PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1190919
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1190919
The food certification market is projected to record a CAGR of 5.9 during the forecast period (2022-2027).
The COVID-19 crisis has significantly affected the market. This was due to the rising consciousness about the food and its quality among the consumers. During the pandemic, there was a change in the buying behavior among the consumers. The consumers were more focused on the types of food they were consuming and were also mostly preferring the food products that were properly labeled. The properly labeled food products and the food companies certified by various agencies play a vital role in the consumer's preferences because of the food safety these products carry. Bureau Veritas, which is one of the major players in this industry, estimated an organic growth in fiscal 2021 in marine-based food products. The company had a growth of 8.7% in operation compared to the pre-pandemic situation.
The major factors that are expected to drive the growth of the food certification market during the forecast period include increasing consumer awareness about certified food products, growing demand for processed meat products certification, and the rising prevalence of foodborne illness.
The rising concerns about artificial products around the world are also driving the market significantly.
Global standards are developed, adopted, and identified in several ways. For instance, they are contributing to market growth and even incorporating the protection of the environment, consumer health, and public safety of workers. The standards and regulations have started playing a vital role with an increase in private equity firms, and in turn, the global standard paradigm is evolving gradually. According to a survey conducted by ISO, in order to compile the number of valid certifications issued by certification bodies (accredited by members of the International Accreditation Forum), ISO 14001 (environmental management) grew by 8%, outpacing the threshold of 3,00,000 certificates, while 4,200 organizations have been certified to the new quality management ISO 9001:2015, immediately after three months from the published date. Thus, the globalization of standards is driving the overall market studied, and also, the training and inspection market.
In the North American region, the certification bodies, via follow-up and thorough audits, make sure that the companies engaged in food and alcohol production follow adequate food management processes. According to the Department of Agriculture of United States (USDA), strict regulatory norms force manufacturers to comply with the regulations and continue to drive the market. The food industry is profoundly impacted by new FSMA rules and consumers demand greater transparency when it comes to food consumption. This is expected to drive the demand for food certification. United States led the North American market, owing to the growing health consciousness and consumer awareness of the side effects of adulterated food products in the region. Somerdale International, the leading importer of British cheeses and dairy products to United States, has launched the first, fully-accredited, and non-GMO British Cheddar. The new "Westminster Sharp" has been accredited as non-GMO by NSF International.
The market studied is a mature market. This is due to the presence of domestic and international players in the segment. Some of the major players in this market are Bureau Veritas, Eurofins Scientific, SCS Global Services, GFSI, and NSF. Most companies are actively involved in mergers and acquisitions, owing to globalization, and the leading global companies have a considerable share within the industry. The strategy behind mergers and acquisitions is also enabling these top players to sustain dominance over other regional players in the industry.