Food Authenticity Market Growth, Insights, Demand, Forecast to 2033

The food authenticity market size has grown strongly in recent years. It will grow from $7.62 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to consumer concerns, food fraud incidents, regulatory compliance, supply chain complexity, increased global trade.

The food authenticity market size is expected to see strong growth in the next few years. It will grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to stringent food regulations, consumer demand for transparency, globalization and cross-border trade, concerns about allergens and contaminants, collaborative efforts. Major trends in the forecast period include blockchain and distributed ledger technology, dna and molecular testing, geographic and regional authenticity, third-party certification, innovation in testing technologies.

Market Overview -
Food authenticity is 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.

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Food Fraud Concerns Fueling Growth In The Food Authenticity Market
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.

Competitive Landscape -
Major companies operating in the food authenticity market include SGS SA, Intertek Group plc, Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., Mérieux Nutrisciences Corporation, Microbac Laboratories Inc., EMSL Analytical Inc., Romer Labs Diagnostic GmbH, Genetic ID NA Inc., Bureau Veritas S.A., AsureQuality Limited, Genetic ID NA Inc., Covance Inc., Neogen Corporation, Thermo Fisher Scientific Inc., Scientific Excellence, Agilent Technologies Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer Inc., Bruker Corporation, Eurofins Scientific Inc., Qiagen N.V., R-Biopharm AG, Fera Science Limited, FoodChain ID Group Inc., NSF International, Symbio LaboratoriesA

New Product Innovations Drive Advancements In 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.

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Key Segments -

The food authenticity market covered in this report is segmented -
1) By Target Testing: Meat Speciation, False Labelling, Adulteration Tests, Country of Origin and Aging
2) By Food Tested: Meat and Meat Product, Dairy and Dairy Product, Cereal, Grain, and Pulse, Processed Food, Other Food Tests
3) By Technology: Polymerase Chain Reaction Based, Liquid Chromatography-Mass Spectrometry, Isotope Method, Immunoassay Based or ELISA, Other Technologies

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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