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Food Authenticity Global Market Report 2023
Major players in the food authenticity market are SGS S.A., Intertek Group PLC., Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., Mérieux Nutrisciences Corporation, Microbac Laboratories Inc.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Authenticity Global Market Report 2023" - https://www.reportlinker.com/p06426505/?utm_source=GNW
, EMSL Analytical Inc., Romer Labs Diagnostic GmbH, and Genetic ID NA Inc.
The global food authenticity market grew from $7.32 billion in 2022 to $7.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The food authenticity market is expected to grow to $10.15 billion in 2027 at a CAGR of 6.8%.
The food authenticity market includes revenues earned by entities by providing food testing services, quality assurance, food safety. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included
The food authenticity are used to reveal the identity or purity of food and food products.Food authenticity means an accurate and appropriate representation of the food and its ingredients to the customer (whether that be another food company or the final consumer).
Food is regarded as authentic or genuine if the food or its contents match the original condition and the label information. Food authenticity enables consumers to get what they pay for and increases their overall level of trust in food.
North America was the largest region in the food authenticity market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the food authenticity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of target testing in food authenticity are meat speciation, false labeling, adulteration tests, country of origin, and aging.Meat speciation refers to the fraudulent practice of substituting or blending cheaper varieties of meat, which is unacceptable for health, religious, and economic reasons.
The different food tests include meat and meat products, dairy and dairy products, cereal, grain, and pulses, processed foods, and others. The technology involved is polymerase chain reaction-based, liquid chromatography-mass spectrometry, isotope method, immunoassay based/Elisa, and others.
Rising food fraud is expected to propel the growth of the food authenticity market going forward.Food fraud, like food defense, falls under the umbrella of food protection.
Both can be economically driven, but the objective of food fraud is monetary gain, whereas the purpose of food defense is to do harm by any kind of intentional, malicious adulteration or economic disruption, and is often ideologically motivated.Food authenticity is a positive way of approaching the problem of food fraud.
It is a process that proves if a food or food ingredient is original or genuine and can be verified as such. For instance, in June 2022, an annual operation against food fraud coordinated by Interpol, an Austria-based intergovernmental organization, and Europol, a Netherlands-based government agency, announced that from December 2020 to June 2021, 15,451 tonnes of unlawful items worth $55 million (€53.8) million were collected across 72 countries. In comparison to the previous operation conducted by Europol, named OPSON IX, which covered the same time period from 2019 to 2020, the rise was 28% and 16%, respectively. Hence rising food fraud is driving the growth of the food authenticity market.
New product innovations are a key trend gaining popularity in the food authenticity market.Major companies operating in the food authenticity sector are focused on developing new advanced technology to gain a competitive advantage.
For instance, in February 2021, HEBE LIFE, a UK-based nutricosmetics and rejuvenating supplements company, launched Eltronis’ cloud-based software solution, called Engage.Eltronis is a Romania-based specialty and security printing company.
With Engage, marketers will have a straightforward yet complex tool to connect their products to the internet via consumers’ smartphones.Engage is intended to assist brands in fending off imitations.
Eltronis states that the HEBE LIFE label design contains various security components that make it impossible to replicate, while the material allows it to be effectively fastened to the supplement packaging.
In March 2021, ALS, an Australia-based company that provides testing, inspection, certification, and verification services, acquired Investiga Group for an undisclosed amount.Through this acquisition, ALS would serve as a platform to improve ALS’ leadership and footprint in the area and broaden its offering to clients as part of its strategic growth plan for non-cyclical enterprises.
Investiga Group is a Brazil-based company that specializes in, sensory studies, consumer studies, pharmaceutical, and food industries.
The countries covered in the food authenticity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food authenticity market research report is one of a series of new reports that provides food authenticity market statistics, including global market size, regional shares, competitors with food authenticity market share, detailed food authenticity market segments, market trends and opportunities, and any further data you may need to thrive in the food authenticity industry. This food authenticity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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