countries are actively promoting gluten-free certification schemes, systems, and programs.Regulatory bodies in various countries are asserting that food producers should have appropriate allergen labeling on their products owing to the growing concerns about food allergies.
These factors are expected to drive the demand for free-from certifications during the forecast period.
Meat, poultry, and seafood products segment, by application, is estimated to lead the market with the largest share in 2018
Food certification is highly required for meat, poultry, and seafood products; this certification system is required for the entire value chain of meat, poultry, and seafood products—from processors to importers, exporters, and distributors.
Consumers, retailers, and manufacturers in the food industry are increasingly demanding information and assurance about safety and sustainability of their meat, poultry, and seafood purchases. The increase in consumer concerns about the quality, nutrition, price, and safety of these products drives the certification market for meat, poultry, and seafood products.
High-risk foods segment, by risk category, dominated the market in 2017
High-risk foods are prone to bacterial contamination due to high moisture and protein content.Hence, stringent quality standards are maintained while manufacturing, storing, and transporting these products.
Strong regulations are imposed by the governments across the world for the manufacturing, handling, and trading of these food products. Due to their high perishable nature, suppliers and manufacturers are compelled to obtain certifications for these products; this has driven the growth of the high-risk foods segment.
Europe is estimated to contribute to the largest share in the global food certification market in 2018
The European region is estimated to dominate the food certification market in 2018; this is further projected to grow at a significant CAGR during the forecast period. This market is mainly driven by the factors such as increase in instances of food recalls, the role of government authorities supporting food certification, and growth in demand for safe and high-quality food products from European consumers.
Furthermore, Germany accounted for the largest country in the European food certification market, and is majorly driven by the government regulations and food standards that are enabling manufacturers and suppliers to uptake food certifications. Additionally, manufacturers exporting to Germany are required to have IFS and BRC certifications; the food certification market is thus expected to grow at a considerable rate in the next few years.
Asia Pacific acquired the second-largest share of the global food certification market in 2017. This market is expected to be mainly driven by increase in stringency of rules & regulations as well as rise in food adulteration, food fraud, and food recall instances in this region.
The figure below shows the breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study.
• By Company Type: Tier 1 – 52%, Tier 2 – 30%, and Tier 3 – 18%
• By Designation: C level – 44% and D level – 56%
• By Region: Europe – 46%, Asia Pacific – 14%, North America – 29%, RoW – 11%
Major players in this market include DEKRA SE (Germany), DNV GL (Norway), Intertek Group Plc (UK), SGS SA (Switzerland), TÜV SÜD (Germany), Lloyd's Register (UK), Eurofins Scientific (Luxembourg), Kiwa Sverige (Sweden), ALS Limited (Australia), and UL LLC (US).
Research Coverage:
The report focuses on food certification products for different types and regions.It aims at estimating the size and future growth potential of this market across different segments—type, application, risk category, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, competitive landscape, recent developments, and key market strategies.
Reasons to buy this report:
• To get a comprehensive overview of the global food certification market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights of the major countries/regions in which the food certification market is flourishing
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