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Food Certification Market Driven by Top Major Drivers – A Review
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Besides this, the changing consumption pattern and the subsequent demand for convenience food will fuel the demand for food certifications. However, the high cost of a majority of these certifications will inhibit their proliferation in small businesses. Nevertheless, TMR expects the market to report a CAGR of 5.3% between 2015 and 2021.
The global food certification market stood at US$11.25 bn in 2014 and is expected to reach US$16.09 bn by the end of 2021.
Rising Awareness about Food Contamination to Fuel Demand for Food Certifications
Based on application, poultry products and processed meat, organic food, dairy products, infant food products, beverages, and others packaged food segment (comprising bakery products) constitute the key segments in the global food certification market. Of these, the others packaged food segment held the dominant share of 23.4% in the market in 2014. Increasing brand consciousness among consumers and the rising awareness about food hazards are the key factors fuelling the demand for food certification in this segment.
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The market is also expected to witness increased demand from the processed meat and poultry and dairy products segments. However, TMR projects that their market share will decline over the course of the forecast period.
In the forthcoming years, food certification in the beverage segment is expected to increase considerably. Beverages include both carbonated and non-carbonated drinks. Certified manufacturers of beverages provide quality assurance, which is the key factor fuelling the demand for food certification in this segment.
Changing Consumption Patterns to Boost Demand for Food Certification in Europe
Regionally, Europe led the global food certification market in 2014, followed by North America. Consumers in the region exhibit high consciousness about the food they eat. This, combined with the rising standards of living, is fuelling the demand for food certification in Europe. Furthermore, the region is witnessing a growing inclination of consumers towards healthy food products, which is expected to give significant impetus to the regional market. Germany, France, and the U.K. are currently demonstrating the most lucrative opportunities in the market. According to TMR, the Europe food certification market is expected to reach US$5.77 bn by the end of 2021.
North America is also a significant market for food certification. However, TMR expects Asia Pacific to report the fastest growth during the course of the forecast period. The rising standards of living and recent incidences of food contamination across emerging economies will fuel the demand for food certification in Asia Pacific. The prevalence of food-borne diseases has significantly increased in Asia Pacific and such concerns will also drive the need for food certification in the region.
Some of the players operating in the food certification market are ALS Limited, Underwriters Laboratories Inc., Dekra SE, Bureau Veritas, SGS SA, AsureQuality Limited, Lloyd's Register Group Limited, Intertek Group plc., TÜV SÜD AG, and DNV GL Group AS.
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