Food Authenticity Market Hits $10 Billion Projection: Global Opportunity Analysis and Industry Forecast by 2030

According to a new report published by Allied Market Research, titled, "Food Authenticity Market by Target testing, Technology, and Food Tested: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global food authenticity market was valued at $5.3 billion in 2017, and is estimated to reach $10.0 billion by 2030, registering a CAGR of 6.9 % from 2021 to 2030. In 2017, the (PCR) polymerase chain reaction technology segment accounted for more than one-third share of the total food authenticity market.

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Food fraud is committed when food is deliberately altered for financial gains with the intention of deceiving consumers or customers. The food standards agency (FSA) specifies two main target testing of food frauds, namely sale of food that is unfit and potentially harmful, and deliberate mis-description of food. In the recent times, food authenticity testing is not just a tool to identify gross substitution such as whisky, horsemeat, or olive oil, it is now quite possible to differentiate between Welsh or Scottish lamb, farmed or wild salmon, and pure or sweetened fruit juice. Food authenticity testing is not only used in identification of gross substitution in whisky, horsemeat, or olive oil but also is used to differentiate between Welsh or Scottish lamb, farmed or wild salmon, and pure or sweetened fruit juice.

Drivers, restraints, and opportunities

Emergence of advanced techniques to bring ease in food authentication, implementation of stringent regulations relating to food fraud globally, and increase in awareness among consumers related to food authenticity and certification drive the growth of the global food authenticity market. However, lack of food control infrastructure in the developing countries and complexity in testing techniques restrain the market growth. On the other hand, rapid growth in international trade and technological advancements such as development of test kits for onsite testing create new opportunities in the coming years.

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In 2017, the processed food segment was the leading revenue contributor to the global food authenticity market. The processed food segment includes numerous processed products, such as infant formula, packaged food, wine, bakery & confectionery, and other processed food products; hence, there are large chances for food frauds.

Europe, followed by North America, to maintain its lead position during the forecast period

Based on region, Europe, followed by North America, contributed to the highest market share in 2020, accounting for more than two-fifths of the global food authenticity market, and is expected to maintain its lead position during the forecast period. This is due to surge in food fraud or adulteration activities and sophistication of fraudulent activities along with development of considerable array of methods and techniques to overcome food fraud and enhance consumer protection. However, Asia-Pacific is expected to portray the largest CAGR of 8.9% from 2021 to 2030. This is attributed to several issues related with food e-commerce, particularly in between businesses and consumers, and highly exposed fraud cases in the region.

Some of the Major Players:

• Archer Daniels Midland Company

• BASF SE

• Cargill, Inc.

• Danone

• DuPont de Nemours, Inc.

• General Mills Inc.

• Koninklijke DSM N.V.

• Nestle S.A.

• PepsiCo, Inc.

• Yakult Honsha Co., Ltd.

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Key Findings of The Study

In 2017, Europe dominated the global food authenticity market, with more than two-fifths Food authenticity Market share in terms of value.

Asia-Pacific is estimated to witness the highest growth during the forecast period.

The (PCR) polymerase chain reaction segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 8.2% from 2021 to 2030 and generated the highest revenue in 2017.

The meat speciation segment is estimated to register a highest growth rate, in terms of revenue, registering a CAGR of 7.8%.

In 2017, processed food was the leading segment, which occupied around one-third food authenticity Market share in global food authenticity market, in terms of revenue.

In 2017, Europe dominated the global market, owing to the strict food safety regulations and large number of consumer complaints. Furthermore, presence of major players in the region is anticipated to boost the food authenticity market in the near future.

North America is the second leading revenue contributor to the global food authenticity industry and is expected to register a CAGR of 5.1% in terms of revenue.

The report focuses on the food authenticity market growth prospects, restraints, and opportunities of the global Food Authenticity market. The study provides Porter's five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the food authenticity market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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