Future Market Insights has announced the addition of the “Food Testing and Certification Market is expected to reach US$ 16,046.8 Mn by 2027"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 08/17/2018 -- Increasing concern for food safety and health in several parts of the world has stimulated the need for food testing and certification, making certifications such as ISO22000 mandatory. Diversity of foods & beverages produced in the world has also led to rise in type of food certifications, particularly in Western Europe where global Good Agricultural Produce (GAP) and Marine Stewardship Council (MSC) certifications are gaining traction. Future Market Insights' latest report on the global food testing and certification market projects that Western Europe will be the most lucrative for the market's growth between 2017 and 2027. During this forecast period, the global market for food testing and certification is expected to reach US$ 16,046.8 Mn in value, over 30% of which will be contributed by Western Europe.
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In the report, titled "Food Testing and Certification Market: Global Industry Analysis and Opportunity Assessment, 2017-2027," the global food testing and certification market is projected to soar at a steady CAGR of 6.6% over the forecast period. According to the report findings, stringent food regulatory norms, governments subsidizing the cost of testing and certifications, and the need to add credibility to label claims – are all acting as proponents for the adoption of food testing and certification across the globe.
Apart from these factors, rising interests of consumers in environmental preservation and food safety is also driving the demand for fair trade & sustainability food certifications. Along with Western Europe, the Asia Pacific excluding Japan (APEJ) region is also expected to remain lucrative for revenue growth of the food testing and certification market. Initiatives such as The ASEAN Food Safety Improvement Plan (AFSIP) are favouring the growth of the APEJ food testing and certification market, which is poised to reach US$ 4,651.3 Mn value by the end of 2017. North America is also expected to remain a dominant region, accounting to global revenues worth US$ Mn by 2027-end.
In 2017 and beyond, the demand for British Retail Consortium (BRC) certifications is expected to gain traction in the US, attributing to the growth of North America's food testing and certification market. The report also reveals that feed and food supply certifications will remain dominant in the global market, accounting for more than half of the global revenues through 2027. Demand for seafood certifications is also expected to gain traction during the forecast period, with MSC certifications registering fastest growth at 7% CAGR.
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The global food testing and certification market is also segmented on the basis of applications, wherein food applications will dominate by attributing to nearly one-fourth of global revenues over the forecast period. By the end of 2027, the demand for food certifications in beverage applications is also expected to grow, revenues from which are pegged to reflect a healthy value CAGR of 6.9%. Leading food & beverage manufacturers are adopting clean labels in order to build trust among consumers. The report also profiles leading food testing and certification organisations as key players of the global food testing and certification market, and they include Intertek Group plc, Bureau Veritas S. A, SGS SA, TÜV NORD AG, SAI Global Limited, UL Registrar LLC, SCS Global Services, DNV GL AS, AsureQuality Limited, Aspirata Auditing Testing And Certification (Pty) Ltd, Dekra SE, Lloyd's Register Group Services Limited, Indocert, DQS Holding GmbH, Peterson Control Union, Socotec Group, Bio.inspecta AG/ Q.inspecta GmbH, Eagle Certification Group, JIC Quality Assurance Ltd., Nippon Kaiji Kentei Kyokai (NKKK).