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Food Authenticity Global Market Analysis, Trends, Growth, Research And Forecast 2033
Food Authenticity Global Market Analysis
According to The Business Research Company's, 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.
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Market Drivers and Trends:
The increased awareness of the benefits of organic foods is expected to propel the growth of the food authenticity market going forward. Organic food, whether fresh or processed, is produced by using organic farming methods. Organic food is grown without the use of synthetic chemicals, such as pesticides and fertilizers made by humans, and does not contain genetically modified organisms (GMOs). People are becoming more health-conscious and are looking for more organic food products that they feel are healthier and safer for the environment. For example, according to a consumer study in July 2022, sustainability was a valuable purchase criterion for 60% of consumers globally, with the US boasting a percentage a little above the global average at 61%. Additionally, in 2021, organic food and drink sales in the UK increased by 15% over the previous year. Therefore, the increased awareness of the benefits of organic foods will drive the food authenticity market.
Major companies in the food authenticity market is focusing on achieving certification such as GLOBALG.A. P to provide improved service to the food industry. GLOBALG.A.P. certification is one of the most widely accepted private sector food safety certifications in the world. For instance, in April 2022, Mérieux NutriSciences Certification LLC, a US-based food safety and quality auditing and a division of Mérieux NutriSciences received its approval as a GLOBALG.A.P. Certification Body (CB). Mérieux NutriSciences' new partnership with GLOBALG.A.P. allows Mérieux NutriSciences to extend its offerings to include greater service to the food industry.
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Major Key Players of the Market:
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
Food Authenticity Market 2024 Key Insights:
• The food authenticity market size is expected to grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Rising Awareness Of Organic Food Benefits Boosting Growth In The Food Authenticity Market
• New Product Innovations Drive Advancements In The Food Authenticity Market
• Asia-Pacific was the largest region in the laminating adhesives market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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