Food Certification Market: Strict Regulations & Changing Consumer Preference to Drive Growth of Global Market

Albany, NY -- (SBWire) -- 10/17/2017 --Competition existing in the global market for food certification is slowly gaining momentum. The food products that are certified as perceived as safe as they go through a very strict verification process. This has also led to more number of consumers to opt for such certified foods with a view to avoid any health hazards. This trend has enforced the food product manufacturers to send their products for certification and thus has led to an intensified competition in the global food certification market. Some of the key players operating in the global market for food certification include names such as Underwriters Laboratories Inc., ALS Limited, TUV SUD AG, Lloyd's Register Group, SGS SA, Dekra SE, Intertek Group Plc, DNV GL Group AS, and Bureau Veritas among others. The majority of these companies are now concentrating on mergers and takeovers to bolster their market presence. Besides, these big corporations are also heavily investing in new labs and banking on technological advancements to continue their development in the market.

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Recently, Bureau Veritas Certification has published a new technical certification and standard to support enterprises in the digital reformation and advocate confidence in big data. This new certification from the company is based on the first ever technical standard in the world focusing on the management of personal information protection by the enterprises. This benchmark was compiled by Bureau Veritas Certification with the help of Lexing, a global network of lawyers specializing in protection of personal data.

The global market for food certification was evaluated worth US$11.25 bn in the year 2015. This valuation is expected to reach a figure worth US$16.09 bn over the course of the given forecast period of 2016 to 2023. The overall growth over the course of this forecast period is expected to be achieved with the help of an impressive CAGR of 5.3%.

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What Factors are Fuelling Growth of Global Food Certification Market?

The overall demand for certification of food products is expected to increase as a response to the increasing requirement for safer and quality food products. The growing incidences of contamination of food across the globe has come up as a huge concern for the customers. Since the preferences of lifestyle these days have evolved drastically, customers are now asking for organic food, fresh poultry, meat, and other food products. This is the chief driving factor for the overall development of the global food certification market. In addition to this, food certifications are of the highest importance for food manufacturers, which is also one of the major driving factors for the growth of the global market.

The global market is also expected to benefit because from the growing prevalence of food borne disorders. The growing changes in the eating patterns of the busy lifestyle and the resulting inclination towards consuming convenience food have become quite popular for the food certification market.

What Factors Might Hamper Development of Global Market for Food Certification?

In spite of experiencing a strong demand, the high expense of getting international certifications have demotivated some food product manufacturers and processing units trying to get themselves certified. While the established players may be ready to pay large sums for getting certified, not many mid-sized or small companies can offered the cost. This is expected to hamper the growth of the overall development of the market over the coming years. Nonetheless, strict regulations mandating food product certifications across developing nations is expected to create numerous lucrative opportunities for the global market for food certifications.