The global food certification market showcases an increasing degree of competition, notes a recent market study by Transparency Market Research. The stringent verification process for foods to receive quality certification is leading to the higher adoption of certified foods for health considerations. This trend has forced food manufacturers to receive certification, thereby intensifying the competition in the global food certification market.
Dekra SE, AsureQuality Limited, SGS SA, Bureau Veritas, Underwriters Laboratories Inc., and Intertek Group plc are some of the prominent players in the global food certification market. Key players in the market are focused on mergers and acquisitions for strengthening their position in the market. Large companies are also making investments for new laboratories to enhance their technological capabilities to stay competitive in the market.
The global food certification market was valued at US$11.25 bn in 2015. The market is expected to reach a valuation of US$16.09 bn by 2021 displaying a CAGR of 5.3% between 2015 and 2021.
Presence of Large Educated Population Benefits Europe Food Certification Market
In terms of application, processed meat and poultry products, dairy products, organic food, beverages, and other packaged food are the segments of the market. Amongst these, the segment of other packaged food stood as the leading segment accounting for a share of 23.4% in the global market in 2014. Increasing adoption of branded foods and rising awareness about the importance of food safety certification are the major factors fuelling growth of the other packaged food application segment. Processed meat and poultry products and dairy products are also expected to emerge as significant application segments of the food certification market.
Beverages is expected to emerge as a significant application segment in the forthcoming years. Quality certification on carbonated drinks provide a considerable degree of assurance to consumers regarding the health risks associated with these beverages.
Geography-wise, Europe stood as the leading regional market for food certification in 2014 followed by North America. High consciousness among consumers about the quality of food that they consume combined with the rising living standards are driving the food certification market in Europe. Moreover, the increasing inclination of consumers for health-benefitting foods is expected to hold promise for the regional market of Europe. France, the U.K., and Germany contribute significantly to the Europe food certification market due to a large educated population.
Asia Pacific is expected to display the fastest growth over the forecast period. The rising awareness about the importance of food certification among the urban population and the increasing purchasing power for branded foods is driving the growth of the food certification market in the region. The recent occurrences of food contamination that led to casualties and fatalities in large numbers have raised alertness among consumers about consuming certified foods.
High Cost to Receive International Certification Challenges Growth
The demand for food certification is being driven in response to the increasing demand for quality-tested and safe foods for health considerations. With changing lifestyle and increasing purchasing power in several parts of the world, consumers are spending generously on quality-tested foods for longer years of good health.
Despite strong demand for quality-tested foods, the high cost of obtaining international certifications has dissuaded some manufacturers to look at long term business profits. This is challenging the market’s growth.
The review presented is based on the findings of the Transparency Market Research report, titled “Food Certification Market (Type - International Organization for Standardization, International Food Standard (IFS), Safe Quality Food (SQF), British Retail Consortium (BRC) standard, Kosher Certification, Halal Certification, Food Safety and Standards Authority of India (FSSAI), China Food and Drug Administration (CFDA), U.S. Department of Agriculture (USDA), U.S. Food and Drug Administration (FDA), European Food Safety Authority (EFSA), Ministry of Food and Drug Safety (MFDS); Application - Processed Meat and Poultry Products, Dairy Products, Infant Food Products, Organic Food, Beverages, Other Packaged Food) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global food certification market is segmented as follows:
Global Food Certification Market, by Type:
Global Food Certification Market, by Application:
Global Food Certification Market, by Geography:
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