Competition
prevailing in the global food certification market is gradually
rising, finds Transparency Market Research (TMR) in a new report.
Since certified foods are perceived safer as they pass through
stringent verification process, more consumers are opting for
certified products to avoid health hazards. This trend has compelled
manufacturers to emphasize on certification, which is intensifying
the competition prevalent in the global food certification market.
Interpret
a Competitive outlook Analysis Report with free PDF
Brochure:http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=6331
The global food certification
market stood at US$11.25 bn in 2015. Exhibiting a CAGR of 5.3%, the
market is expected to reach US$16.09 bn by the end of 2023.The others
packaged food segment led the global food certification market with a
share of 23.4% in 2014.
Dekra SE, Bureau Veritas,
AsureQuality Limited, Underwriters Laboratories Inc, SGS SA, and
Intertek Group plc are some of the key players in the global food
certification market. The majority of these companies are focusing on
mergers and acquisitions to strengthen their position in the market.
Besides, this larger companies are also investing in new laboratories
and technological advancements to sustain their growth in the market.
Changing
Lifestyle and Consumption Patterns Fuel Demand for Food Certification
Demand for food certification
will increase in response to the rising demand for quality and safer
food products. The increasing incidence of food contamination around
the world has emerged as a major concern for consumers. Since their
lifestyle preferences have changed drastically over the years,
consumers are now demanding organic food, fresh food, poultry, and
meat products. This is a primary factor driving the global food
certification market. Additionally, food certifications are of utmost
importance for food manufacturers, which is in turn fuelling demand
from the global food certification market.
The market is also expected to
gain impetus from the increasing prevalence of food borne diseases.
The increasing changes in consumption patterns due to hectic
lifestyle and the consequent inclination towards convenience food
have proven quite lucrative for the food
certification market. In Europe, the changing lifestyle and
rising aging population have been augmenting demand for food
certification. The increasing reports of food contamination are
fuelling demand for food certification in Asia Pacific. The
increasing food trade across emerging economies will also fuel demand
for food certification from Asia Pacific.
High
Cost of International Certifications Inhibits Market Growth
Despite witnessing strong
demand, the high cost of international certifications has deterred
some food manufacturers and processing units from looking at food
certification as a high-value proposition. While established
companies may be willing to allocate large sums for obtaining
certification logos such as Organic or Halal, not many small
companies regard this as a necessity to doing business. This is
acting as a major hindrance for the global food certification
market.Nevertheless, stringent regulations mandating certification of
food products across emerging economies will fuel growth
opportunities for the market in the forthcoming years.
Increasing brand consciousness
and awareness among consumers are fuelling demand from this segment.
Regionally, Europe dominated the food certification market in 2014.
The increasing health consciousness and rising living standard have
had a positive impact on the Europe food certification market. It is
expected to reach US$5.77 bn by the end of 2021.
This review is based on a report
published by TMR, titled “Food Certification Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 -
2021.”
Key
Takeaways:
- Demand for effective food control standards to translate to 5.3% CAGR for food certification market.
- Increasing brand consciousness to fuel demand for food certification from others packaged food segment.
- Europe market for food certification to reach US$5.77 bn by 2021, rising living standards to boost growth.
The
report segments the global food certification market as:
Global
Food Certification Market, by Type:
- International Organization for Standardization
- International Food Standard (IFS)
- Safe Quality Food (SQF)
- British Retail Consortium (BRC) standard
- Kosher Certification
- Halal Certification
- Food Safety and Standards Authority of India (FSSAI)
- China Food and Drug Administration (CFDA)
- U.S. Department of Agriculture (USDA)
- U.S. Food and Drug Administration (FDA)
- European Food Safety Authority (EFSA)
- Ministry of Food and Drug Safety (MFDS)
- Others
Global
Food Certification Market, by Application:
- Processed Meat and Poultry Products
- Dairy Products
- Infant Food Products
- Organic Food
- Beverages
- Others Packaged Food
Global
Food Certification Market, by Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
No comments:
Post a Comment