Food Certification Market Valuation to Hit $9.3 Bn by 2031
The food certification market will register healthy growth in 2021 with worldwide revenues projected to increase by 10.30% year over year. Future Market Insights (FMI) has forecast the food certification market to reach US$ 8.4 billion in 2021 backed by the rising demand for food certified products.
The market also registered an impressive year-on-year growth at 10.30% CAGR in 2021 owing to the increasing demand for processed meat and halal-food products. Increasing cases of food-borne infection will create opportunities for growth in the coming years.
Rise in foodborne diseases and increasing demand for organic food resulted in growth of the food certification market in the past five years. The market registered 8.90% CAGR from 2016 to 2020, says Future Market Insights.
Food certification has become imperative especially since the demand for halal meat products and organic food is rising across the globe. Emergence of multi-domestic retail food services has pushed the market for food certification considerably.
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Rising urbanization and industrialization in emerging economies of Asia and the Middle East will fuel the demand for food certifications.
“Key players are capitalizing on increasing demand for clean-label certification and halal food. Strong distribution networks with food supply chain will create lucrative opportunities for the key players,” says the FMI analyst.
Governments across the globe are tightening the regulations and imposing new norms that will enhance the quality and security of food. This, coupled with rising awareness regarding ingredients used in food as a result of growing consumption of meat products, has been fuelling the demand for food certifications.
Food certifications demand is on the rise due to the increasing consumption of meat based products. Increased consumption have compelled the governing bodies to impose stricter norms for security and quality of food products. This, in turn, have spurred the growth of food certification market.
COVID-19 Impact the Food Certification Market
Rising influence of the food fusion community across the globe and demand for processed and convenience food with cleaner ingredient list are aiding growth in the food certification market. Consumers are now hyperaware about the products they are buying. Need for transparency in the food ingredients and clean-label effect have uplifted the food certification market scenario. COVID-19 has created a ripple effect which is shaking the global economy, subsequently impacting the food certification market.
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Rising per capita income and rapid economic growth in developing countries like India and China are driving the food industry. This coupled with increasing penetration of retail food chains and services will positively influence the market growth over the forecast period.
Food producers are increasingly offering certified products to gain the consumers trust. With rising awareness for food transparency and clean-label movement gaining momentum, impressive growth is on the cards.
Key Takeaways from FMI’s Food Certification Market Study
- Increasing consumption of processed food across the globe has spurred growth in the market. In terms of application, the meat segment will hold lion’s share in the global food certification market.
- ISO 22000 and free-from certification type, collectively, are anticipated to dominate the market.
- India is likely to emerge as a lucrative market due to the advent of multi-domestic food services and growing demand for halal food products.
- Growing cases of foodborne diseases in the U.S are likely to spur the growth, bolstering the demand of food certification in the country.
- China, Japan, and South Korea are expected to witness positive growth backed by the rising need for meat processed food certification.
- Muslim countries in the Middle East will spur the market growth owing to the increased demand of kosher and halal certified food products.
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Competitive Landscape
Major players include Intertek Group PLC, Llyod’s Register Group Limited, AsureQuality Limited, Bureau Veritas, DEKRA SE, DNV GL, Eurofins Scientific, SGS SA, TÜV SÜD, and Underwriters Laboratories Inc.
Mergers and acquisition remains popular strategy adopted by key players to maintain their strong foothold in the industry. Top players including Intertek Group, SGS SA, Bureau Veritas SA, Eurofins Scientific, and ALS Limited account for nearly 45% of global market share.
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