Capitalizing on Opportunities in Emerging Countries Key for Global Food Certification Market
Published On : May 10, 2016 | Category : Food & Beverages
Food safety has emerged as a major concern in recent years, with outbreaks of foodborne diseases and scandals involving counterfeit products arising in several parts of the world. Food certification has thus become more important than ever. The effective and organized food monitoring systems put in place through food certification procedures help reduce the prevalence of foodborne diseases and ensure that genuine and safe food is being sold to the consumers. Food certification is also particularly important with regard to imported food, since the production standards in the exporting country may differ from those in the importer.
Global organizations such as the WHO have expressed solid support to food certification systems. This has been a major factor propelling the global food certification market in recent years. The rising awareness among consumers across the world about food certification procedures has also aided the market massively, as many governments have passed laws mandating food certification. According to Transparency Market Research, the global food certification market is expected to exhibit a sturdy 5.30% CAGR from 2015 to 2021, rising in valuation from US$11.2 bn in 2014 to a projected US$16 bn by 2021.
Increasing Purchasing Power, Awareness of Consumers Drives Food Certification Market
As mentioned before, the increasingly aware population, particularly in developed countries, is exhibiting high demand for food certification to ensure they are eating safe and genuine food. The increasing disposable incomes of consumers have also been crucial in driving the global food certification market in recent years. As consumers around the world are focusing on consuming high-quality food, food certification programs are exhibiting high growth prospects in the coming years, as the cost of food certification can be included in the price of the food item knowing that consumers will be able to afford it nevertheless.
The global food certification market includes several certification procedures, intended to examine different aspects of food. The major food certifications sought by food and beverage industry players are ISO 22000, Safe Quality Food, the International Food Standard, Kosher Certification, Halal Certification, the British Retail Consortium Standard, the Food Safety and Standards Authority of India, the U.S. Department of Agriculture, the U.S. Food and Drug Administration, the China Food and Drug Administration, the Ministry of Food and Drug Safety, and the European Food Safety Authority.
Major food types subjected to food certification are dairy, poultry, organic food, infant food, and beverages. Ensuring the safety of these products is crucial, as dairy and poultry products can incur several microbial infections. Unhealthy infant food can also have severe consequences, since infants have relatively undeveloped immune systems and thus can’t combat even minor infections as well as adults.
APAC, Latin America to Lead Global Food Certification Market
Asia Pacific and Latin America, housing some of the world’s most dynamic economies, are the major regional segments expected to come to the fore in the global food certification market in the coming years. The rampant rate of urbanization in countries such as China, India, Brazil, and Argentina has propelled the food certification markets in these regions. The increasing demand from these and other emerging countries will ensure steady growth of the global food certification market.
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