The food certification market will register healthy growth in 2021 with worldwide revenues projected to increase by 10.30% year over year. Future Market Insights (FMI) has forecast the food certification market to reach US$ 8.4 billion in 2021 backed by the rising demand for food certified products. The market also registered an impressive year-on-year growth at 10.30% CAGR in 2021 owing to the increasing demand for processed meat and halal-food products. Increasing cases of food-borne infection will create opportunities for growth in the coming years.
Rising per capita income and rapid economic growth in developing countries like India and China are driving the food industry. This coupled with increasing penetration of retail food chains and services will positively influence the market growth over the forecast period. Food producers are increasingly offering certified products to gain the consumers trust. With rising awareness for food transparency and clean-label movement gaining momentum, impressive growth is on the cards.
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“Key players are capitalizing on increasing demand for clean-label certification and halal food. Strong distribution networks with food supply chain will create lucrative opportunities for the key players,” says the FMI analyst.
Key Takeaways from FMI’s Food Certification Market Study
- Increasing consumption of processed food across the globe has spurred growth in the market. In terms of application, the meat segment will hold lion’s share in the global food certification market.
- ISO 22000 and free-from certification type, collectively, are anticipated to dominate the market.
- India is likely to emerge as a lucrative market due to the advent of multi-domestic food services and growing demand for halal food products.
- Growing cases of foodborne diseases in the U.S are likely to spur the growth, bolstering the demand of food certification in the country.
- China, Japan, and South Korea are expected to witness positive growth backed by the rising need for meat processed food certification.
- Muslim countries in the Middle East will spur the market growth owing to the increased demand of kosher and halal certified food products.
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Who is Winning?
Major players include Intertek Group PLC, Llyod’s Register Group Limited, AsureQuality Limited, Bureau Veritas, DEKRA SE, DNV GL, Eurofins Scientific, SGS SA, TÜV SÜD, and Underwriters Laboratories Inc.
Mergers and acquisition remains popular strategy adopted by key players to maintain their strong foothold in the industry. Top players including Intertek Group, SGS SA, Bureau Veritas SA, Eurofins Scientific, and ALS Limited account for nearly 45% of global market share.
Strong manufacturing facilities coupled with strong distribution networks will aid the revenue generation for these market players.
For instance, in September 2020, leading player Intertek Group PLC announced the partnership with Roquette to launch a new audit program for safer food supply chain through their audit practices.
In the same month, ALS announced the expansion of its company’s testing and certification services through including its new food laboratory under the American Association for Laboratory Accreditation (A2LA) satellite program.
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Get Valuable Insights on the Food Certification Market
In its latest report, FMI offers an unbiased analysis of the global food certification market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (ISO 22000, BRC, SQF, IFS, halal, kosher, free-from certifications, and others), application (meat, poultry, bakery & confectionary, seafood, dairy, infant food, beverages, and others), and by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa)
Key Questions Answered in the Report
- What is the current food certification market value?
The food certification market is expected to surpass a valuation of US$ 8.4 Bn in 2021
- At what rate did the food certification market grow during 2016 and 2020?
The food certification market witnessed an impressive growth at 8.90% CAGR during 2016 and 2020.
- What are the key trends driving food certification sales?
Rising trend of transparency and clean label products within food sector is driving the demand for food certification.
- Who are the leading players in the food certification market?
Intertek Group PLC, SGS SA, UREAU Veritas SA, Eurofins Scientific SE, and ALS Limited are the top players leading the food certification market.
- What is the demand outlook for North America food certification market?
Demand for food certification across North America is set to soar at an astounding CAGR of over 8.8% during the forecast period.
- What is the Europe market outlook for food certification?
Europe food certification market will exhibit an impressive growth at 9.9% CAGR during the forecast period.
- Which are the top countries driving the food certification demand?
Top countries in terms of food certification sales are the U.S., the U.K, Germany, India, and China.
- What is the share of leading players in food certification market?
Leading players of global food certification market is expected to contribute around 35-45% of total market share.
- What is the current market share of Japan and South Korea in the global food certification market?
In 2021, South Korea accounted for 19.4% market share while Japan held over 27.9% of global market share.