PUBLISHER: The Business Research Company | PRODUCT CODE: 1270418
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270418
“Food Authenticity Testing Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on food authenticity testing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for food authenticity testing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The food authenticity testing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the food authenticity testing market are SGS S.A., Intertek Group PLC, Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., MerieuxNutrisciences Corporation, Microbac Laboratories Inc., EMSL Analytical Inc., Romer Labs Diagnostic GmbH, Genetic Id Na Inc., Neogen Food and Animal Safety Pvt. Ltd., AsureQuality Ltd., Charm Sciences Inc., Premier Analytical Services, Dairyland Laboratories Ltd., Bio-Check Ltd., AES Laboratories Pvt. Ltd., IEH Laboratories and Consulting Group, and Envirologix Inc.
The global food authenticity testing market is expected to grow from $7.59 billion in 2022 to $8.15 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The food authenticity testing market is expected to grow to $10.80 billion in 2027 at a CAGR of 7.3%.
The food authenticity testing market includes revenues earned by entities by providing GMO (genetically modified organisms) testing, allergen testing, nutrition analysis, and on-site infrared analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Food authenticity testing is an analytical testing of food and food products to check their composition, purity, origin, and edibility. It is used to detect any adulterations in the food and check its authenticity.
Europe was the largest region in the food authenticity testing market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food authenticity testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of food authenticity testing are PCR (polymerase chain reaction)-based, isotope methods, immunoassay-based/ELISA (enzyme-linked immunosorbent assay), DNA sequencing/barcoding, next-generation sequencing, NMR technique/molecular spectrometry, and mass spectrometry. The polymerase chain reaction is a method of amplifying the available DNA sample. PCR-based testing is used for detecting the presence of pathogens in food products. The targets include meat speciation, country of origin and aging, adulteration tests, and false labeling, which is tested on meat and meat products, dairy and dairy products, processed foods, ingredients, cereals, grains, and pulses.
The rising number of food frauds worldwide is driving the food authenticity testing market. Food fraud occurs when low-quality food is sold on purpose to the customer while claiming high quality. The urge to meet the rising consumer demand, growing financial pressures and less frequent monitoring have led to an increase in food fraud cases. Food authenticity testing is used in detecting food frauds. For instance, according to the OPSON X operation by Europol and Interpol, between December 2020 and June 2021, 15,451 tons of illegal goods totaling $55 million (€53.8) million were collected across 72 countries. The increase was 28% and 16%, respectively, as compared to the previous Europol operation, OPSON IX, which spanned the same time period from 2019 to 2020. Thus, the rising number of food frauds will propel the food authenticity testing market.
Product innovation is a key trend gaining popularity in the food authenticity testing market. Major companies in the market are introducing innovative products such as home testing kits to sustain their position in the market. For instance, in July 2022, MuscleBlaze, an India-based food supplements and sports nutrition company, launched MB ProCheck, a DIY (do-it-yourself) home protein testing kit. The new product is based on the principle of hydrophobic aggregation technology to detect whey protein adulteration.
In December 2021, Merieux NutriSciences, US-based food safety, and quality testing company acquired Dyad Labs. The acquisition diversifies Merieux NutriSciences' offerings and helps it to expand its reach across North America to better serve the customers' needs. Dyad Labs is a US-based nutraceutical and food testing company.
The countries covered in the food authenticity testing market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food authenticity testing market research report is one of a series of new reports from The Business Research Company that provides food authenticity testing market statistics, including food authenticity testing industry global market size, regional shares, competitors with a food authenticity testing market share, detailed food authenticity testing market segments, market trends and opportunities, and any further data you may need to thrive in the food authenticity testing industry. This food authenticity testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.