Food Testing and Certification Market to Grow at a CAGR of 6.6% by 2027
Posted by Pradnya Kulkarni on July 18th, 2017
In 2017, the global food testing and certification market is estimated to be valued at nearly US$ 8,500 Mn, which is estimated to register a CAGR of 6.6% over the forecast period (2017-2027) to reach nearly US$ 16,050 Mn by the end of 2027.
Stringent food regulatory norms are being imposed to curb the incidence of food borne illnesses in Western Europe
Food safety is deemed to be prioritised by the food regulatory bodies in Europe. With rising incidences of food borne diseases, government is stressing its ‘farm-to-table’ approach so that consumers can make informed choices about the food products they buy. Hence stringent food safety norms are expected to support the food testing and certification market during the forecast period.
Increase in public private partnership to strengthen the food security approach in Western Europe and benefit the food testing and certification market
Food safety involves public health. Hence, involvement of government and regulatory bodies plays a major role in this market. In order to prevent food borne illnesses, fraud certification cases and to increase food safety, regulatory bodies are collaborating with private certification agencies to boost food safety. Initiatives such as Global Food Safety are being carried out with HACCP and these initiatives are gaining traction.
Social, ethical and technological preferences are supporting the food testing and certification market growth
Consumers are becoming aware about food safety and quality and they are interested in knowing where the food they consume comes from. Apart from this, consumers are also exhibiting increasing awareness towards sustainability of the environment and thereby acting more responsibly. According to a study, the mix of social, ethical and technological elements have become more prominent since 2013, especially in Germany. These factors have made the food testing and certification market lucrative for growth.
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Increase in consumption of minimal processed food can hamper the food testing and certification market growth
The consumer consumption pattern is drifting towards minimally processed food obtained from farms and hence doesn’t need to be benchmarked regarding the quality of the food products by the certification standards. This is a major threat that can hamper market growth.
Local food and short supply chains pose a threat to the food testing and certification market in Western Europe
Though consumer preferences are drifting towards local food; however, there are certain drawbacks associated with it such as cross contamination, lack of food safety knowledge among the processors and high cost of certification that particularly restrains the local food processors to get their products certified. This may also hamper the food testing and certification market in Western Europe.
Global Food Testing and Certification Market Attractiveness Analysis by Region
Western Europe is expected to record the highest CAGR of 7.0% during the forecast period while Asia Pacific is anticipated to witness significant growth during the forecast period. The APEJ region is considered to be a prominent hub for agriculture; thus in order to access premium markets in international trade, APEJ is continuously focussing on strengthening its food safety standards. APEJ is slated to record the second highest CAGR of 6.8% during 2017 – 2027.
Shifting trend towards organic cultivation offers new opportunities in the food testing and certification market in Western Europe
Organic farming is considered to be more eco-friendly as compared to conventional farming. According to research, organic cultivation area has increased over the years as organic farming helps reduce the nutrient leaching and also improves soil quality. This leads to increase in demand for organic products, simultaneously spurring the market for organic certification.
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False labelling, adulteration and food contamination are some of the issues that are giving a fillip to the food testing and certification market worldwide
False labelling incidences, adulteration and food contamination are certain issues that have led to an increased demand for food safety. Also, consumers are concerned regarding the labelling, origin and processing of the food products they consume. This trend has also led to an increase in demand for natural and organic food products, thus spurring the market growth of fresh fruits and vegetables. Changing consumer consumption patterns is being witnessed across the globe. Consumers are shifting towards a healthy and fibrous diet such as meat and poultry, fruits and vegetables and dairy products, thereby providing a platform for food manufacturers to strengthen their product portfolio. Moreover, food borne illnesses pose a major concern for the regulatory bodies and food safety is expected to become a major screening procedure before food commodities reach the consumption stage. This fuels the demand for food certification among food product manufacturers globally.
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About the AuthorPradnya Kulkarni
Joined: December 22nd, 2016
Articles Posted: 762
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