Food authenticity market development, growth opportunities
Food Authenticity Market
According to a new report published by Allied Market Research, titled “Food Authenticity Market by Target testing, Technology, and Food Tested: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global food authenticity market was valued at 5 .3 billion in 2017, and is expected to reach $10.0 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030. In 2017, the chain reaction technology segment by polymerase (PCR) accounted for more than a third of the total food authenticity market. Food fraud is committed when foods are deliberately altered for financial gain with the intent to deceive consumers or customers. The Food Standards Agency (FSA) specifies two main target tests for food fraud, namely the sale of unsafe and potentially harmful food, and the deliberate misdescription of food. Lately food authenticity testing is no longer just a tool to identify crude substitutions such as whiskey, horse meat or olive oil, it is now entirely possible to tell the difference. between Welsh or Scottish lamb, farmed or wild salmon and pure or sweet fruit. juice. Food authenticity tests are not only used to identify raw substitution in whiskey, horse meat or olive oil, but are also used to differentiate Welsh or Scottish lamb, salmon from farmed or wild and pure or sweetened fruit juices.
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Increase in Economically Motivated Adulterations (EMA) due to strong competition and rising incidence of food fraud across the globe are the major factors driving the growth of the global food authenticity market in a near future. Various food safety regulations, especially in developed economies, growth in food fraud cases and increase in Economically Motivated Adulterations (EMA), due to high competition among food producers, is driving the food market. authenticity of food. However, the high cost of food authenticity, the availability of relatively cheap substitutes, and anti-dumping policies on food authenticity are expected to hinder the growth of the food authenticity industry.
In 2017, the processed food segment was the top revenue contributor to the global food authenticity market. The processed food segment includes many processed products, such as infant formula, packaged food, wine, bakery and confectionery and other processed food products; hence, there are high chances for food frauds.
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By targeted test, the market is categorized into meat speciation, country of origin and aging, adulteration test and false labeling. The report highlights the different technologies used for food authenticity including polymerase chain reaction, liquid chromatography-mass spectrometry, isotope method, immunoassay/ELISA, etc. According to the foods tested, it is classified into meat and meat products; milk products and milk products; cereals, grains and legumes; processed foods; and others. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Main results of the study
In 2017, Europe led the global food authenticity market, with more than two-fifths of the food authenticity market share by value.
Asia-Pacific is estimated to witness the highest growth during the forecast period.
The polymerase chain reaction (PCR) segment is estimated to register the highest growth rate in terms of revenue, registering a CAGR of 8.2% from 2021 to 2030 and generated the highest revenue in 2017 .
The meat speciation segment is estimated to register the highest growth rate in terms of revenue, registering a CAGR of 7.8%.
In 2017, processed foods was the leading segment, which occupied about one-third of the food authenticity market share in the global food authenticity market, in terms of revenue.
In 2017, Europe dominated the global market, due to strict food safety regulations and a large number of consumer complaints. Furthermore, the presence of major players in the region is expected to boost the food authenticity market in the near future. North America is the second largest revenue contributor to the global food authenticity industry and is expected to register a 5.1% CAGR in terms of revenue.
The report focuses on the Food Authenticity Market growth prospects, restraints, and opportunities in the global Food Authenticity Market. The study provides Porter’s five forces analysis to understand the impact of various factors such as the competitive intensity of competitors, the bargaining power of suppliers, the threat of substitutes, the threat of new entrants and the power of food authenticity market buyers negotiation. Archer Daniels Midland Company, BASF SE, Cargill, Inc., Danone, DuPont de Nemours, Inc., General Mills Inc., Koninklijke DSM NV, Nestle SA, PepsiCo, Inc. and Yakult Honsha Co., Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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