Food Authenticity Market Is Expected to Reach $8,300 Million by 2023 - Allied Market Research
Food Authenticity Market was valued at $4,978 million in 2016, and is expected to grow at a CAGR of 7.7% to reach a value of $8,300 million in 2023.
Portland, OR -- (SBWire) -- 06/27/2017 --Food Authenticity Market Report, published by Allied Market Research, forecasts that the global market was valued at $4,978 million in 2016, and is estimated to reach $8,300 million by 2023, registering a CAGR of 7.7% from 2017 to 2023. In 2016, the polymerase chain reaction (PCR) technology segment accounted for more than one-third share of the total market.
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Food fraud is committed when food is deliberately altered for financial gains with the intention of deceiving consumers or customers. The Food Standards Agency (FSA) specifies two main types of food frauds, namely sale of food that is unfit and potentially harmful, and deliberate misdescription of food. In the recent times, food authenticity testing is not just a tool to identify gross substitution such as whisky, horsemeat, or olive oil, it is now quite possible to differentiate between Welsh or Scottish lamb, farmed or wild salmon, and pure or sweetened fruit juice. Food authenticity testing is not only used in the identification of gross substitution in whisky, horsemeat, or olive oil but also is used to differentiate between Welsh or Scottish lamb, farmed or wild salmon, and pure or sweetened fruit juice.
The global market is driven by various regulations on food safety particularly in the developed economies, growth in instances of food fraud, and rise in EMA (Economically Motivated Adulterations) owing to high competition among food producers. However, high cost of food authenticity, availability of relatively cheap substitutes, and anti-dumping policies on food authenticity are expected to hamper the market growth.
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Increased EMA (economically motivated adulterations) due to high competition and rise in the incidence of food frauds globally are the prime factors that boost the growth of the global food authenticity market in the near future.
In 2016, the processed food segment was the leading revenue contributor to the global food authenticity market. The processed food segment includes numerous processed products, such as infant formula, packaged food, wine, bakery & confectionery, and other processed food products; hence, there are large chances for food frauds.
Key Findings of the Food Authenticity Market:
- In 2016, Europe dominated the global market, with more than two-fifths share in terms of 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 8.3% from 2017 to 2023 and generated the highest revenue in 2016.
- The meat speciation segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 8.2%.
- In 2016, processed food was the leading segment, which occupied around one-third share in the global market, in terms of revenue.
In 2016, Europe dominated the global market, owing to the strict food safety regulations and a large number of consumer complaints. Furthermore, presence of major players in the region is anticipated to boost the market for food authenticity in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 7.4% in terms of revenue.
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The key companies profiled in the report include SGS S.A., Intertek Group PLC., Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., Mrieux Nutrisciences Corporation, Microbac Laboratories, Inc., EMSL Analytical Inc., Romer Labs Diagnostic GmbH, and Genetic ID NA, Inc.
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