Food Authenticity Market Riding Coattails of Food Safety and Clean Label: FMI Study
A new study by Future Market Insights opines food authenticity market to grow at a steady pace through 2030. Adoption will be driven by growing consumer focus on food safety and growing clean label trend. FMI’s new study tracks food authenticity market in 20+ countries for the period 2020-2030.
Food Authenticity Market
A recent market report published by FMI on the food authenticity market provides global in...
According to the study, in recent years, access to pure and adulterant free foods has come under significant jeopardy. Widespread prevalence of food adulteration, mislabeling and undisclosed ingredient details have generate a massive furor amongst health conscious consumers as well as healthcare providers.
On an average, approximately 57% of the global population suffers from morbidities inflicted due to consumption of sub-standard and contaminated foodstuffs. Moreover, nearly 1/4th of the world’s food supply is adulterated annually. Realizing this, countries have taken proactive steps to mitigate the adverse effects of food adulteration.
Increasing consciousness among consumers has elevated the need for introducing clean-label, organic-based and naturally derived foods. Based on these developments, the global food authenticity market is all set to experience an impressive upsurge in the coming years.
Key Takeaways from FMI’s Food Authenticity Market Report
- Global food authenticity market is likely to expand at a noteworthy CAGR in the forthcoming decade
- Asia-Pacific to emerge as the fastest expanding region for food authenticity testing, attributed to a large population base
- High incidence of meat consumption to provide traction to meat speciation authenticity tests
- Economically Motivated Adulterations (EMA) compelling governments to impose tough legislations to keep food adulteration in check
- PCR-based tests are expected to retain their popularity due to quick delivery of test results
- Processed foods testing is expected to acquire surging popularity due to high demand
“Vendors are capitalizing on the insufficient food testing infrastructure in developing economies to increase their market presence, thus opening up new revenue frontiers,” infers the FMI analyst.
COVID-19 Impact Insights
The COVID-19 pandemic presents an exceptional and unprecedented challenge for competent authorities with responsibilities for national food safety control systems. As consumers resort to consuming health and immunity boosting foods, demand for clean-label products is rising exponentially.
While nationwide lockdowns and social distancing measures have limited laboratory testing capacities, it has not fully ceased as chances of food adulteration are maximum during this time period. Unscrupulous traders are prowling the market with the objective of flooding it with adulterated food products.
Thus, leading players have revised growth forecasts to demonstrate that the market is expected to remain afloat albeit at lower projections and reduced revenue margins. Growth is expected to be restored to normal levels in the post-pandemic scenario, once lockdowns are eased following a decline in infection rates.
Leading Food Authenticity Market Players
Some leading players in the global food authenticity market include ALS Ltd., EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs to name a few.
The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.
ALS Ltd., for instance, offers a wide range of testing and analysis with respect to ascertaining food quality. Its food authenticity tests incorporate meat speciation through the ELISA/PCR testing techniques, halal verification and genetically modified foods. It also offers testing for detecting contaminants and allergens.
In May 2016, Intertek established its AgriTech laboratory in Hyderabad, India to perform DNA-based testing of various agricultural products. Simultaneously, the company unveiled its advanced ScanBi DNA technology.
More Valuable Insights on FMI’s Food Authenticity Market
Future Market Insights, in its new report, offers an unbiased analysis of the global food authenticity market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the food authenticity market on the basis of food tested (meat & meat products, dairy & dairy products, processed foods and other tested food), target testing (meat speciation, country of origin & ageing, adulteration and false labelling) and technology (PCR-based, LC-MS/MS, isotope, immunoassay based/ELISA and other technologies) across seven prominent regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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