The spurring food joints, restaurants, and cafes due to the evolving dietary choices of the current generation have made the global food and beverage industry one of the economic leaders across the world. However, this massive growing industry has its flaws. While the market players are bagging in revenues, several food frauds are on the rise. The global food industry suffers the burden of around $49 billion owing to food fraud which is a serious issue all over the world. This has given rise to the concept of food authenticity. The surging food and beverage industry mixed with outgrowing food frauds is driving the food authenticity market. While several technological advancements and testing processes are disrupting the market, with the latest food scanner, consumers can themselves self-scan the food and view the results on the smartphone or tablet instantly. This innovation will further contribute to the expansion of the food authenticity market, which collected a revenue avenue of around 5.72 billion by the end of 2018 and is projected to increase at a CAGR of 7.99% during the forecast period 2019-2025.
Food Authenticity Market Analysis: Key Application
One of the major utilization of the food authenticity process is speciation of meat under the target testing sector, which is projected to witness increment at a CAGR of 7.5% during the forecast period 2019-2025. The animal farming sector is capitalizing on food security concerns, accounting for nearly 40% of the global agricultural production value.While the concept of clean meat involving plant nutrition is on the rise, incidents such as the horsemeat scandal of 2013, 20 tons of carcass meat found in Kolkata factory in 2018, and others are increasing concern towards human health. Also, the processed poultry meat market is estimated to reach $1,065.7 billion by 2023, contributing to the growth of the food authenticity market involving meat speciation through the target testing process.
North America Food Authenticity Market Overview:
High competition among food producers, recurring instances of food debasement such as adulterations, false labeling, and certification, and others are leading to the expansion of the North America food authenticity marketplace. This is leading to growth in demand for adulteration tests and PCR analysis of food in the region. In 2018, North America grabbed the largest food authenticity market share with 35% amidst the global market. In North America, nearly $60 billion is exhausted annually on products disguised as authentic Italian, in which the US grabs the largest part. Various organizations are working with the Ministry of Economic Development, and the Italian Chambers of Commerce of the United States, Canada, and Mexico to retain the Italian heritage and authenticity of the food in North America. Hence, the food authenticity market of the region will flourish in the upcoming years, paving opportunities for several market players.
Food Authenticity Market Trends & Growth Drivers:
To detect food fraud, the labeling of products has become extremely necessary. Blockchain technology, which enables companies to quickly track unsafe products back to their source and see where else they have been distributed is one of the latest innovations that is attributing to food safety. The global blockchain market is expected to grow at a CAGR of 79.6% during the forecast period 2018-2023, thereby escalating the food authenticity market size. Also, the growth of convenience food, frozen food, processed food, and others are creating a demand influx in the food authenticity market to avoid food fraudulence and ensure health and wellness.
Food Authenticity Market Competitive Landscape
The principal business leaders who are currently holding maximum food authenticity market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are SGS S.A., Intertek Group plc, Eurofins Scientific, Mérieux NutriSciences Corporation, Microbac Laboratories, Inc., EMSL Analytical, Inc., ERBER Group, LGC Science Group Ltd, FoodChain ID, Inc., ALS Limited, and others.
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