Competition
is heating up in the global food certification market with more
players entering the domain. This is because of the increasing uptake
of certified foods which are considered much safer to consume since
they are subjected to strict verification.
Prominent
participants in the market for food certification are AsureQuality
Limited, Dekra SE, Underwriters Laboratories Inc, Bureau Veritas,
Intertek Group plc, and SGS SA. In order to bolster their positions,
such players are mostly banking upon mergers and acquisitions. Some
are even expending money on building new laboratories equipped with
state-of-the-art equipment for testing of food quality.
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A
report published by Transparency Market Research on the global market
for food certification states that it would expand at a steady 5.3%
CAGR from 2015 to 2021. Rising at this pace, the food certification
market which was valued at US$11.25 bn in 2015, will likely reach a
valuation of US$16.06 bn by 2023-end, states the report.
Food
certification finds application in poultry products and processed
meat, infant food products, dairy products, organic food, beverages,
and others such as bakery and packaged foods. Of them, the segment of
packaged food accounted for a leading 23.4% share in the market in
2014. Geographically, the leading region in the market for food
certification is Europe. This is because of a large tribe of
discerning consumers in the region who are very particular about the
food they consume. The comparatively higher standards of living in
the European nations is also serving to drive the market in the
region. As per our report, the market for food certification in
Europe is expected to reach a valuation of US$5.77 by 2021-end.
Many
factors are providing tailwinds to the market for food certification
worldwide. One of those is the rising instances of food borne
diseases. Awareness about the same has fuelled the demand for
certified products that have passed stringent tests ensuring its
quality. Besides, rising brand consciousness among consumers whose
disposable incomes are rising by the day has also proved beneficial
for the food certification market. They are now keener on certified
organic food, poultry, fresh food, and meat products.
Providing
headwinds to the food
certification market worldwide, on the other hand, is the
high price of international certifications which has prevented
several processing units and food manufacturers to avoid food
certification. Explains the lead analyst of our report,
“Deep-pocketed, big companies are typically inclined to spend on
expensive food certification logos, namely Halal or Organic. This
adds to their brand value. But not so with smaller companies for whom
obtaining such labels is an expensive proposition that increases
costs.”
Notwithstanding
such setbacks, the market is expected to rise owing to the strict
regulations mandating food certification. Savvy players are seen
training their sights on the emerging economies which are relatively
under-tapped so far but hold out a lot of potential.
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